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Unit 2 - Contracts


Contract agreement enforceable by law
offer a proposal by one party to another intended to create a legally binding agreement
acceptance the second party’s unqualified willingness to go along with the first party’s proposal
genuine agreement when a valid offer is met by a valid acceptance
capacity the legal ability to enter a contract
consideration the exchange of things of value
legality people cannot enter into contracts to commit illegal acts
voidable contract when a party to a contract is able to void or cancel a contract for some legal reason
unenforceable contract one the court will not uphold, because of some rule of law
express contract stated in words and may be either oral or written
implied contract comes about from the actions of the parties
bilateral contract two sided, contains two promises
unilateral contract contains a promise by only one person
mirror image rule the acceptance must not change the terms of the original offer in any way
counter offer any change in the terms of the offer means the offeree has not really accepted the offer
revocation the taking back of an offer by the offeror
rejection refusal of an offer
fraud deliberate deception intended to secure an unfair or unlawful gain
rescind cancelling a contract
misrepresentation untrue statements of facts
duress overcoming a person’s will by use of force or by threat of force or by body harm
undue influence occurs when a person uses unfair and improper persuasive pressure to force another person to enter into an agreement
Created by: everettc1 on 2013-08-27

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