Chapter 7
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| Acceptance | A voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct.
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| Accord And Satisfaction | A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amound than the creditor purports is owed.
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| Agreement | A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events- an offer by one party to form a contract and acceptance of the offer by the person to whom the offer is made.
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| Bilateral Contract | A type of contract that arises when a promise is given in exchange for a return promise.
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| Consideration | Generally, the value given in return for a promise; involves two elements - the giving of something of legally sufficient value and a bargained-for exchange.
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| Contract | An agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future.
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| Counteroffer | An offeree's respons to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
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| Covenant Not To Sue | An agreement to substitute a contractural obligation for some other type of legal action based on a valid claim.
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| Estopped | Barred, impeded, or precluded.
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| Executed Contract | A contract that has been fully performed by both parties.
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| Executory Contract | A contract that has not yet been fully performed.
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| Express Contract | A contract in which the terms of the agreement are stated in words, oral or written.
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| Forbearance | The act of refraining from an action that one has a legal right to undertake.
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| Formal Contract | A contract that by law requires a specific form, such as being executed under seal, for its validity.
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| Implied-In-Fact Contract | A contract formed in whole or in part from the conduct of the parties.
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| Informal Contract | A contract that does not require a specified form or formality to be valid.
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| Liquidated Debt | A debt for which the amount has been ascertained, fixed, agreed on, settled, or exactly determined.
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| Mailbox Rule | A rule providing that an acceptance of an offer becomes effective on dispatch, if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror.
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| Mirror Image Rule | A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
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| Offer | A promise or commitment to perform or refrain from performing some specified act in the future.
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| Offeree | A person to whom an offer is made.
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| Offeror | A person who makes an offer.
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| Option Contract | A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period, the offeree can accept or reject the offer without fear that the offer will be made to another person.
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| Past Consideration | An act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act.
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| Promise | An assertion that something either will or will not happen in the future.
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| Promisor | A person who makes a promise.
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| Promissory Estoppel | A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.
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| Quasi Contract | A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.
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| Release | A contract in which one party forfeits the right to pursue a legal claim against the other party.
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| Rescission | A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by the parties' conduct, or by court decree.
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| Revocation | In contract law, the withdrawal of an offer by an offeror.
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| Unenforceable Contract | A valid contract rendered unenforceable by some statue or law.
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| Unilateral Contract | A contract that results when an offer can be accepted only by the offeree's performance.
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| Valid Contract | A contract that results when the elements necessary for contract formation are present.
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| Void Contract | A contract having no legal force or binding effect.
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| Voidable Contract | A contract that may be legally avoided at the option of one or both of the parties.
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