Unit 2 - Contracts Word Scramble
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Term | Definition |
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 |
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