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2.01 key terms bsl

Acceptance a draft or bill that is accepted by being signed.
Benefits an advantage or profit gained from something.
Bilateral having or relating to two sides; affecting both sides
Capacity a person's legal competence.
Consideration anything given or promised or forborne by one party in exchange for the promise or undertaking of another.
Counteroffer an offer made in response to another.
Death the destruction or permanent end of something.
Detriments the state of being harmed or damaged.
Duress threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.
Economic Duress Threats of a business nature that force another party without real consent to enter a commercial agreement. Also called business compulsion.
Emancipation the fact or process of being set free from legal, social, or political restrictions; liberation.
Express say what one thinks or means.
Firm Offer A firm offer means an irrevocable offer made by a merchant. As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face.
Forbearance patient self-control; restraint and tolerance.
Fraudulent Misrepresentation The tort of deceit, also known as "fraud", dates in its modern development
Genuine Agreement (Assent) is a complete agreement between two competent parties
Illusory Promises In contract law, an illusory promise is one that courts will not enforce. This is in contrast with a contract, which is a promise that courts will enforce. A promise may be illusory for a number of reasons
Implied suggested but not directly expressed; implicit
Insanity the state of being seriously mentally ill; madness.
Legality the quality or state of being in accordance with the law.
Mentally Incapacitated a person is temporarily incapable of appreciating or controlling his conduct as a result of the influence of a controlled or intoxicating substance administered to him without his consent
Mirror Image Rule also referred to as an unequivocal and absolute acceptance requirement states that an offer must be accepted exactly with no modifications. The offeror is the master of his own offer.
Mutual Mistake (Bilateral Mistake) a material fact that is mistaken by both parties. In such a case, the party who is adversely affected by the mistake has the right
Nominal Consideration a benefit lacking sufficient legal value to justify a contract
Offer present or proffer (something) for (someone) to accept or reject as so desired.
Offeree Offer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person to another person, and an indication by the offeree of its acceptance of those terms
Offer-or someone who presents something to another for acceptance or rejection
Option a thing that is or may be chosen
Oral by word of mouth; spoken rather than written
Past Performance information is relevant information for source selection purposes
Price Fixing the maintaining of prices at a certain level by agreement between competing sellers.
Rejection the dismissing or refusing of a proposal, idea, etc
Restrictive covenant a covenant imposing a restriction on the use of land so that the value and enjoyment of adjoining land will be preserved
Revocation refers to the cancelling or annulment of something by some authority. When revocation happens, a privilege, title, or status is removed from someone.
Statute of Frauds refers to the requirement that certain kinds of contracts be memorialized in a signed writing with sufficient content to evidence the contract
Unconscionable not right or reasonable
Undue Influence influence by which a person is induced to act otherwise than by their own free will or without adequate attention to the consequences.
Unenforceable contract An unenforceable contract or transaction is one that is valid, but which the court will not enforce. Unenforceable is usually used in contradistinction to void and voidable. If the parties perform the agreement, it will be valid,
Unilateral performed by or affecting only one person, group, or country involved in a particular situation, without the agreement of another or the others.
Unilateral Mistake In a contract setting, a mistake is an error in the meaning of words, laws, or facts
Usury the illegal action or practice of lending money at unreasonably high rates of interest.
Valid contract One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law
Void contract also known as a void agreement, is not actually a contract. A void contract cannot be enforced by law. Void contracts are different from voidable contracts, which are contracts that may be (but not necessarily will be) nullified.
Voidable contract include failure by one or both parties to disclose a material fact; a mistake, misrepresentation or fraud; undue influence or duress; one party's legal incapacity to enter a contract; one or more terms that are unconscionable; or a breach of contract
Written past participle of write.
Created by: codyclayton96