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Contracts

BUS Law

TermDefinition
acceptance In contract law, a voluntary act by the offeree that shows assent, or agreement, to the terms of an offer - may consist of words or conduct. In negotiable instruments law, the drawee's signed agreement to pay a draft when it is presented.
accord and satisfaction A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor purports to be owed. The creditor's acceptance of the offer creates an accord (agreement), and when the accord is executed, satisfaction occurs.
agreement A meeting of two or more minds in regard to the terms of a contract. Its usually broken down into two events—an offer by one party to form a contract and an acceptance of the offer by the person to whom the offer is made.
bilateral contract A type of contract that arises when a promise is given in exchange for a return promise.
browse-wrap term A term or condition of use that is presented to an Internet user at the time certain products, such as software, are being downloaded but that need not be agreed to (by clicking "I agree," for example before the user is able to install or use the product.
click-on agreement An agreement that arises when a buyer, engaging in a transaction on a computer, indicates approval to be bound by the terms of an offer by clicking on a button that says, "I agree".
consideration Value given in return for a promise. It involves two elements—the giving of something of legally sufficient value and a bargained-for exchange. The consideration must result in a detriment (harm or damage) to the promisee or a benefit to the promisor.
contract An agreement that can be enforced in court. It's 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.
counteroffer An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
executed contract A contract that has been completely performed by both parties.
executory contract A contract that has not as yet been fully performed.
express contract A contract in which the terms of the agreement are stated in words, oral or written.
implied-in-fact contract A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
liquidated debt A debt for which the amount has been ascertained, fixed, agreed on, settled, or exactly determined. If the amount of the debt is in dispute, the debt is considered unliquidated.
mailbox rule A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox), if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror.
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.
Offer A promise or commitment to perform or refrain from performing some specified act in the future.
rescission A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made. It may be effected through the mutual consent of the parties, by the parties' conduct, or by court decree.
revocation In contract law, the withdrawal of an offer by an offeror. Unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability.
shrink-wrap agreement An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged. It is sometimes called a shrink-wrap license.
unilateral contract A contract created by an offer than can only be accepted by performance.
Created by: Yamilexb