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How Contracts Arise

Chapter 5: Business & Personal Law

TermDefinition
Contract Any agreement enforceable by law.
Acceptance The second party’s unqualified willingness to go along with the first party’s proposal.
Mirror Image Rule States that the acceptance of an offer must not change the terms of the original offer in any way.
Invitation to Negotiate An invitation to deal, trade, or make an offer.
Counteroffer Any change in the terms of the offer that means the offeree has not really accepted the offer.
Genuine Agreement A valid offer that is met by a valid acceptance.
Consideration The exchange of things of value; The exchange of benefits and detriments by parties to an agreement.
Revocation Taking back of an offer by the offeror.
Capacity The legal ability to enter a contract.
Rejection A refusal of an offer by the offeree, which brings the offer to an end.
Legality Contracts cannot be created to govern the trade of illegal products or services.
Offer A personal proposal by one party to another intended to create a legally binding agreement.
Voidable Contract When one or more parties to a contract is able to void or cancel a contract for some legal reason.
Unenforceable Contract One the court will not uphold, generally because of some rule of law, such as the statute of limitations.
Express Contract Stated in words and may be either oral or written.
Implied Contract Comes about from the actions of the parties, often without even exchanging a single word.
Bilateral Contract Contains two promises; One party promises to do something in exchange for the others promise to do something else.
Unilateral Contract “One-sided”; contains a promise by only one person to do something, if and when the other party performs some act.
Invitations to Negotiate An invitation to deal, trade, or make an offer.
Created by: amberwilhelm
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