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Module 3

Contract I - Formation of Contracts

TermDefinition
Acceptance the agreement of an offeree either expressly or by conduct to terms made by the offeror
Agreement the offer and acceptance of a contract
Bilateral Contract a contract in which both parties have promised to perform; a promise made in exchange for a return promise
Capacity the legal competence or ability of a person to enter into a valid and enforceable contract
Consideration the inducement to a contract; an act or forbearance or the promise thereof by one party made in exchange for the act or promise of another
Counteroffer a return offer that is different than the original
Express Contract a contract created by the explicit language of the parties
Implied Contract a contract inferred from the conduct of the parties
Legality an element of a contract that requires a lawful purpose
Offer a promise of performance or Track progress a promise of performance
Offeree a party to whom an offer is made
Offeror a party who makes an offer
Option Contract a contract in which a time period is specified within which an offer must be accepted
Promise a legally binding declaration that one will do or refrain from doing something specified which gives the person to whom it is made a right to expect or to claim the performance or forbearance of an act
Revocation the act of annulling by recalling or taking
Rejection the act of refusing to accept
Unconscionable shockingly unfair or unjust
Unilateral Contract a contract where one party promises to perform; a promise made in exchange for an act
Created by: user-1999951
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