a clear indication by the offeree to enter into a contract on the terms set out by the offeror .

advertising an item at a low price but keeping little stock to lure customers to buy higher‑priced goods .

an agreement where both parties promise to do something for each other .

failure by a party to perform the obligations agreed to in a contract .

Latin for “let the buyer beware,” meaning purchases are made at the buyer’s risk .

an important term in a contract whose breach usually allows the other party to end the contract .

a clear, shared understanding of the contract terms and a willingness by both parties to be bound .

something of value that either benefits the party receiving it or is a loss or inconvenience to the party providing it .

a legally binding agreement between two or more competent parties .

the branch of civil law that provides rules for agreements between people and businesses .

a written agreement that shows a seal (sticker, mark, or word “seal”), which replaces the need for consideration .

money awarded by a court for actual losses resulting from a breach of contract .

a judgment made against a party who fails to defend a civil claim .

an agreement in which the terms have been discussed and agreed on in advance .

something of value that will be given or received after a contract is formed .

merchandise that can be bought or sold .

a promise that gives a benefit to the offeree but lacks consideration .

misrepresentation / fraudulent misrepresentation (from your earlier list)

a false statement of fact, made knowingly and with intent that another rely on it, causing loss .

a proposal to enter into a contract, and the response that changes its terms and therefore becomes a new offer .

words or conduct indicating that a party does not intend to honour its contractual obligations .

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Contract law

Contract and commercial law

Question	Answer
acceptance	a clear indication by the offeree to enter into a contract on the terms set out by the offeror .
bait and switch	advertising an item at a low price but keeping little stock to lure customers to buy higher‑priced goods .
bilateral contract	an agreement where both parties promise to do something for each other .
breach of contract	failure by a party to perform the obligations agreed to in a contract .
caveat emptor	Latin for “let the buyer beware,” meaning purchases are made at the buyer’s risk .
condition	an important term in a contract whose breach usually allows the other party to end the contract .
consensus ad idem	a clear, shared understanding of the contract terms and a willingness by both parties to be bound .
consideration	something of value that either benefits the party receiving it or is a loss or inconvenience to the party providing it .
contract	a legally binding agreement between two or more competent parties .
contract law	the branch of civil law that provides rules for agreements between people and businesses .
contract under seal	a written agreement that shows a seal (sticker, mark, or word “seal”), which replaces the need for consideration .
damages (contract)	money awarded by a court for actual losses resulting from a breach of contract .
default judgment	a judgment made against a party who fails to defend a civil claim .
express contract	an agreement in which the terms have been discussed and agreed on in advance .
future consideration	something of value that will be given or received after a contract is formed .
goods	merchandise that can be bought or sold .
gratuitous promise	a promise that gives a benefit to the offeree but lacks consideration .
misrepresentation / fraudulent misrepresentation (from your earlier list)	a false statement of fact, made knowingly and with intent that another rely on it, causing loss .
offer / counteroffer	a proposal to enter into a contract, and the response that changes its terms and therefore becomes a new offer .
repudiation	words or conduct indicating that a party does not intend to honour its contractual obligations .

Created by: user-2012947

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