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BusLawCh4-5Vocab

QuestionAnswer
An agreement enforceable by law Contract
A proposal by one party to another intending to create a legally binding agreement Offer
The second party's unqualified willingness to go along with the first party's proposal Acceptance
A valid offer met by a valid acceptance Genuine Agreement
Contract that may be oral or written Express Contract
Contract that comes from the actions of the parties Implied Contract
Contract that contains two promises Bilateral Contract
Contract that contains one promise Unilateral Contract
Invitations to deal, trade, or make an offer Invitations to Negotiate
Terms stated in acceptance must exactly match the terms of the offer Mirror Image Rule
A response to an offer in which the terms of the original offer have been changed Counteroffer
Taking back an offer by the offeror Revocation
Refusal of an offer by the offeree Rejection
To decide or settle conclusively Determine
To take on or adopt Assume
To impose an obligation on or compel Require
Unquestionable or certain Definite
To state in detail or as a condition Specify
To force or establish as compulsory or apply by authority Impose
Legal ability to enter into a contract Capacity
Person who has not yet reached the age of adulthood Minor
The status of reaching the age of adulthood Majority
Freeing someone from the control of another especially a parent's relinquishing authority and control over a minor child Emancipation
To show the intent not to live up to a contract Disaffirm
The act of agreeing to go along with a contract that could have been avoided Ratification
A legal principle that holds that nobody should be allowed to do something that harms the public Public Policy
Law that requires that certain contracts be in writing so that there is evidence that the contract exists Statute of Frauds
The exchange of benefits and detriments (things of value) Consideration
The act of not doing what you have the right to do Forbearance
Agreement in which the consideration is so out of line with the actual value of the subject matter and so unfair that shocks the court's conscience Unconscionable Contract
A take it or leave it offer made by a party who holds the most of the power Adhesion Contract
A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment Accord and Satisfaction
Principle that a promise made without consideration may nonetheless be enforced to prevent injustice Promissory Estoppel
Something taken for granted or accepted as true without proof Assumption
Charging more than the maximum legal interest rate Usury
Distributing or dealing out in portions Dispensing
To have as components parts or to include Contain
Serving as a sign, symptom, or token of Indicating
Something one is bound to legally or morally Obligation
Created by: melinda.fornes
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