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BusLawC4-5Vocabulary

BusLawCh4-5Vocab

QuestionAnswer
Not doing what you have the right to do. Forbearance
A refusal of an offer by the offeree. Rejection
Taking back of an offer by the offeror. Revocation
Contract statement that may be oral or written. Express Contract
The age of adulthood, most states 18. Majority
A proposal. Offer
Willingness to go along with a proposal. Acceptance
To show the intent not to live up to the contract. Disaffirm
Any agreement enforceable by law. Contract
A promise made without consideration may nonetheless be enforced to prevent injustice. Promissory Estoppel
A take it or leave it offer made by a party who holds most of the power in a bargaining session. Adhesion Contract
The act of agreeing to go along with a contract that could have been avoided. Ratification
Contract that contains two promises. Bilateral
Contract that contains one promise. Unilateral
Invitation to deal, trade. or make an offer. Invitation to Negotiate
The exchange of benefits and detriments by the parties of a contract. Consideration
An agreement in which the consideration is so out of line with the actual value of the subject matter and so unfair that it is shocking to the court. Unconscionable Contract
A response to an offer in which the terms of the original offer are changed. Counteroffer
Agreement is true and genuine - valid offer met with valid acceptance. Genuine Agreement
One who is no longer under the legal control of his/her parents. Emancipated
The legal ability to enter into a contract. Capacity
A legal way to settle contrctual disputes by which one party agrees to accept less than the amount due as full payment. Accord and Satisfaction
Terms stated in acceptance must exactly match the terms stated in the offer. Mirror Image Rule
Not yet reached the age of adulthood. Minority
Contract that comes from the actions of the parties. Implied Contract
Created by: melinda.fornes
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