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Contract Law

Business & Consumer Law

QuestionAnswer
the test based on how a "reasonable person" would view the matter Objective standard test
the legal assumption that parties to a contract are able to look out for their own interests Equal bargaining power
An expression of willingness to do business Invitation to treat
A take it or leave it contract, where the customer agrees to a standard set of terms that favors the other side Standard contract form
the withdrawal of an offer Revocation
an agreement where, in exchange for payment, an offeror is obligated to keep an offer open for a specified time Option agreement
An unqualified willingness to enter into a contract on the terms in the offer Acceptance
The price paid for a promise Consideration
A promise for which no consideration is given Gratuitous promise
a provision of a contract that states a promise explicitly Express term
An unfair contract where one party takes advantage of the weakness of another Unconscionable contract
both parties to the agreement share the same fundamental mistake Common mistake
A clause forbidding contact with the business's customers Nonā€solicitation clause
performance of contractual obligations through others Vicarious performance
A breach of contract that affects the foundation of the contract Fundamental breach
Monetary compensation for breach of contract or other actionable wrong Damages
damages that provide the plaintiff with the monetary equivalent of contractual performance Expectation damages
Damages that are awarded to punish the defendant Punitive damages
Occurs when one party has undeservedly or unjustly secured a benefit at the other parties expense Unjust enrichment
Created by: 638406824