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Contract Law
Business & Consumer Law
| Question | Answer |
|---|---|
| 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 | Non‐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 |
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