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LGLA1351-Chapter 2

Basic Contract Law for Paralegals

QuestionAnswer
group of persons identified as a group rather than as named individuals. Class
the bargain of the contract; a benefit conferred or a detriment incurred. Consideration
proposition made by one party to another manifesting a present intention to enter into a valid contract and creating a power in the other person to create a valid contract by making an appropriate acceptance. Offer
the person to whom an offer is made; the one who has the power to create a valid contract by making an appropriate acceptance. Offeree
the person who initiates a contract by proposing the offer. Offeror
an agreement whereby one person agrees to buy or sell the goods produced by the other party. Output Contract
agreement whereby one person agrees to buy all his supplies during a given period from one supplier. Requirements Contract
contractual clause in which a specified time for performance is made a key element of the contract. Time of the essence clause
statutory enactment codifying certain areas of contract law, specifically with respect to sales contracts between merchants. Uniform Commercial Code
Created by: dawnbryant