| Term | Definition |
| Acceptance | In contracts, the situation occurring when the offeree is in total agreement with the offeror. |
| Accord and Satisfaction | Accord is accepting a substituted item or service in place of the one promised in the original contract. Satisfaction occurs when the substituted item is accepted. |
| Account Stated | A summarized statement of a debtor's account. |
| Assign (assignment) | To designate something to someone. |
| Assignee | A person to whom an assignment is made. |
| Assignor | A person who assigns a right, whether or not he or she is the original owner thereof. |
| Bilateral Contract | A contract in which both parties make a promise. |
| Breach of Contract | A legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. |
| Competent Parties | Person or organization having the required legal capacity to enter into a binding contract. |
| Contract | A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law. |
| Counteroffer | An offer made in response to another. |
| Discharge | Tell (someone) officially that they can or must leave, in particular. |
| Duress | constraint illegally exercised to force someone to perform an act. |
| Executed Contracts | A contract document signed by all parties to it. |
| Executory Contract | Contract under execution, or where one or more parties have not yet performed their duties as stipulated in the contract document. |
| Express Contract | Contract whose terms are clearly spelled out, usually in writing. |
| Formal Contract | Contract made legally enforceable by following a prescribed format, and by incorporating standardized conditions and provisions in its body. |
| Fraud | Act or course of deception, an intentional concealment, omission, or perversion of truth. |
| Implied Contract | A legally enforceable agreement that arises from conduct, from assumed intentions, from some relationship among the immediate parties, or from the application of the legal principle of equity. |
| Impossibility of Performance | A circumstance, condition, or fact beyond the control of the parties may excuse performance where means of performance is not available (due to its deterioration or destruction). |
| Informal Contract | Agreement that is not (or need not be) in a prescribed format to be legally valid and binding. |
| Innocent Misrepresentation | A legal term that means a false statement of fact that has the effect of inducing someone into a contract. |
| Invitations to Offer | When one or many party/persons are invited to one or more offer is called as invitation to offer, it is not require for them to get into contract. |
| Mirror Image Rule | Also referred to as an unequivocal and absolute acceptance requirement states that an offer must be accepted exactly with no modifications. |
| Misrepresentation | The action or offense of giving a false or misleading account of the nature of something. |
| Money Damages | A type of relief that awards money as compensation for some injury. |
| Novation | The substitution of a new contract in place of an old one. |
| Offer | Present or proffer (something) for (someone) to accept or reject as so desired. |
| Offeree | One to whom an offer is made: a contract is formed when there is mutual assent between the parties. |
| Offeror | To present for acceptance or rejection |
| Performance | Fulfilling the terms of a contract. |
| Rescission | Repeal of a contract and doing whatever it takes to make a contract whole. |
| Restitution | Act of restoring a thing to its rightful owner. (Paying for the damage) |
| Specific Performance | Do a specific thing. |
| Undue Influence | When you are pressured into a contract. |
| Unilateral Contract | A promise conditioned by the promise of another. |
| Valid Contract | A accepted contract. |
| Void Contract(s) | A contract that is not in motion anymore. |
| Voidable Contract | A contract that can be voided if needed. |
