Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Contract | agreement enforceable by law
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| offer | a proposal by one party to another intended to create a legally binding agreement
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| acceptance | the second party’s unqualified willingness to go along with the first party’s proposal
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| genuine agreement | when a valid offer is met by a valid acceptance
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| capacity | the legal ability to enter a contract
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| consideration | the exchange of things of value
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| legality | people cannot enter into contracts to commit illegal acts
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| voidable contract | when a party to a contract is able to void or cancel a contract for some legal reason
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| unenforceable contract | one the court will not uphold, because of some rule of law
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| express contract | stated in words and may be either oral or written
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| implied contract | comes about from the actions of the parties
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| bilateral contract | two sided, contains two promises
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| unilateral contract | contains a promise by only one person
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| mirror image rule | the acceptance must not change the terms of the original offer in any way
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| counter offer | any change in the terms of the offer means the offeree has not really accepted the offer
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| revocation | the taking back of an offer by the offeror
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| rejection | refusal of an offer
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| fraud | deliberate deception intended to secure an unfair or unlawful gain
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| rescind | cancelling a contract
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| misrepresentation | untrue statements of facts
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| duress | overcoming a person’s will by use of force or by threat of force or by body harm
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| undue influence | occurs when a person uses unfair and improper persuasive pressure to force another person to enter into an agreement
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everettc1
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