2.01 key terms bsl
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| Acceptance | a draft or bill that is accepted by being signed.
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| Benefits | an advantage or profit gained from something.
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| Bilateral | having or relating to two sides; affecting both sides
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| Capacity | a person's legal competence.
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| Consideration | anything given or promised or forborne by one party in exchange for the promise or undertaking of another.
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| Counteroffer | an offer made in response to another.
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| Death | the destruction or permanent end of something.
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| Detriments | the state of being harmed or damaged.
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| Duress | threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.
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| Economic Duress | Threats of a business nature that force another party without real consent to enter a commercial agreement. Also called business compulsion.
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| Emancipation | the fact or process of being set free from legal, social, or political restrictions; liberation.
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| Express | say what one thinks or means.
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| Firm Offer | A firm offer means an irrevocable offer made by a merchant. As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face.
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| Forbearance | patient self-control; restraint and tolerance.
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| Fraudulent Misrepresentation | The tort of deceit, also known as "fraud", dates in its modern development
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| Genuine Agreement (Assent) | is a complete agreement between two competent parties
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| Illusory Promises | In contract law, an illusory promise is one that courts will not enforce. This is in contrast with a contract, which is a promise that courts will enforce. A promise may be illusory for a number of reasons
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| Implied | suggested but not directly expressed; implicit
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| Insanity | the state of being seriously mentally ill; madness.
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| Legality | the quality or state of being in accordance with the law.
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| Mentally Incapacitated | a person is temporarily incapable of appreciating or controlling his conduct as a result of the influence of a controlled or intoxicating substance administered to him without his consent
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| Mirror Image Rule | also referred to as an unequivocal and absolute acceptance requirement states that an offer must be accepted exactly with no modifications. The offeror is the master of his own offer.
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| Mutual Mistake (Bilateral Mistake) | a material fact that is mistaken by both parties. In such a case, the party who is adversely affected by the mistake has the right
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| Nominal Consideration | a benefit lacking sufficient legal value to justify a contract
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| Offer | present or proffer (something) for (someone) to accept or reject as so desired.
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| Offeree | Offer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person to another person, and an indication by the offeree of its acceptance of those terms
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| Offer-or | someone who presents something to another for acceptance or rejection
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| Option | a thing that is or may be chosen
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| Oral | by word of mouth; spoken rather than written
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| Past Performance | information is relevant information for source selection purposes
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| Price Fixing | the maintaining of prices at a certain level by agreement between competing sellers.
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| Rejection | the dismissing or refusing of a proposal, idea, etc
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| Restrictive covenant | a covenant imposing a restriction on the use of land so that the value and enjoyment of adjoining land will be preserved
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| Revocation | refers to the cancelling or annulment of something by some authority. When revocation happens, a privilege, title, or status is removed from someone.
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| Statute of Frauds | refers to the requirement that certain kinds of contracts be memorialized in a signed writing with sufficient content to evidence the contract
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| Unconscionable | not right or reasonable
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| Undue Influence | influence by which a person is induced to act otherwise than by their own free will or without adequate attention to the consequences.
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| Unenforceable contract | An unenforceable contract or transaction is one that is valid, but which the court will not enforce. Unenforceable is usually used in contradistinction to void and voidable. If the parties perform the agreement, it will be valid,
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| Unilateral | performed by or affecting only one person, group, or country involved in a particular situation, without the agreement of another or the others.
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| Unilateral Mistake | In a contract setting, a mistake is an error in the meaning of words, laws, or facts
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| Usury | the illegal action or practice of lending money at unreasonably high rates of interest.
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| Valid contract | One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law
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| Void contract | also known as a void agreement, is not actually a contract. A void contract cannot be enforced by law. Void contracts are different from voidable contracts, which are contracts that may be (but not necessarily will be) nullified.
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| Voidable contract | include failure by one or both parties to disclose a material fact; a mistake, misrepresentation or fraud; undue influence or duress; one party's legal incapacity to enter a contract; one or more terms that are unconscionable; or a breach of contract
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| Written | past participle of write.
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