NALS CH.12_500801
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| Acceptance | In contracts, the situation occurring when the offeree is in total agreement with the offeror.
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| 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.
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| Account Stated | A summarized statement of a debtor's account.
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| Assign (assignment) | To designate something to someone.
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| Assignee | A person to whom an assignment is made.
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| Assignor | A person who assigns a right, whether or not he or she is the original owner thereof.
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| Bilateral Contract | A contract in which both parties make a promise.
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| 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.
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| Competent Parties | Person or organization having the required legal capacity to enter into a binding contract.
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| Contract | A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
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| Counteroffer | An offer made in response to another.
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| Discharge | Tell (someone) officially that they can or must leave, in particular.
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| Duress | constraint illegally exercised to force someone to perform an act.
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| Executed Contracts | A contract document signed by all parties to it.
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| Executory Contract | Contract under execution, or where one or more parties have not yet performed their duties as stipulated in the contract document.
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| Express Contract | Contract whose terms are clearly spelled out, usually in writing.
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| Formal Contract | Contract made legally enforceable by following a prescribed format, and by incorporating standardized conditions and provisions in its body.
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| Fraud | Act or course of deception, an intentional concealment, omission, or perversion of truth.
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| 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.
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| 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).
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| Informal Contract | Agreement that is not (or need not be) in a prescribed format to be legally valid and binding.
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| Innocent Misrepresentation | A legal term that means a false statement of fact that has the effect of inducing someone into a contract.
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| 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.
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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.
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| Misrepresentation | The action or offense of giving a false or misleading account of the nature of something.
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| Money Damages | A type of relief that awards money as compensation for some injury.
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| Novation | The substitution of a new contract in place of an old one.
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| Offer | Present or proffer (something) for (someone) to accept or reject as so desired.
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| Offeree | One to whom an offer is made: a contract is formed when there is mutual assent between the parties.
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| Offeror | To present for acceptance or rejection
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| Performance | Fulfilling the terms of a contract.
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| Rescission | Repeal of a contract and doing whatever it takes to make a contract whole.
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| Restitution | Act of restoring a thing to its rightful owner. (Paying for the damage)
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| Specific Performance | Do a specific thing.
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| Undue Influence | When you are pressured into a contract.
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| Unilateral Contract | A promise conditioned by the promise of another.
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| Valid Contract | A accepted contract.
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| Void Contract(s) | A contract that is not in motion anymore.
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| Voidable Contract | A contract that can be voided if needed.
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500801
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