Basic Contract Law for Paralegals
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| group of persons identified as a group rather than as named individuals. | Class
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| the bargain of the contract; a benefit conferred or a detriment incurred. | Consideration
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| 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
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| 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
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| the person who initiates a contract by proposing the offer. | Offeror
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| an agreement whereby one person agrees to buy or sell the goods produced by the other party. | Output Contract
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| agreement whereby one person agrees to buy all his supplies during a given period from one supplier. | Requirements Contract
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| contractual clause in which a specified time for performance is made a key element of the contract. | Time of the essence clause
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| statutory enactment codifying certain areas of contract law, specifically with respect to sales contracts between merchants. | Uniform Commercial Code
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dawnbryant
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