1.
agent: a representative of the principal and can bind the principal to third parties in contracts and in tort law
2.
apparent authority: The authority an agent seems to have, judged by the words or actions of the person who gave the authority or by the agent's own words or actions.
3.
bilateral contract: a contract in which a return promise is required since both parties are promisors "promise for a promise"
4.
complete performance: occurs when the performance is within the bounds of reasonable expectations
5.
condition concurrent: An event that must occur at the same time as another condition in a contract
6.
condition subsequent: An event that, if it occurs, discharges a duty of performance in a contract
7.
consideration: something given up in return for the promise of the other party to the contract
8.
counteroffer: an offer made by someone who has rejected a prior offer
9.
detrimental reliance: also called promissory estoppel
10.
disaffirmance: The legal avoidance, or setting aside, of a contractual obligation.
11.
duress: when someone forces another person to enter into a contract against his or her will.
12.
executed contract: A contract that has been completely performed by both parties.
13.
executory contract: A contract that has not as yet been fully performed.
14.
express contract: a contract where the terms of the agreement are fully and explicitly stated in words or oral. An example is a signed lease.
15.
expressed authority: Authority that arises from specific statements made by the principal (employer) to the agent (employee)
16.
fiduciary duty: the legal duty of a fiduciary to act in the best interests of the beneficiary
17.
fraud: misrepresentations of fact that are consciously intended to mislead another. the elements are 1) a misrepresentation has occurred 2) there has been an attempt to deceive 3) the innocent party has justifiably relied on the misrepresentation and 4) the innocent party has been injured
18.
illusory contract: an expression cloaked in promissory terms that does not actually involve a commitment by the promisor
19.
implied authority: Conferred by custom, inferred, or implied as reasonably necessary to carry out express authority.
20.
implied by fact contract: a contract that is implied from the conduct of the parties. for example, when one takes a seat in the barber chair it is ____ that he or she is bargaining for a haircut