A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.
a contract that comes about from the actions of the parties
unenforceable contract (illegal purpose, subject matter, etc.)
when a party to a contract is able to void or cancel a contract for some legal reason
both parties must give consideration
lack of genuine assent
A defense to the agreement of a contract in which the offeree claims that the offeror secured the agreement through improper means, such as duress, fraud, undue influence, or misrepresentation.
a promise made by one party in exchange for the promise of another party; a promise for a promise
a contract that contains a promise by only one person to do something, if and when the other party performs some act.
something of value
a thing under consideration in an agreement
the taking back of an offer by the offeror
A contract in which the buyer gives the seller consideration to keep the offer open for a stated period of time
Once the offeree has sent the letter of acceptance, declaring they accept the offer, the acceptance is effective from when it is sent. if a rejection is sent, but the other party calls up and says he accepts, contract is valid.
the priciple that a promise made without consideration may nonetheless be enforced to prevent injustice; when one party has to rely on the agreement
A promise in form but not in actuality. An illusory promise does not limit a persons future realm of choices. (ex. just saying you'll take a look at what I'm selling)
Under which 1 party agree to purchase its entire requirement of specific goods or services exclusively from another party for a specific period of time.
a contract in which you promise to deliver your entire output to the other party who promises to accept it
having legal authority or mental ability; being of sound mind
the act of restoring something to its original state; putting someone back in the condition they were in before the contract was made
A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. (to make sure things are fair)
the act of lending money at an exorbitant rate of interest
a promise to buy or sell that courts will require that the parties obey
an untruthful assertion by one of the parties about the material fact
the active hiding of the truth about a material fact
a failure to provide pertinent information about the projected contract
occurs when a person uses unfair and improper persuasive pressure to force another person to enter into an agreement (ex. contract with your relative)
when the terms of the contract are so one sided as to be against public policy. when one party to a contract has superior bargaining position. using confusing legal language and fine print.
an act or promise that must take place or be fulfilled before the other party is obligated to perform his or her part of the agreement.
Future event that terminates obligations of parties when it occurs
Each party's duty conditioned on the other simultaneous performance
understood to be there, not written out, inherent in actual performance
An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time. other party can sue.
compilation of principles regarding sales and commercial transactions created by the American Law Institute at least part of which has been adopted as law by all 50 states