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4 terms

Nature of Traditional Contracts

STUDY
PLAY
Contracts
Are voluntarily entered by parties. Must not be the sports of an idle hour, mere matters of pleasantry and badinage, never intended by the parties to have any serious effect whatsoever Lord swordwell
Legally enforced contract
A contract in which if one party fails to perform as promised, the other party can use the court system to enforce the contract and recover damages or other remedy
Offerer
The party who makes an offer to enter in a contract
Ofference
The party whom an offer to enter into a contract is made.