Legal Contract Basics

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Contract
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Terms in this set (51)
Contract
Agreement with agreed-upon details by all parties
Meetings of the Minds
All key details agreed on by all parties
Offer
Proposal to enter into a contract
Intent
Intention to create a legal relationship
Communication
Exchange of information regarding the contract
Definite Terms
Clear and specific details, including the money amount
Acceptance
Agreement to the terms of the offer
Consideration
Exchange of value or benefit between parties
Performance
Fulfillment of contractual obligations
Breach of Contract
Failure to fulfill contractual obligations
Release or Waiver
Voluntary relinquishment of rights or claims
Defenses
Legal arguments against the enforcement of a contract
Mental Capacity
Concerns related to a person's ability to understand the contract
Unlicensed
Related to a person not having the required license
Illegal Activity
Concerns related to the contract involving illegal actions