Contract Law Overview

Vocabulary flashcards covering essential concepts and definitions related to contract law.

Contract

A legally enforceable agreement between parties.

Offer

When a person or company proposes a deal.

Acceptance

Responding to the offer in a certain way.

Consideration

Bargaining that leads to an exchange between the parties.

Legality

The contract must be for a lawful purpose.

Capacity

The parties must be adults of sound mind.

Consent

Both parties must agree to the terms.

Writing

Some types of contracts must be in writing to be enforceable.

Bilateral Contract

Both parties make a promise to each other.

Unilateral Contract

One party makes a promise that the other party can accept only by doing something specific.

Express Contract

Both parties explicitly state all important terms of their agreement.

Implied Contract

The words and conduct of the parties indicate that they intended to make an agreement.

Executory Contract

When one or more parties has not fulfilled its obligation under the contract.

Executed Contract

When all parties have fulfilled their obligations under the contract.

Valid Contract

Satisfies the law's requirements.

Unenforceable Contract

When the parties intend to form a valid bargain but some rule of law prevents enforcement.

Voidable Contract

When the law permits one party to terminate the agreement.

Void Contract

One that neither party can enforce, usually because the purpose is illegal.