Introduction to Contracts

A set of flashcards covering key concepts and definitions related to contracts.

Offer

An act or statement proposing definite terms for an agreement.

Acceptance

The offeree's indication of intent to be bound by an offer, which can be expressed verbally or through conduct.

Consideration

The inducement, price, or promise that causes a party to enter into a contract, requiring a bargained-for exchange.

Legality

The requirement that a contract must be for a lawful purpose and comply with applicable laws.

Capacity

The legal ability of a person to enter into a binding contract.

Consent

The agreement of parties to enter a contract, which may be rendered unenforceable due to fraud or mistake.

Termination of Offer

The conditions under which an offer can be revoked or terminated, including revocation, rejection, counteroffer, expiration, or operation of law.

Mirror Image Rule

The principle stating the acceptance must exactly match the terms of the offer for it to be valid.

Promissory Estoppel

A legal principle that enforces a promise made when one party relied on that promise to their detriment.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even when no formal contract exists.