Contract Law Concepts

Flashcards covering key vocabulary and concepts from contract law.

Counter-offer

An offer made in response to an original offer, wherein the offeree proposes different terms.

Lapse of Time

The termination of an offer after a fixed period or reasonable length of time if not accepted.

Revocation

The act of withdrawing an offer before it has been accepted.

Acceptance

An unconditional assent to the terms of an offer, communicated by the offeree to the offeror.

Postal Rule

Acceptance is considered complete as soon as the acceptance letter is properly addressed, stamped, and posted.

Unilateral Contract

A contract where one party makes a promise in exchange for an act of the other party.

Intention to Create Legal Relations

A presumption in contract law that the parties intend for their agreement to have legal effect.

Mere Puff

Exaggerated claims in advertisements that are not legally binding.

Acceptance by Email

Acceptance can be instantaneous, effective once the email is received by the offeror or effective upon sending, depending on circumstances.

Goods of Merchantable Quality

Products that are fit for sale and meet a minimum standard.