Ways an offer can be terminated

Revocation; Rejection; Counteroffer; Death or incapacity; Destruction of subject matter; Lapse of time

Unilateral contract

A promise for an act; acceptance only by performance

Bilateral contract

A promise for a promise; acceptance by exchanging promises

Consideration

Something of legal value exchanged: benefit to promisee, detriment to promisor, promise to do or refrain from doing something

Promissory estoppel

Promisee reasonably relies on a promise; reliance is foreseeable; only way to avoid injustice is to enforce promise

Preexisting duty

When a party promises to do something they are already legally obligated to do; not valid consideration

Accord and satisfaction

Agreement to settle a disputed (unliquidated) debt for a different amount and payment of that amount

Exculpatory clause

Contract clause releasing a party from liability for ordinary negligence

Covenant not to compete

Agreement restricting someone from working for a competitor within reasonable time and geographic limits

Mutual mistake

Both parties mistaken about a material fact; contract is voidable

Fraudulent misrepresentation

False statement of material fact, intent to deceive, justifiable reliance, damages; contract voidable

Duress

Wrongful threat forcing someone into a contract; contract is voidable

Statute of Frauds categories

Contracts: cannot be performed within one year; consideration of marriage; paying debt of another; interest in land; sale of goods > $500

Condition precedent

An event that must occur before a party’s duty to perform arises

Fair Labor Standards Act

Provides minimum wage, overtime pay (1.5× over 40 hours), defines exempt vs. nonexempt employees

Wagner Act

Protects employee rights to unionize, engage in concerted activity, and collective bargaining

Employment at will

Employer can fire for any reason except public policy, discrimination, contract, or protected concerted activity

Disparate treatment

Intentional discrimination; look at treatment of employee

Disparate impact

Unintentional discrimination; neutral policy disproportionately affects protected class

Protected classes under Title VII

Race, color, religion, sex (including sexual orientation), national origin

Quid pro quo harassment

Employment benefit conditioned on sexual favor

Hostile work environment

Severe or pervasive conduct creating abusive or intimidating workplace

Sole proprietorship

One owner, no formalities, personal liability, profits taxed personally

Limited liability company (LLC)

Limited liability, flexible management, taxed as partnership unless elected otherwise

For‑profit corporation

Operates to earn profits; may distribute profits; issues stock

Nonprofit corporation

Provides services; may earn profits but cannot distribute; does not issue stock

Closely held corporation

Shares not publicly traded; owned by few people; shareholders active in management; buy‑sell agreements common

Bylaws

Internal rules governing corporate operations, voting, officer roles, and meetings