BLAW Test Two

Valid Contract 

a contract that results when the elements necessary for contract formation are present

Void Contract

a contract having no legal force or binding effect

Voidable Contract

a contract that may be legally avoided at the option of one or both of the parties

Express

a contract in which the terms of the agreement are stated in words, oral or written 

Implied

a contract formed in whole or in part from the conduct of the parties

Unenforceable

a valid contract rendered unenforceable by some statute or law

Bilateral

a type of contract that arises when a promise is given in exchange for a promise

Unilateral

a contract that results when an offer can be accepted only by the offerree’s performance

Unconscionable

a contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party

Executed

a contract that has been fully performed by both parties 

Executory

a contract that has not yet been fully performed

Oral

verbal agreements, spoken

Written

written agreements

Offer

a promise or commitment to perform or refrain from performing some specified act in the future

Acceptance

the act of voluntarily agreeing, through words or conduct, to the terms of an offer, thereby creating a contract

Consideration

the value given in return for a promise or performance in a contractual agreement

Capacity (Contractual Capacity)

the legal ability to enter into contracts. the threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.

Legality

Expiration

Reasonable Time

Revocation of Offer

the withdrawal of a contract offer by the offeror. unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability

Termination of the Offer

Option

a contract under which the offeror cannot revoke the offer for a stipulated time period (because the offeree has given consideration for the offer to remain open) 

Counteroffer

an offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer

Mailbox Rule

the common law rule that acceptance takes effect, and thus a contract is formed, at the time the offeree sends or delivers the acceptance using the communication mode expressly or impliedly authorized by the offeror

Minors - Ratification

Divisible 

Quasi Contract

Promissory Estopple

Conditions

a qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties

Accord & Satisfaction

an agreement between two parties to accept performance that is different from what was promised in the original contract. after the performance has been completed, the obligation is discharged 

Unilateral Mistake

a mistake that occurs when one party to a contract is mistaken as to a material fact

Bilateral Mistake

a mistake that occurs when both parties to a contract are mistaken about the same material fact

Elements Fraud

Scienter Fraud

knowledge on the part of the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive 

Undue Influence

a contract entered into as a result of undue influence lacks voluntary consent and is voidable

Business Sale

Pledge

Advertisement

Privity of Contract

Assignment

Delegation 

Subrogation

Third Party - Beneficiary

Third Party - Intended

Third Party - Incidental

Novation

Statute of Frauds - Application

Liquidated Damages

Compensatory Damages

Consequential Damages

Mitigation of Damages

Full Performance

Substantial Performance

Material Breach

Equitable Remedies - Types

Penalty

Repudiation

Lottery

Commercial Code

Sale of Goods

Merchants

Firm Offer

Special Standards 

Quantity Term

Rejection

Acceptance

Promise to Ship

Requirements

Output

Warranties - All Types

Output

Requirements