Contract Law Concepts

These flashcards cover key vocabulary and concepts related to contract law as discussed in the lecture notes.

Consideration

The value exchanged in a contract that each party must receive.

Breach of Contract

A failure to perform any term of a contract without a legitimate legal excuse.

Promissory Estoppel

Legal doctrine preventing the promisor from withdrawing a promise made to a promisee who has relied on that promise to their detriment.

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party.

Bilateral Contract

A contract consisting of mutual promises between two parties.

Counteroffer

A response to an offer that modifies the original offer and constitutes a rejection of the initial offer.

Statute of Frauds

A legal statute requiring certain contracts to be in writing to be enforceable.

Condition Precedent

An event or condition that must occur before a party is obligated to perform under a contract.

Condition Subsequent

An event or condition that, if it occurs, can terminate an existing contractual duty.

Commercial Impracticability

A doctrine allowing for contract performance to be excused when an unforeseen event makes it excessively burdensome to perform.

Material Breach

A significant failure to comply with the terms of a contract that permits the non-breaching party to terminate the contract.

Minor Breach

A slight deviation from the terms of the contract that does not permit the non-breaching party to terminate the contract.

Express Warranty

An assurance provided by the seller relating to the quality or characteristics of the goods.

Implied Warranty of Merchantability

An unwritten guarantee that a product will work as expected for the general purpose it was designed.

Adequate Assurances

A demand made by one party for security that the other party will fulfill its contractual obligations.

Third-Party Beneficiary

A person who benefits from a contract made between two other parties, the original contracting parties intended for them to benefit.