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Contracts
Fundamental agreements that create rights and duties for both parties involved.
Promisor
The person who initiates the contract.
Promisee
The person who receives the contract.
Punitive damages
Damages that are not awarded in cases of breached contracts.
Valid, enforceable contracts
Contracts that have an offer, acceptance, agreement, consideration, capacity, and legality.
Consideration
The exchange of something of value in a contract.
Capacity
The ability to enter and fulfill a contract.
Defenses
Claims that can be made to leave a contract, such as mistake, fraud, or duress.
Statute of Frauds
Requirement for certain contracts to be in writing under specific conditions.
Click on / wrap agreement
Terms of service that become legally binding when a user clicks "accept" on a website.
ESIGN Act of 2000
Legislation that validates electronic agreements.
Plain Language Rule
Contracts are interpreted based on the written language without considering context.
Offer
An invitation to make a contract.
Classifications of contracts
Void, valid, voidable, unenforceable.
Implied contracts
Nonverbal or unwritten contracts.
Express contracts
Verbal or written contracts.
Unilateral contracts
Contracts that require action to be fulfilled.
Bilateral contracts
Contracts between two parties to exchange consideration.
Executed contracts
Contracts in which all elements are completed.
Executory contracts
Contracts that are not fully performed.
Mailbox rule
An offer is valid once it is sent, regardless of whether it is received.
UCC (Uniform Commercial Code)
Governs standardized transactions, particularly the sale of goods.
Mirror image rule
A written contract should match the valid offer.
Substantial performance
Partial completion of a contract may still require performance.
Impossibility of performance
Circumstances that make it impossible to fulfill a contract.
Detrimental reliance / Promissory Estoppel
Protects individuals who rely on promises made by others.
Unconscionability
Contracts that are harsh, shocking, or grossly unfair.
Specific Performance
Court order to enforce a contract or provide damages.
Minors
Individuals under the legal age of adulthood.
Disaffirmance, Avoidance
Minors' right to cancel and refuse to honor contracts.
Emancipation
Divorce from parents, removing parental support for a minor.
Mandated Contracts Which Minors Cannot Avoid
Contracts that minors are obligated to fulfill, such as tax returns or military service.
Note 
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