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Offer
A specific promise and demand made by an offeror to an offeree.
Acceptance
Agreement by the offeree to the terms of the offer, necessary to create a valid contract.
Consideration
The receipt of a legal benefit or the suffering of a legal detriment, necessary for an enforceable contract.
Capacity
The ability of parties to enter into a contract, related to their legal competence.
Legality
Requirement that the subject matter of a contract must be legal for the contract to be enforceable.
Meeting of the Minds
Mutual understanding of the essential terms and facts of the contract by both parties.
Bilateral Contract
A contract that contains mutual promises and results in two obligations.
Unilateral Contract
A contract involving one party making a promise in exchange for a specific action or performance.
Implied Contracts
Contracts formed by the conduct of the parties instead of explicit words.
Express Contract
A contract where the terms are fully discussed and agreed upon by both parties.
Quasi Contract
An obligation imposed by law to prevent unjust enrichment in the absence of a written contract.
Void Contract
An agreement that lacks an essential requirement for validity or enforcement.
Voidable Contract
An agreement where one party has the right to rescind the contract without incurring legal liability.
Counteroffer
A response to an offer that changes its terms and constitutes a rejection of the original offer.
Revocation
The act of the offeror retracting an offer before it is accepted.
Mirror Image Rule
The principle that an acceptance must exactly match the terms of the offer.
Consideration Issues
Aspects surrounding the legal benefit or detriment involved in a contract.
Promissory Estoppel
A legal principle that enforces a promise when the promisee relies on it to their detriment.
Condition Precedent
An event that must occur before a contract becomes enforceable.
Condition Subsequent
An event that, if it occurs, can excuse performance of a contract.
Complete Performance
When a party fulfills all obligations set forth in a contract.
Material Breach
A failure to perform that is significant enough to relieve the non-breaching party from their obligations.
Substantial Performance
A situation where a party has performed most of the contract but not all, still entitled to compensation.
Force Majeure
A clause in contracts that excuses performance due to unforeseen events.
Impossibility of Performance
A situation where a contract cannot be fulfilled because the subject matter has been destroyed.
Commercial Impracticability
A doctrine that allows performance to be excused when it is excessively difficult or costly.
Waiver
The intentional relinquishment of a right to enforce a contract.
Release
When one party relinquishes the ability to enforce the contract against the other.
Compensatory Damages
Monetary damages awarded to compensate for loss of value due to breach of contract.
Consequential Damages
Damages that arise from the breach itself, including losses suffered as a result.
Liquidated Damages
A pre-determined amount specified in the contract to be paid in the event of a breach.
Specific Performance
A legal remedy that compels a party to fulfill their contractual obligations.
Injunction
A court order requiring a party to do or refrain from doing a specified act.
Statute of Frauds
A legal doctrine requiring certain contracts to be in writing to be enforceable.
Uniform Commercial Code (UCC)
A set of laws governing commercial transactions in the US, including contracts for the sale of goods.
Covenant Not to Compete
An agreement prohibiting an employee from working for competitors for a specific period after employment.
Fraud
An intentional misrepresentation of fact that induces another party to enter into a contract.
Mutual Mistake
A misunderstanding shared by both parties regarding a material fact of the contract.
Unilateral Mistake
A mistake made by one party in a contract, generally not grounds for rescission.
Duress
The use of force or threats to compel a party to enter into a contract.
Undue Influence
Exploiting a position of power over another person to exert pressure in contract formation.
Battle of the Forms
Conflicts that arise when merchants exchange forms with differing terms during negotiation.
Parole Evidence Rule
The rule preventing parties from introducing oral evidence that contradicts the written contract.
Damages
Monetary compensation awarded to a party for losses suffered due to breach of contract.
Necessity of Written Contracts
Certain contracts must be in writing to be enforceable, as dictated by the Statute of Frauds.
Performance Discharge
Relief from obligations under a contract when performance is fulfilled or excused.
Non-Breaching Party
The party in a contract that did not fail to perform the contractual obligations.
Mitigation of Damages
The obligation of the non-breaching party to minimize their losses after a breach occurs.
Essential Elements of a Contract
The fundamental components include Offer, Acceptance, Consideration, Capacity, Legality, and Meeting of the Minds.
Legally Enforceable Promise
A promise that can be upheld and enforced by law in court.
Judicial Interpretation of Contracts
The process by which judges determine the meaning and intent of contract terms.
Tangible Movable Goods
Items that can be physically handled and moved, subject to contracts under the UCC.
Oral Contracts
Agreements made verbally, which can be as enforceable as written contracts under certain conditions.
Written Contracts
Agreements documented in writing that provide clearer evidence of terms and conditions.
Employment Contracts
Agreements defining the terms of employment including job duties and compensation.
Insurance Contracts
Agreements outlining the coverage and terms under which an insurer will pay claims.
Real Estate Contracts
Agreements for the sale or lease of property, typically required to be in writing.
Lease Agreements
Contracts that outline the terms under which one party may rent property from another.
Sales Contracts
Agreements determining the terms of the sale of goods between buyer and seller.
Frustration of Purpose
A doctrine that allows a contract to be voided when an unforeseen event undermines the fundamental purpose of the agreement.
Legal Benefit
A gain or advantage received through the enforcement of a contract.
Legal Detriment
An obligation or loss incurred that must be legally recognized for a contract to be valid.
UCC Application
The Uniform Commercial Code applies to sales and conduct between merchants.
Intoxication and Contract Capacity
The temporary inability to understand the nature of a contract due to intoxication may affect capacity.
Court Decisions in Contract Law
Judgments made by judges that interpret and enforce contract law.
Restitution
Return of a benefit conferred to prevent unjust enrichment in the absence of a valid contract.
Excusable Non-performance
Situations where a party can avoid liability due to unforeseen circumstances.
Contractual Obligations
Duties that parties are legally bound to perform under a contract.
