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Intent to Make a Deal
The offeror must show a genuine desire to create a binding agreement.
Clear Terms
An offer must clearly explain what is being offered for acceptance.
Communication
The offer must be communicated to the offeree.
Taking It Back
The offeror may revoke the offer before acceptance.
Saying No or Changing It
An offeree's rejection or counteroffer voids the original offer.
Death or Being Unable to Act
An offer ends if the offeror dies or is incapacitated.
Destruction or Illegal Activity
An offer is canceled if the subject matter is destroyed or illegal.
Time Runs Out
An offer expires if not accepted within a specified timeframe.
Conditions Not Met
An offer is void if specific conditions attached are not fulfilled.
Agreeing to the Offer
The offeree must clearly accept the terms of the offer.
Telling the Other Person
Acceptance must be communicated to the offeror.
Mirror Image Rule
Acceptance must match the exact terms of the offer without changes.
Mailbox Rule
Acceptance is valid when sent, not when received.
Consideration
Something of value exchanged between parties in a contract.
Unilateral Promise
A one-sided promise that may not require mutual exchange.
Promissory Estoppel
Binding commitment based on reliance on a promise, even without consideration.
Liquidated Debt
A debt where the amount owed is agreed upon by all parties.
Unliquidated Debt
A debt where there is disagreement about how much is owed.
Accord and Satisfaction
An agreement to settle a disputed debt for less than originally claimed.
Unforeseen Circumstances
Unexpected events that allow modification of existing contract obligations.
Mutual Agreement to Change
When both parties agree on new contract terms, disregarding preexisting duties.
Additional Work or Promise
Validates new agreements when extra services beyond the original contracts are committed.
Full Capacity
Legal ability for adults (usually 18+) to enter binding contracts.
Limited Capacity
Ability of certain individuals (minors, intoxicated) to enter voidable contracts.
Legal Purpose
Contracts must have a lawful objective to be enforceable.
Necessaries
Essential items that may bind a person with limited capacity to contracts.
Binding Contract
An agreement that is legally enforceable.
Voidable Contract
An agreement that one party can cancel.
Mistake (Unilateral)
Only one party is mistaken about a key fact.
Mistake (Mutual)
Both parties share a misunderstanding about a significant fact.
Misrepresentation
A false statement that induces someone to enter a contract.
Innocent Misrepresentation
False statement made by a party who believes it to be true.
Fraudulent Misrepresentation
False statement made knowingly to deceive another party.
Duress
Agreement induced by threats or coercion.
Undue Influence
Coercion through a special relationship that undermines free choice.
Nondisclosure
Failure to provide important information that should have been disclosed.
Note 
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