Contract Law Basics

A set of flashcards covering key terms and concepts related to contract law.

Contract

A legally enforceable agreement between two or more parties.

Agreement

A mutual understanding or arrangement between parties regarding their rights and responsibilities.

Meeting of Minds

A mutual understanding and agreement between parties to form a contract.

Consent

The agreement by parties to the terms of a contract, manifested through acceptance of an offer.

Offer

A proposal made by one party (offeror) to another to enter into a contract.

Acceptance

The expression of willingness by the offeree to agree to the terms of the offer.

Vices of Consent

Causes that vitiate consent, making a contract voidable, such as error, violence, intimidation, undue influence, and fraud.

Special Disqualification

Conditions under which a person is not legally able to give consent, including minors and mentally incapacitated individuals.

Period

The timeframe specified within which certain actions or obligations must be fulfilled in a contract.

Undue Influence

Exerting pressure or influence on a party to the extent that they cannot exercise free will in making a decision.