________ defines a contract as a two- way commitment to be bound.
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2
parties
A valid contract is effectively a law created by the __________ to the contract.
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3
deal
Independent parties come together and make a ___________. They act voluntarily and choose their obligations.
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4
offer and acceptance
The rules of contract formation in the major legal systems of the world are much the same, with all systems requiring an _________________.
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5
contracts
As the term is understood in both the French and the common law traditions, “____________” represents the highest achievement of the liberal theory of law.
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6
consideration
The distinguishing feature of the common law of contracts is its third factor, called ______________.
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7
performance
To constitute consideration, a ____________ or a return promise must be bargained for.
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Flashcard (31)