Chapter 19: Contract as Law

German law

________ defines a contract as a two- way commitment to be bound.

parties

A valid contract is effectively a law created by the __________ to the contract.

deal

Independent parties come together and make a ___________. They act voluntarily and choose their obligations.

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 _________________.

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.

consideration

The distinguishing feature of the common law of contracts is its third factor, called ______________.

performance

To constitute consideration, a ____________ or a return promise must be bargained for.