Penn State Intro to American Law

Contract

an agreement creating obligations enforceable by law

assent

intentional approval of known facts offered by another for acceptance

consideration

something bargained for in a promissory agreement

damages

monetary compensation

expectation damages

damages intended to put the injured party in the position they would be in had the contract been completed

Mutual Assent

an agreement to a contract by both parties; often established with an offer and agreement

offer

a promise to do (or restrain from doing) something in exchange for goods

promissory estoppel

the doctrine that allows the promisee to recover damages when they don’t receive the goods they reasonably relied on

statue of frauds

requires contracts exchanging property or money over an amount to be in writing and signed