Contract Law Terms

Flashcards covering key concepts and terms related to contract law.

Contract

A legally binding agreement between two or more parties that creates obligations enforceable by law.

Offer

A clear proposal made by one party expressing willingness to enter into a contract.

Acceptance

The unqualified agreement of the offeree to the terms of the offer.

Consideration

Something of value exchanged between the parties in a contract.

Capacity

The legal ability of a person to enter into a contract.

Legality

The requirement that the subject matter of the contract must be lawful.

Owner (Client)

The party who finances the project and for whom the work is done.

Contractor

The party responsible for constructing the project according to plans and specifications.

Engineer / Architect

The professional who prepares plans, specifications, and supervises the work on behalf of the owner.

Specifications

Written documents that describe the quality, workmanship, and materials required for a construction project.

Contract Documents

All written and drawn documents that collectively define the construction project.