BLAW E-II

A voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct.

A common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor’s acceptance of the offer creates an accord (agreement), and when the accord is executed, satisfaction occurs.

A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events--an offer by one party to form a contract and an acceptance of the offer by the person to whom the offer is made

• A type of contract that arises when a promise is given in exchange for a return promise.
• each party is both a promisor and a promisee.

Generally, the value given in return for a promise; involves two elements--the giving of something of legally sufficient value and a bargained-for exchange. The consideration must result in a detriment to the promisee or a benefit to the promisor

An agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future

An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer

An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim

Barred, impeded, or precluded

A contract that has been fully performed by both parties

A contract that has not as yet been fully performed

A contract in which the terms of the agreement are stated in words, oral or written.

The act of refraining from an action that one has a legal right to undertake

A contract that by law requires a specific form, such as being executed under seal, for its validity

A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).

A contract that does not require a specified form or formality to be valid

A debt for which the amount has been ascertained, fixed, agreed on, settled, or exactly determined. If the amount of the debt is in dispute, the debt is considered unliquidated.

A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox), if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror

A common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed.

A promise or commitment to perform or refrain from performing some specified act in the future.

A person to whom an offer is made

A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period, the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration for the option (the irrevocable offer) to be enforceable.

An act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act.

An assertion that something either will or will not happen in the future

A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise

A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another

A contract in which one party forfeits the right to pursue a legal claim against the other party.

A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by the parties’ conduct, or by court decree.

In contract law, the withdrawal of an offer by an offeror. Unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability.

A valid contract rendered unenforceable by some statute or law.

A contract that results when an offer can be accepted only by the offeree’s performance

A contract that results when the elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present

A contract having no legal force or binding effect.

A contract that may be legally avoided (canceled, or annulled) at the option of one or both of the parties.

A "standard-form" contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms.

State or local laws that prohibit the performance of certain types of commercial activities on a Sunday

State laws that regulate the offering and sale of securities for the protection of the public.

A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be in writing to be enforceable.

The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.

A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of time and geographic area and are part of, or supplemental to, a contract for the sale of a business or an employment contract.

The legal avoidance, or setting aside, of a contractual obligation

In regard to minors, the act of being freed from parental control; occurs when a child’s parent or legal guardian relinquishes the legal right to exercise control over the child. Normally, a minor who leaves home to support himself or herself is considered emancipated

A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.

Necessities required for life, such as food, shelter, clothing, and medical attention; may include whatever is believed to be necessary to maintain a person’s standard of living or financial and social status

The act of accepting and giving legal force to an obligation that previously was not enforceable

A court-ordered correction of a written contract so that it reflects the true intentions of the parties

Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive

A state statute under which certain types of contracts must be in writing to be enforceable

A contract or clause that is void on the basis of public policy because one party, as a result of disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party

Charging an illegal rate of interest.

Terms and conditions of use that are presented to an Internet user at the time certain products, such as software, are being downloaded but that need not be agreed to (by clicking "I agree," for example) before the user is able to install or use the product.

An agreement that arises when a buyer, engaging in a transaction on a computer, indicates assent to be bound by the terms of an offer by clicking on a button that says, for example, "I agree"; sometimes referred to as a click-on license or a click-wrap agreement

A legally recognized authority that can certify the validity of digital signatures.

As defined by the Uniform Electronic Transactions Act, "an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record."

A provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract.

An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts

According to the Uniform Electronic Transactions Act, information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.

An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.

Under the UCC, a remedy that allows the buyer or lessee, on the seller’s or lessor’s breach, to purchase the goods, in good faith and within a reasonable time, from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the contract goods, the breaching seller or lessor will be liable to the buyer or lessee for the difference, plus incidental and consequential damages

All costs resulting from a breach of contract, including all reasonable expenses incurred because of the breach

Under the UCC, a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.

An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC, this remedy is usually available only if the buyer or lessee is unable to cover