an indication made by the offeree that he or she agrees to be bound by the terms of the offer
administrator
a personal representative appointed by the court
age of minority
the age at which a person is legally recognized as an adult and bound by the terms of his or her contract
bankruptcy
a condition in which a person or business is legally recognized as unable to pay legitimate debts
breach of contract
when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner
competent party
a person of legal age and at least normal mentality who is considered by law to be capable of understanding the meaning of a contract
consideration
the promise to give up something of a value that a party to a contract has a legal right to keep
contract
a legally enforceable agreement that is created when two or more competent parties agree to perform
counteroffer
a response to an offer in which the term and conditions of the original offer are changed
executor
a personal representative named in the will
forbearance
the promise to refrain from doing something that a party has a legal right to do
fraud
the intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party
injunction
a permanent court order prohibiting the performance of a certain act
misrepresentation
a misstatement of a material fact that results in inducing another to enter into an agreement to his or her injury
statute of frauds
a law requiring certain contracts to be in writing to be enforceable
oral contracts
an agreement that is not in writing or signed by the parties
written contracts
an agreement that is reduced to writing on a permanent surface
express contracts
a contract that explicitly states the agreement of the parties, either orally or in writing
implied contracts
a contract that does not explicilty state the agreement of the parties but in which the terms of the agreement can be inferred from the conduct of the parties
formal contracts
a specialty contract that is written and under seal
simple contracts
an informal contract made without seal
entire contracts
an agreement that is made up of two or more parts, in which each part is dependent upon others
divisible contracts
an agreement that is made up of two or more parts, each part being independent of the others
executor contracts
an agreement in which some future act or obligation remains to be performed under its terms
executed contracts
a record of an agreement that has been completed in all respects by all the parties
valid contracts
an agreement resulting in an obligation that is legally enforceable
void contracts
a contract that is not enforceable from the beginning because it lacks one of the requirements of a valid contract
voidable contracts
an agreement that can be rejected by one of the parties for a legally acceptable reason