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legally enforceable agreement that is created when two or more parties agree to perform, or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirements
contract
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a proper proposal made by one party to anoter that indicates a willingness to enter into a contract
offer
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the person making the offer
offeror
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the person to who a proposal is made
offeree
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an indication made by the offeree that he or she agrees to be bound by the terms of the offer
acceptance
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the state of mind that exists between an offeror and offeree when a valid when a valid offer has been accepted. Also know as "a meeting of the minds"
mutual agreement
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the promise to give up something of value that a party to a contract has a legal right to keep, or do something that a party is not legally required to do
consideration
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being mentally capable of understanding the terms of a contract
competent
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the requirement that the intent of a contract be legal for the contract to be enforceable
legality of purpose
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the requirement that the form of a contract be correct fotr the terms of the contract to be enforceable
proper form
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an agreement that is not in writing or signed by the parties
oral contract
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an agreement that is reduced to writing on a permanent surface
written contract
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a contract that expicitly states the agreement of the parties, either orally or in writing
express contract
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a contract that does not explicitly state the agreement of the parties but in which the terms of the agreement can be inferred from the conduct of the parties, the cutoms of the trade, or the conditions or circumstances
implied contract
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a specialty contract that is writtern and under seal
formal contract
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an informal contract made without seal--even though the subject matter of the contract may be extremely complex and may involve huge amount of money
simple contract
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an agreement that is made up of two or more parts, in which each part is dependent upon the others
entire contract
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an agreement that is made up of two or more parts, each part being independent to others
divisible contract
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an agreement in which some future act or obligation remains to be performed under its terms
executory contract
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a record of an agreement that has been completed in all respects by all the parties
executed contract
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an agreement resulting in an obligation that is legally enforceable
valid contract
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a contract that is not enforceable from from the beginning because it lackes one of the requirements of a valid contract
void contract
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an agreement that can be rejected by one of the parties for the legally acceptable reason
voidable contract
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