Essentials of Business Law chapter 7

A legally enforceable agreement that is created when two or more competent parties agree to perform, or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirements.

Personal property that can be moved

A proposal made by the offeror to the offeree that indicates a willingness to enter into a contract.

The person making a proposal

The person to whom a proposal is made.

An indication made by the offeree that he or she agrees to be bound by the terms of the offer.

a.k.a. "A meeting of the minds" The sate of mind that exists between an offeror and an offeree and an when a valid offer has been accepted, and the parties know what the terms are and ahve agreed to be bound by them.

The promise to give up something of value that a party to a contract has a legal right to keep, or to do something that the party is not otherwise legally required to do.

Being mentally capable of understanding the terms of a contract.

The requirement that the intent of a contract be legal for the contract to be enforceable.

The requirement that the form of a contract be correct for the terms of the contract to be enforceable.

An agreement that is not in writing or signed by the parties.  A contract created entirely by the conversation of the two parties.

An agreement that is reduced to writing on a permanent surface.

A contract that specifically states the agreement of the parties either written or oral.

The terms and actions of the parties dictate an implied contract.

A specialty contract that is written under seal.

^{_{The seal may consist of simply the word "Seal" or "L.S." (locus sigilli), a scroll, a wafer, or an impression on the paper.}}

An informal contract made without seal

_{^{(even though the subject matter of the contract may be extremely complex and may involve huge amounts of money).}}

An agreement that is made up of two or more parts, in which each part is dependent upon the others.  a.k.a. "indivisible contract"

An agreement that is made up of two parts, each part being independent of the others.

A contract where a future act or obligation remains to be performed under its terms.

A record of an agreement that has been completed in all respects by all the parties.

An agreement resulting in an obligation that is legally enforceable.

A contract that is not enforceable from the beginning because it lacks one of the requirements of a valid contract.

An agreement that can be rejected by one of the parties for a legally acceptable reason.