Contract Basics

The rejection of an offer that becomes a new offer

a persentation or proposal for acceptance to form a ontract

Something of value--such as money, a promise, property, or personal services

An offer by one of the parties to carry out his or her part of the contract

The law that requeires contracts to be in writing

The relingquishing or refusal to accept a right

The person transferring a claim, benefit, or right in property to another

A court action brought to compel a party to carry out the terms of a contract

A contract in which obligation to perform exists on one or both sides

The canceling of an offer to contract by the person making to original offer

Party to whom a lease is assign or transferred

Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract

The party making the offer

The substituation by agreement of a new obligation for an existing one

Parties declare the terms and put their intention in oral or written words