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Contract Law: Key Terms Definitions II
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Offer
A promise or commitment to perform or refrain from performing some specified act in the future.
Acceptance
An expression of assent to the terms of an offer in a manner required by the offer.
Consideration
Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
Capacity
Legal ability to enter into a contractual relationship.
Duress
Wrongful pressure exerted upon a person to coerce that person into a contract that he or she would not ordinarily enter into.
Undue Influence
Unfair and improper persuasive pressure within a relationship of trust.
Misrepresentation
A false statement of fact that induces a party to enter into a contract.
Warranty
An assurance by one party to an agreement of the truth of certain statements made to the other party.
Covenant
A written promise in a formal deed to perform or not perform certain acts.
Breach of Contract
Failure to perform any term of a contract, written or oral, without a legitimate legal excuse.
Specific Performance
A legal remedy whereby a court orders the party who breached the contract to perform the contract according to the precise terms agreed upon.
Liquidated Damages
An amount of money agreed upon by both parties to a contract to be paid as damages in the event of default or breach of contract.
Injunction
A court order that compels a party to do or refrain from specific acts.
Statute of Frauds
A legal concept that requires certain types of contracts to be executed in writing and signed by all parties to be enforceable.
Parol Evidence Rule
A rule that prevents parties to a written contract from presenting extrinsic evidence of terms of the contract that contradict, modify, or vary contractual terms.
Implied Contract
A contract formed in whole or in part from the conduct of the parties.
Unilateral Contract
A contract in which one party makes an offer that can only be accepted through action.
Bilateral Contract
A contract involving mutual promises between two parties.
Executed Contract
A contract that has been fully performed on both sides.
Executory Contract
A contract that has not yet been fully performed or fulfilled by the parties.
Void Contract
A contract having no legal force or binding effect.
Voidable Contract
A contract that may be legally avoided (cancelled) at the option of one of the parties.
Enforceable Contract
A valid contract that can be enforced in a court of law.
Counteroffer
A response to an offer in which the terms of the original offer are changed.
Adhesion Contract
A standard-form contract prepared by one party to be signed by another party in a position of weaker bargaining power.
Mailbox Rule
A rule that an offer is considered accepted at the moment the acceptance is communicated (via the postal system).
Mutual Assent
A meeting of the minds where all parties acknowledge and agree to the contract terms.
Non-Compete Agreement
A clause under which one party (usually an employee) agrees not to enter into or start a similar profession or trade in competition against another party (usually the employer).
Indemnity
A contractual obligation of one party to compensate for the loss incurred to another party due to acts of the indemnitor or any other party.
Force Majeure
A clause that frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties prevents one or both parties from fulfilling their obligations under the contract.
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