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An offer is a clear proposal made by the offeror that, if accepted by the offeree, would result in a legally binding contract. It's fundamental in contract formation.

Acceptance is the unconditional agreement to the terms of an offer which creates a contract. It must be communicated effectively.

Consideration is something of value exchanged between parties in a contract. It's essential for a contract's validity.

Capacity refers to a party's legal ability to enter into a contract, often related to age and mental competency.

Duress is a situation where one party is forced into a contract through the threat of unlawful pressure, undermining consent.

Misrepresentation occurs when one party to a contract makes an untrue statement of fact that induces the other into the contract.

Undue influence is the improper use of power or trust in a way that deprives a person of free will and substitutes another's objective.

Illegal contracts are agreements made for a purpose that violates the law and are unenforceable in a court of law.

Breach of contract is when one party fails to fulfill their part of the bargain, giving the other party grounds for legal remedies.

Specific performance is a legal remedy where a court orders the breaching party to perform the agreement, as opposed to monetary damages.

Liquidated damages are a predetermined sum agreed to be paid as compensation in the event of a breach of contract.

An unconscionable contract is one that is so one-sided or unfair that it shocks the conscience and may be deemed unenforceable.

The Statute of Frauds requires certain types of contracts to be written and signed to be enforceable, such as real estate contracts or agreements lasting more than a year.

The Parol Evidence Rule prevents the introduction of evidence of prior or contemporaneous agreements that would contradict a later written contract.

An implied contract is formed by the conduct of the parties rather than explicit words, suggesting an agreement has been reached.

An express contract is one where terms are clearly stated, either orally or in writing, making the intentions of the parties unambiguous.

A condition precedent is an event or state of affairs that must occur before a duty to perform arises within a contract.

A condition subsequent is an event or state of affairs that, when occurring after a duty to perform has arisen, extinguishes that duty.

Anticipatory repudiation occurs when one party informs the other that they will not fulfill their contractual duties before they are obliged to perform, allowing the other party to seek remedies immediately.

Mutual assent, also known as 'meeting of the minds', refers to the agreement between parties on all terms of the contract, which is essential for formation.

Novation is the act of replacing one party in an existing contract with a new party, effectively releasing the original party from their obligations.

A void contract is a supposed 'contract' lacking one or more of the essentials of a valid contract and hence is unenforceable and has no legal effect from the beginning.

A voidable contract is valid and enforceable on the surface but may be declared void by one of the parties due to certain circumstances such as misrepresentation or undue influence.

An enforceable contract is one that meets all the legal requirements for validity and can therefore be upheld in a court of law.

An unenforceable contract is one that has all the elements to be valid but cannot be enforced due to some legal defense or technicality, like the lack of a writing as required by the Statute of Frauds.

Impossibility of performance is a defense that can be used when unforeseen events make it objectively impossible to fulfill the terms of the contract.

Frustration of purpose occurs when an unforeseen event undermines the reason for entering a contract, even if performance is still possible, thus possibly discharging the contract.

Commercial impracticability arises when performance of a contract becomes extraordinarily difficult or costly due to an unforeseen event, thus potentially relieving the performing party.

Consequential damages are indirect losses that one party incurs as a result of another party's breach of contract, extending beyond the contract itself.

Nominal damages are a small sum awarded to a plaintiff when a legal wrong has occurred but no actual monetary loss is evident.

Punitive damages are sums awarded in addition to actual damages for the purpose of punishing a defendant for egregious conduct and deterring similar future conduct.

Quantum Meruit is a Latin phrase meaning 'as much as he has deserved' and is used in contract law to determine a reasonable price for services rendered where no specific contract exists.

A quasi-contract is not a true contract but a legal construct imposed to prevent unjust enrichment when one party confers a benefit on another without an agreement.

Restitution is the act of restoring or compensating for loss or damage caused by one's actions, often in breach of contract or quasi-contract cases.

An executed contract is one in which all parties have fulfilled their contractual obligations, and the terms of the contract have been met.

An executory contract is one in which the terms of the contract have been set but not yet completed by all parties.