Explore the formation and enforcement of contracts.
A legally binding agreement between two or more parties.
The requirement that both parties agree to the terms of a contract.
Something of value that is exchanged between the parties in a contract.
The failure to fulfill the terms of a contract.
The legal remedy that compensates a party for losses due to a breach of contract.
The ability of a party to understand and legally enter into a contract.
A contract where only one party makes a promise in exchange for performance by another party.
A contract where both parties make promises to each other.
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A legally binding agreement between two or more parties.
Contract
The requirement that both parties agree to the terms of a contract.
Mutual Assent
Something of value that is exchanged between the parties in a contract.
Consideration
The failure to fulfill the terms of a contract.
Breach of Contract
The legal remedy that compensates a party for losses due to a breach of contract.
Damages
The ability of a party to understand and legally enter into a contract.
Capacity
A contract where only one party makes a promise in exchange for performance by another party.
Unilateral Contract
A contract where both parties make promises to each other.
Bilateral Contract
The proposal made by one party (offer) and the approval of the proposal by another party (acceptance).
Offer and Acceptance
Contract terms that are documented in writing.
Written Contract
Contract terms that are spoken and agreed to verbally.
Oral Contract
The law that requires certain contracts to be in writing to be enforceable.
Statute of Frauds
A serious violation of the contract that undermines its purpose.
Material Breach
A breach of contract that does not hinder the fulfillment of the contract's purpose.
Minor Breach
A court order requiring a party to perform the specific obligations in a contract.
Specific Performance
A legal reason that can be used to argue against the enforcement of a contract.
Contractual Defense
The specific conditions and details agreed upon in a contract.
Contract Terms
A person who has the right to enforce a contract, although not a party to the contract.
Third-Party Beneficiary
A contract that is unenforceable and without legal effect.
Void Contract
A contract that may be canceled or affirmed by one party.
Voidable Contract
A promise or guarantee made by one party to another in a contract, regarding the performance, quality, or condition of something.
Warranty
The process of discussing and compromising to reach an agreement in a contract.
Negotiation
A change to the terms of a contract, agreed upon by all parties.
Contract Modification
A pre-agreed sum of money to be paid as compensation in the event of a breach of contract.
Liquidated Damages
The application and enforcement of contract principles in commerce and business activities.
Contract Law in Business Transactions
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