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Acceptance
An agreement requires an offer by the offeror and an acceptance of the offer by the offeree.
Actual contract
An actual contract may be either express or implied-in-fact.
Agreement
To have an enforceable contract, there must be an agreement between the parties.
Article 2 (Sales)
Article 2 (Sales) prescribes a set of uniform rules for the creation and enforcement of contracts for the
sale of goods.
Article 2A (Leases)
Article 2A (Leases) prescribes a set of uniform rules for the creation and enforcement of contracts
for the lease of goods.
Bilateral contract
A contract entered into by way of exchange of promises of the parties; “a promise for a promise.”
Common law of contracts
Contract law developed primarily by state courts.
Consideration
- A promise must be supported by a bargained-for consideration that is legally sufficient.
Contract
A contract is an agreement that is enforceable by a court of law or equity.
Contractual capacity
The parties to a contract must have contractual capacity for the contract to be enforceable
against them.
Electronic commerce
The sale and lease of goods and services and other property and the licensing of software over
the Internet or by other electronic means.
Electronic contract
A contract that is formed electronically.
Electronic license
Electronic licensing is usually of computer and software information.
Equity
A doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law.
Executed contract
A contract in which the essential elements to create a valid contract are met but there is some legal
defense to the enforcement of the contract.
Executory contract
A contract that has not been fully performed by either or both sides.
Express contract
An agreement that is expressed in written or oral words
Form
The law requires that certain contracts be in writing or in a certain form.
Formal contract
A contract that requires a special form or method of creation.
Genuine
The consent of the parties to create a contract must be genuine.
Genuineness of assent
The consent of the parties to create a contract must be genuine.
Implied-in-fact contract
A contract in which agreement between parties has been inferred from their conduct.
Informal contract
A contract that is not formal. Valid informal contracts are fully enforceable and may be sued upon if
breached.
Lawful object
The object of a contract must be lawful. Most contracts have a lawful object
Lease contract
Article 2A (Leases) prescribes a set of uniform rules for the creation and enforcement of contracts for
the lease of goods. These contracts are referred to as lease contracts.
Legally enforceable
- A contract in which if one party fails to perform as promised, the other party can use the court
system to enforce the contract and recover damages or other remedy.
Letter of credit
- A letter of credit is an agreement by the issuer of the letter to pay a sum of money upon the receipt of
an invoice and other documents.
Negotiable instrument
Negotiable instruments, which include checks, drafts, notes, and certificates of deposit, are
special forms of contracts recognized by the UCC.
Objective theory of contracts
A theory that says the intent to contract is judged by the reasonable person standard and
not by the subjective intent of the parties.
Offer
An agreement requires an offer by the offeror and an acceptance of the offer by the offeree.
Offeree
The party to whom an offer to enter into a contract is made
Offeror
The party who makes an offer to enter into a contract.
Quasi-contract
- An equitable doctrine whereby a court may award monetary damages to a plaintiff for providing
work or services to a defendant even though no actual contract existed. The doctrine is intended to prevent unjust
enrichment and unjust detriment.
Reasonable person standard
The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the reasonable person standard.
Recognizance
In a recognizance, a party acknowledges in court that he or she will pay a specified sum of money if a
certain event occurs
Restatement of the Law of Contracts
A compilation of model contract law principles drafted by legal scholars. The
Restatement is not law.
Restatement (Second) of Contracts
- The Restatement, which is currently in its second edition, is cited in this book as
the Restatement (Second) of Contracts.
Sales contract
Article 2 (Sales) prescribes a set of uniform rules for the creation and enforcement of contracts for the
sale of goods. These contracts are often referred to as sales contracts.
Unenforceable contract
A contract in which the essential elements to create a valid contract are met but there is some
legal defense to the enforcement of the contract.
Uniform Commercial Code
A comprehensive statutory scheme that includes laws that cover aspects of commercial
transactions.
Uniform Computer Information Transactions Act
A model act that establishes uniform legal rules for the formation
and enforcement of electronic contracts and licenses
Unilateral contract
A contract in which the offeror’s offer can be accepted only by the performance of an act by the
offeree; a “promise for an act.”
Valid contract
A contract that meets all the essential elements to establish a contract; a contract that is enforceable by
at least one of the parties.
Void contract
A contract that has no legal effect; a nullity.
Voidable contract
A contract in which one or both parties have the option to void their contractual obligations. If a
contract is voided, both parties are released from their contractual obligations.
Writing
The law requires that certain contracts be in writing or in a certain form.
Acceptance
“A manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the
offer as measured by the objective theory of contracts” (Section 50 of the Restatement (Second) of Contracts).
Acceptance-upon-dispatch rule
A rule which states that an acceptance is effective when it is dispatched, even if it is lost
in transmission.
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An invitation to make an offer or an actual offer.
Agreement
The manifestation by two or more persons of the substance of a contract.
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