Elements of a Contract
The legal ability to enter into a contract.
Capacity
Three basic requirements of an offer.
Made seriously; definite and certain; and communicated to the offeree
Minors, people with mental impairments or people under the influence
People lacking contractual capacity.
Not doing what you have the right to do.
Forebearance
Voluntary Discharge of a Contract
Unconditional agreement to the terms of an offer.
Acceptance
Invitations to deal, trade, or make an offer.
Invitations to negotiate
A person who has not yet reached the age of adulthood.
Minor
An agreement where consideration is so out of line with the actual value and is unfair.
Unconscionable Contract
An offer to do what you have agreed to do under a contract.
Tender
The thing of value promised in exchange for something else of value.
Consideration
The terms stated in the acceptance, must exactly match the terms of the offer.
Mirror-image Rule
One who is no longer under the legal control of his or her parents.
Emancipated minor.
Take-it-or-leave-it offer
Adhesion Contract
Impossibility of Performance and Operation of Law
Involuntary Discharge of a Contract
A proposal by one party to enter into an agreement, made to another party.
Offer
Response to an offer in which the terms of the original offer are changed.
Counteroffer
To show the intent not to live up to the contract.
Disaffirm
A legal way to settle a contractual dispute - accepting less than the amount due a full payment.
Accord and Satisfaction
A time limit for suing in a civil case
Statute of Limitations
The contract may not violate any laws.
Legality
The taking back of the offer by the offeree.
Revocation
State law that requires that certain contracts be in writing.
Statute of Frauds
The principle that a promise made without consideration may be enforced to prevent injustice.
Promissory Estoppel
A legal means of enforcing a right or correcting a wrong.
Remedy