Steps
This is the process by which parties create a legally binding agreement.
Formation of a contract
This is the person who makes the offer.
Offeror
These are the necessary contract details that must be definite for enforcement.
Essential terms
A contract that can be upheld in court is described as this.
Enforceability
Force Majeure
This is a definite promise to be bound, made by one party to another.
Offer
This is the person who receives the offer.
Offeree
This refers to what is being bought, sold, or exchanged in the contract.
Subject matter
This law requires certain contracts to be in writing to be valid.
Statute of Frauds
This clause regulates whether and how contract rights can be transferred to a third party.
Assignment
This is the clear agreement to the terms of an offer.
Acceptance
This happens when the offeree refuses the offer.
Rejection
This is the amount of money or value exchanged for the subject matter.
Price
Contracts involving this type of property must usually be in writing.
Real property
A contractual provision requiring a party in breach to pay a pre-determined amount to the other party as compensation
Liquidated Damages
This occurs when the responding party changes the terms of the original offer.
Counter-offer
This is the transfer of contractual rights to a third party.
Assignment
A fundamental, essential term that goes to the root of the agreement, determining when and if parties must perform their obligations.
Condition
Courts may look at this to determine whether a contract exists, even if not written.
Conduct of the parties
This clause in loan agreements (e.g., mortgages) allows lenders to demand full payment if a borrower defaults, such as missing payments.
Acceleration
Mutual exchange of promises or obligations between the parties to a contract.
Consideration
The act of giving another person the responsibility of carrying out the performance
Delegation
The process of ending a contract before the obligations within it have been fulfilled by all parties.
Termination
A civil wrong that entitles the injured party to seek legal remedies, most commonly monetary damages
Breach of contract
A contract provision ensuring that if one or more sections of an agreement are deemed invalid, illegal, or unenforceable by a court, the remainder of the contract remains in full effect.
Severability