Easy peasy words
Both parties must agree to the terms of the contract freely, meaning no one is forced into it.
MUTUAL CONSENT
to highlight or bring attention to specific parts of the contract.
TO POINT OUT
The person or party who makes an offer to another party
OFFEROR
Something of value exchanged between the parties in a contract (like money, services, or goods) that makes the agreement enforceable
CONSIDERATION
A rooster lays an egg on the top of a slanted roof. Which side will the egg roll down?
Roosters don’t lay eggs.
When one party does not fulfill their part of the agreement as promised
BREACH OF A CONTRACT
to withdraw from or cancel the agreement
BACK OUT OF
Elements or circumstances that can undermine or invalidate a contract, making it void or voidable
VITIATING FACTORS
Part of a contract requiring parties not to share certain information with others.
CONFIDENTIALITY CLAUSE
A bat and a ball cost $1.10 in total. The bat costs $1 more than the ball. How much does the ball cost?
The ball costs $0.05, and the bat costs $1.05.
A contract that can be upheld in court, meaning if someone breaks it, the other party can take legal action.
ENFOCEABLE
to prepare or write the formal document that details the terms of the agreement between the parties
TO DRAW UP
Specific provisions, conditions, or promises explicitly stated and agreed upon within a contract.
EXPRESS TERMS
A contract where only one party makes a promise, like offering a reward if someone finds a lost pet.
UNILATERAL CONTRACT
Why do we call an error in a program a “bug”?
The term “bug” for a technical error originates from 1947 when a moth got stuck in the circuits of a Harvard Mark II computer, causing it to malfunction. Engineers called it a “bug,” and since then, the term has been used to describe technical problems or errors in programs.
A contract where both parties make promises to each other, like when one person promises to pay for a car and the other promises to deliver it.
BILATERAL CONTRACT
to fulfill or complete the duties specified in the agreement
TO CARRY OUT
The action taken by the offeror to withdraw or cancel an offer before it has been accepted by the offeree
REVOKED
A contract that is not written or spoken but created by actions or circumstances, like when you pay for groceries.
IMPLIED CONTRACT
A man is looking at a photograph of someone. His friend asks, “Who is it you’re looking at?” The man replies, “Brothers and sisters, I have none, but this man’s father is my father’s son.” Who is in the photograph?
The man’s son.
A contract that is not valid from the beginning, usually because it lacks one of the essential elements like legality or capacity.
VOID
to propose or create a new idea or resolution that addresses a problem within the agreement
TO COME UP WITH
A formal promise within a contract.
COVENANT
The voluntary surrender of a right in a contract.
WAIVER
ou see a boat filled with people. It has not sunk, but when you look again, you don’t see a single person on board. Why?
All the people were married, so there isn’t a single person on board.