Chapter 7. Vocabulary

void contract-is a legal contract which is invalid from the start because some aspect of the contract renders it unenforceable or illegal.

express contract-a contract in which all elements of a contract are specifically stated (offer, acceptance, consideration), and the terms are stated, as compared to an “implied” contract in which the existence of the contract is assumed by the circumstances.

offer-

counteroffer-an offer made in response to a previous offer by the other party during negotiations for a final contract.

unilateral contract-A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party.

valid contract-An extraordinary equitable remedy that compels a party to execute a contract according to the precise terms agreed upon or to execute it substantially so that, under the circumstances, justice will be done between the parties.

contract-an agreement between two or more parties for the doing or not doing of something specified.

implied contract-a legal substitute for a contract

acceptance-

bilateral contract-

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