Master this deck with 41 terms through effective study methods.
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Requires agreement, consideration, capacity, and legality.
Provides stability and predictability for commerce.
Bilateral involves a promise for a promise; unilateral involves a promise for an act.
Agreement, consideration, contractual capacity, and legality.
The promisee can sue for breach of contract.
A fictional contract imposed by courts to avoid unjust enrichment.
Contracts are enforced according to their clear and obvious terms.
Serious intention, definite terms, and communication to the offeree.
By rejection, revocation, or operation of law.
Acceptance must match the offer exactly without new conditions.
Value exchanged for a promise or performance.
Something of value, such as money or a promise.
Courts typically do not evaluate the adequacy of consideration.
Formed by words, either spoken or written.
Formed by the conduct of the parties involved.
Valid contracts have no defenses against them; unenforceable contracts do.
It is the performance that the offeree must complete to accept the offer.
Courts may admit extrinsic evidence to clarify the terms.
It determines the intention behind offers and contracts based on objective behavior.
Clear indication of intent to be bound, such as clicking 'I Accept'.
Generally, silence does not constitute acceptance.
A legal obligation that cannot serve as consideration for a new contract.
An additional exchange agreed upon by both parties constitutes consideration.
Acts or events that have already occurred cannot be used as consideration.
Promises that lack definite commitment and are not enforceable.
A contract that forfeits rights to pursue a legal claim against another party.
It does not bar further recovery, unlike a release.
An equitable remedy to prevent injustice due to reliance on a promise.
The legal ability to enter into a contractual relationship.
18 years old.
The legal avoidance of a contract by a minor.
Return the goods or consideration received.
Marriage contracts and contracts for necessaries.
Giving legal force to an obligation that was previously unenforceable.
Contracts can be voidable if the person was intoxicated and lacked understanding.
Must disaffirm while intoxicated or within a reasonable time after sobriety.
Contracts can be void, voidable, or valid based on mental capacity at the time.
It must be formed for a legal purpose.
They are illegal and therefore void and unenforceable.
Contracts that are grossly unfair and void of conscience.
Neither party can recover damages if the contract has been performed.