Chapter 14 Flashcards
The next step after an offer
Acceptance
Two parties entering agreement was set terms in both parties agree
Bilateral vs unilateral
Something value typically earnest money offered to tie into the contracts as a promise to perform
Consideration
When the offer goes to the other side and they counter
Counter offer
Someone in a contract or negotiation process is put in a strain or forced into doing something
Duress
Has the essential elements and the terms can be met or can more forward in a legal fashion that can be fully executed
Enforceable
Something is left and done
Exectory contract
A contract that is written or oral with intent
Express contract
One party is doing something to misleader gain advantage of another party
Fraud
Terms are meant fulfilled and signed
Fully executed contract
A contract vague by actions, accidental
Implied contract
The beginning point of any negotiation
Offer
What are the ways to end a contract?
Fulfilling and executing the contract
Having the inability to perform
If both parties agree to terminate
Using a position of authority to the seller to make a decision that was not in their best interest
Undo influence
Appears to be a valid contract because the terms are all there, but not accurate because of something illegal
Unenforceable
