Contract Law Flashcards
when one party makes an offer that is accepted by the other party
contract formation
when parties promise to give each other something of value
consideration
for a contract to be binding it
offer and acceptance mus match each other (one party accepts exactly what the other party offered)
a new offer to the first party which may be accepted or rejected
counter-offer
for there to be a valid contract the parties must agree on
the essential terms
- price
- subject matter of the contract
contract by spoken word
oral contract
something positive which the party wants to get from a contract
rights
something which a party has to do or give up
obligation
when a party does not what it is required to
breach of contract
the non breaching party can sue the breaching party to get a court to….
award damages for the breach
money which the court orders the breaching party to pay to the non-breaching party in compensation
damages
when the court orders the breaching party to perform the contract
specific performance
when a party (assignor) transfers its rights to another party (assignee) to perform a specific performance
assignement
a legal solution for a breach of contract, in order to achieve justice
damages
remedies for breach of contract
-restitution (to have what they gave, returned to them)
-damages (compensation for their loss)
-specific performance (forced to perform contract)
