Contracts

Question 1

Contract

Answer 1

An agreement creating obligations enforceable by law.

Question 2

Acceptance

Answer 2

Assent to the terms of an offer.

Question 3

assent

Answer 3

An intentional approval of known facts that are offered by another for acceptance; agreement; consent

Question 4

Consideration

Answer 4

Something bargained for and received by a promisor from a promisee.

Question 5

Damages

Answer 5

A remedy in the form of monetary compensation to the harmed party (http://www.law.cornell.edu/wex/damages). General contract damages are damages that arise directly and inevitably from a breach of contract. In other words, those damages that would be theoretically suffered by every injured party under these circumstances.

Question 6

Expectation Damages

Answer 6

Damages awarded when a party breaches a contract that are intended to put the injured party in as good of a position as if the breaching party fully performed its contractual duties.

Question 7

Mutual Assent

Answer 7

Agreement by both parties to a contract.

Question 8

Offer

Answer 8

A promise to do or refrain from doing something in exchange for something else.

Question 9

promissory estoppel

Answer 9

The doctrine allowing recovery on a promise made without consideration when the reliance on the promise was reasonable, and the promisee relied to his or her detriment.

Question 10

statute of frauds

Answer 10

A statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury. The most common types of contracts to which the statute applies are contracts that involve the sale or transfer of land, and contracts that cannot be completed within one year.