Legal Term Chapter 18 - Formation of Contracts Flashcards
Acceptance
If the offeree assents to the terms of the offer, an acceptance occurs and an agreement comes into existence.
Act
Performance.
Assent
Agree.
Avoid
To annul, cancel, or make void.
Bargain
Another name for agreement.
Bilateral contract
A contract containing 2 promises–one made by each party.
Browsewrap contract
A type of e-contract where the terms of online agreement are available to review or browse, but explicitly accepting the terms is not necessary.
Capacity
Legal competency.
Clickwrap agreement
A contract entered into online and commonly used with software licenses or web based transactions in which the offeree enters into the contract by clicking on a dialog box that might say “I accept” or “Ok.”
Condition precedent
An event that must first occur before an agreement (or deed or will) becomes effective.
Contract
An agreement that is enforceable in a court of law.
Contract implied in fact
A contract that arises from the conduct of the parties rather than from their express statements; such as riding the bus.
Contract implied in law
A contract imposed by law to prevent unjust enrichment; also called quasi contract.
Counteroffer
A response to an offer in which the terms of the original offer are changed.
Digital signature
An algorithmically created message that is unique for the recipient, allowing the recipient to respond electronically in a cryptographic way, so as to confirm that the actual recipient was the one “signing” online.
Disaffirm
To get out of a voidable contract or repudiate; also called avoid.
E-contract
Contracts entered into over the internet, including licenses to use software.
E-signature
A method of signing an electronic message that identifies the sender and signifies his or her approval of the message’s contract.
Executed
Carried our or performed; such as a complete contract.
Executory
That which is yet to be executed or performed.
Express contract
A contract in which the terms are stated or expressed by the parties (orally or in writing).
Guardian
One who legally has the care and management of the person, property, or both of a minor or incompetent.
Implied contract
A contract in which the terms are not stated or expressed by the parties, but behavior shows them to be in a contract.
Infant
The legal name for a minor.
Invitation to negotiate
A request to an individual or to the public to make an offer; also called invitation to deal.
Majority
Adulthood which is 18 in most jurisdictions.
Minor
A person under the age of majority, usually under 18.
Necessaries
Food, clothing, shelter, or medical care that are needed by a minor, but not supplied by a parent or guardian.
Nullity
Nothing; as though it had not occurred.
Offer
A proposal to enter into a contract made by an offerer.
Offeree
One to whom an offer is made.
Offerer
One who makes an offer.
Quasi
As if; almost as it were.
Quasi contract
Another name for a contract implied in law.
Ratify
Approve; confirm.
Rejection
The refusal of an offeree of an offer.
Restitution
A person who has been unjustly enriched at the expense of another is required to restore the other person to his or her original position prior to loss.
Revocation
The act of revoking; the taking back of an offer by an offerer before it has been accepted.
Reward
An example of a unilateral contract which comes into existence when the offer is accepted by the performance of an act.
Shrinkwrap contract
Computer software makers often put their terms of licenses inside the box with the software disk. Since the boxes were “shrinkwrapped,” one couldn’t find the contract terms until the plastic wrap was discarded; some courts find these unenforceable because the buyer did not agree before purchase.
Suretyship
Promises to a creditor to pay someone else’s debts.
Sustain
To support.
Unenforceable contract
A contract that cannot be enforced for some legal reason; example is Statute of Frauds requiring certain contracts be in writing.
Uniform Electronic Transaction Act
Creates a framework for determining the legality of e-signatures in commercial and government transactions in D.C. and 47 states (not IL, NY, or WA).
Unilateral contract
A contract containing one promise in exchange for an act.
Unjust enrichment
The situation that occurs when one person retains money, property, or other benefit that in equity and justice belongs to another.
Valid
A contract that meets all of the requirements of an enforceable agreement; redundant because an unenforceable agreement is not a contract.
Void
No legal effect; in contracts, this is redundant because it would not be a contract.
Voidable
Capable of being disaffirmed or avoided.
