Contracts Essentials
EasyFind each contracts term hidden in the grid. Selecting a word reveals its rule and a link to study it in depth.
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Terms in this set
- Offer A manifestation of present willingness to enter a bargain, definite in its terms, communicated to an identified offeree.
- Acceptance An unqualified assent to the terms of an offer, in the manner the offer invites, creating a binding contract.
- Consideration The bargained-for exchange of legal value that makes a promise enforceable.
- Mutuality The requirement that both parties be bound to the contract — illusory promises that bind neither lack consideration.
- Mistake A belief about a fact, existing at the time of contracting, that does not accord with reality.
- Frustration A supervening event destroys the purpose of the contract, excusing performance though performance remains physically possible.
- Breach A failure to perform a contractual duty when performance is due, giving the non-breaching party a remedy.
- Promise A commitment to do or refrain from doing something, manifesting an intention to be bound.
- Rescission Cancellation of a contract that unwinds the parties' obligations and restores them to their pre-contract positions.
- Reliance A measure of damages that returns the plaintiff to the position she occupied before the contract was made.