Term
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Definition
| manifestation of a willingness to enter into a contract on the terms of the offer |
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Term
| Acceptance following a prior rejection |
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Definition
| first communication received by the offeror is effective |
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Term
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Definition
| usually any reasonable means of communication |
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Term
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Definition
| contract in which both parties exchange promises |
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Term
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Definition
| failure to properly perform a contractual obligation |
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Term
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Definition
| the parties to a contract must have contractual capacity |
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Term
| Commercial reasonableness |
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Definition
| judgment of reasonable persons familiar with the business transaction |
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Term
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Definition
| most contracts are primarily governed by state common law, including contracts involving employment, service, insurance, real property, patents, and copyrights |
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Term
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Definition
| offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree |
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Term
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Definition
| acceptance of an offer contingent upon the acceptance of an additional or different term |
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Term
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Definition
| each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange |
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Term
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Definition
| a binding agreement that the courts will enforce |
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Term
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Definition
| counterproposal to an offer |
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Term
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Definition
| of either the offeror or the offeree terminates the offer |
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Term
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Definition
| does not create a contract but serves as a new offer |
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Term
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Definition
| offers terms must be clear enough to provide a court with a basis for giving an appropriate remedy |
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Term
| Destruction of subject matter |
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Definition
| if an offeror terminates the offer |
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Term
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Definition
| acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication |
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Term
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Definition
| contract fully performed by all of the parties |
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Term
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Definition
| contract not fully performed |
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Term
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Definition
| agreement of parties that is stated in words either in writing or orally |
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Term
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Definition
| irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months |
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Term
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Definition
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Term
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Definition
| tangible personal property |
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Term
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Definition
| contract where agreement of the parties is inferred from their conduct |
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Term
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Definition
| determined by an objective standard of what a reasonable offeree would have believed |
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Term
| Irrevocable offer of unilateral contracts |
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Definition
| a unilateral offer may not be revoked for a reasonable time after performance is begun |
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Term
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Definition
| offer remains open for the time period specificed or, if no time is stated, for a reasonable period of time |
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Term
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Definition
| the purpose of a contract must not be criminal, tortuous, or otherwise against public policy |
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Term
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Definition
| an acceptance cannot deviate from the terms of the offer |
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Term
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Definition
| the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract |
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Term
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Definition
| a proposal indicating a willingness to enter into a contract |
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Term
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Definition
| person to whom the offer is made |
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Term
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Definition
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Term
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Definition
| contract providing that an offer will stay open for a specified period of time |
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Term
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Definition
| an agreement of a buyer to purchase the entire output of a sellers factory |
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Term
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Definition
| property other than an interest in land |
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Term
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Definition
| person to whom a promise is made |
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Term
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Definition
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Term
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Definition
| doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement |
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Term
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Definition
| obligation not based upon contract that is imposed to avoid injustice |
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Term
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Definition
| land and anything attached to it |
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Term
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Definition
| the refusal to accept an offer |
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Term
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Definition
| an agreement of a seller to supply a buyer with all his requirements for certain goods |
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Term
| Requirements of a contract |
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Definition
| Mutual Assent, Consideration, Legality of Object, Capacity |
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Term
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Definition
| cancellation of an offer by an offeror; generally, an offer may be terminated at any time before it is accepted |
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Term
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Definition
| the transfer of title from seller to buyer |
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Term
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Definition
| offer made irrevocable by statute |
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Term
| Stipulated provisions in the offer |
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Definition
| the communication of acceptance must conform to the specifications in the offer |
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Term
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Definition
| of the purpose or subject matter of the offer terminates the offer |
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Term
| UCC (Uniform Commercial Code) |
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Definition
| Article 2 of the UCC governs the sales of goods |
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Term
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Definition
| acceptance effective when received, provided that it is received within the time within which the authorized means would have arrived |
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Term
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Definition
| contract for the breach of which the law does not provide a remedy |
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Term
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Definition
| contract in which only one party makes a promise |
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Term
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Definition
| contract that meets all of the requirements of a binding contract |
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Term
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Definition
| an agreement without legal effect |
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Term
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Definition
| contract capable of being made void |
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Term
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Definition
| auctioneer may not withdraw the goods from the auction |
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