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Level 17

Contract formation A

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Indication by words or actions of a willingness to enter into a contract.
The mutual assent of contracting parties to the same terms.
Transfer of contractual rights to a third party.
Bilateral contract
A contract in which both parties have promised to perform.
Value given in exchange for a promise or in return for performance.
A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law recognizes as a duty.
Contractual capacity
The legal ability to enter into a contractual relationship.
An offer made in response to an offer that has additional or different terms than the original offer and which rejects the original offer.
Covenant not to compete
An agreement in which one party agrees not to engage in the same or a similar business in a particular area for a time.
Transfer of contractual duties to a third party.
Cancellation of a contract by a minor.
Executed contract
A contract that has been fully performed by all parties.
Executory contract
A contract that sets forth promises that are not yet performed.
Express contract
A contract whose terms are explicitly stated by the parties.
Implied contract
A contract inferred from the words and conduct of the parties.
Mailbox rule
Acceptance of an offer is effective when sent rather than when received.