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Level 18

Contract formation B

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Mirror-image rule
The terms of the acceptance must exactly match the terms of the offer.
Objective theory of contracts
A party’s intent to enter a contract is determined by objective facts as interpreted by a reasonable person rather than the party’s subjective intent.
Expression of willingness to enter into a contract under proposed terms.
Option contract
A contract offer that cannot be revoked before a specified time.
A declaration of intent to act or refrain from acting in the future.
The equitable remedy of reforming a contract to match the original intent of the parties or to prevent undue hardship.
The equitable remedy of cancelling a contract.
Withdrawal of an offer before it is accepted.
Statute of Frauds
A law that stipulates what types of contracts must be in writing.
Unconscionable contract
A contract that is unenforceable because it is unreasonable unfair.
Unenforceable contract
A valid contract that cannot be enforced because of a legal defense.
Unilateral contract
A contract in which only one party has promised to perform.
Valid contract
A contract executed with proper authority and form.
Void contract
A contract that has no force or effect under law.
Voidable contract
A contract subject to being declared void.