Common Law of Contracts
Accord
A compromise or agreement between parties
Implied in Fact Contract
A contract inferred from the circumstances, conduct, or relationship of the parties
Informal Contract
A contract not in the customary form, often an oral contract
Void Contract
A contract that has no legal effect
Voidable Contract
A contract that may be avoided or cancelled by one of the parties
Unilateral Contract
A contract where the acceptance is the act of performance
Bilateral Contract
A contract where there is a mutual exchange between the parties
Express Contract
A contract whose terms are stated by the parties
Executed Contract
A contract whose terms have been fully performed
Executory Contract
A contract yet to be performed
Courts 'Reasoning'
A court's legal basis for deciding a case
Mutual Assent
A meeting of the minds; consent; agreement
Promisee
A person to whom a promise is made
Offeree
A person to whom an offer is made
Promisor
A person who makes a promise
Offeror
A person who makes an offer
Counteroffer
A position proposing a different deal in response to an offer
Illusory Promise
A promise whose performance is completely up to the promisor
Offer
A proposal made with the purpose of creating a contract upon acceptance
Formal Contract
A signed, written contract, as opposed to an oral contract
Statute of Frauds
A statute requiring certain classes of contracts to be in writing and signed
Gift
A voluntary transfer of property without consideration
Docket Number
Administrative number assigned by the court
Compromise and Settlement Agreement
Amount agreed to by parties in settling disputed claims
Seal
An imprint symbolizing authority or authenticity
Will
An instrument making a disposition of property to take effect after death
Quasi Contract
An obligation imposed by law to prevent unjust enrichment
Option Contract
An offer combined with an agreement not to revoke it for a specified period
Irrevocable Offer
An offer giving assurance that it will not be terminated by the offeror
Benefit
Anything that adds to the advantage or security of another
Revocation
Cancellation or withdrawal of an offer
Cause of Action
Circumstances giving a person the right to bring a lawsuit and receive relief
Capacity
Competency in the law; a person's ability to understand the nature and effect of an act
Restatements
Compilation of general areas of law by the American Law Institute
Requirements Contract
Contract where buyer agrees to purchase all required supply from seller
Output Contract
Contract where seller agrees to sell all its product to one buyer
Constitutions
Documents setting out basic principles and laws of a country
Breach
Failure of a party to perform contract obligations
Magnuson Moss Warranty Act
Federal Law applying to warranties for products used by individuals
Statute of Limitations
Federal and state statutes providing the maximum period for civil actions and criminal prosecutions
Electronic Signatures in Global and National Commerce Act (E-Sign)
Federal statute regulating the use of electronic signatures in e-commerce
Black Letter Law
Fundamental and well-established rules of law
Complaint
Initial pleading in a civil action, alleging a cause of action
Common Law of Contracts
Judge-made law found in court decisions
Common Law
Law found in court decisions rather than statutes
Administrative Law
Laws imposed on administrative agencies by courts or legislatures
Statutes
Laws passed by legislature
Persuasive Authority
Legal authority that may be followed by a court, usually from another jurisdiction
Mandatory Authority
Legal authority that must be followed by a court
Hornbook
Legal book summarizing a legal subject, used by law students
Legalese
Legal jargon
Promissory Estoppel
Legal principle binding a promisor to a promise, even without consideration
Formbooks
Multi-volume set containing examples of legal documents for drafting
Dicta (Dictum)
Part of a case decision not directly related to the court's reasoning
Preliminary Negotiation
Parties commencing the contracting or bargaining process
Defendant
Person against whom an action is brought
Plaintiff
Person or entity filing a lawsuit
Precedents
Prior decisions of the same or higher court that judges must follow
Implied in Law Contract
Quasi contracts imposed by law to prevent unjust enrichment
Quantum Meruit
Reasonable compensation based upon benefits or services received
Rejection
Refusal of an offer communicated by an offeree to an offeror
Mailbox Rule
Rule in contract law that acceptance of an offer is effective upon dispatch
Stare Decisis
Rule that a court should apply the same legal principle to similar cases
Procedural Rules
Rules established by courts and legislatures for parties to follow
Legal Treatise
Scholarly legal publication on a specific legal subject
Law Review Journals
Scholarly publications published by law schools
Case Summary
Section at the beginning of a case summarizing general information
Case Headnotes
Short summary at the beginning of a case identifying a point of law
Past Consideration
Something given as consideration in an attempt to create a valid contract
Liquidated Claim
Specific sum owed to a person
Unliquidated Claim
Sum owed unknown or disputed
Pocket Part
Supplement at the end of a hardcover reference book with updated law
Consideration
That which is given in exchange for performance of a promise
Disaffirmance
The act of rejecting a contract
Acceptance
The assent by the person to whom an offer is made
Legality
The condition of conformity with the law; lawfulness
Unjust Enrichment
The equitable doctrine that a person may not retain benefits without compensation
Holding
The legal principle that a case stands for; the result
Satisfaction
The performance of a contract according to its terms
Value
The worth of a thing for which it may be exchanged
Mutuality
Two persons having the same relationship toward each other with respect to a particular right
Detriment
Undertaking some responsibility or refraining from exercising some right
Uniform Electronic Transactions Act (UETA)
Uniform act addressing electronic signatures and records
Uniform Computer Information Transactions Act (UCITA)
Uniform law addressing electronic and internet transactions
Uniform Commercial Code (U.C.C.)
Uniform law governing most aspects of commercial transactions
