About This Chapter
Contract Law Terms - Chapter Summary
Gain greater insight into various contract law terms using the study resources in this engaging chapter. Our video lessons make it easy to understand offers in contract law, mutual assent, termination of an offer and much more. Check your knowledge of these concepts by taking mini quizzes and our chapter exam. Any questions you develop while studying the lessons can be submitted to our experts using the Dashboard. Complete this chapter at your own pace. When you're finished, you will be able to:
- List contract types and give definitions of key contract terms
- Define and share examples of mutual assent and objective standard in contract law
- Explain the rules of acceptance in contract law
- Describe an offer in contract law
- Discuss methods of terminating an offer in contract law
- Detail elements of the doctrine of promissory estoppel
1. Contract Law Terms: Definitions & Contract Types
A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.
2. Mutual Assent & Objective Standard in Contract Law: Definitions & Examples
Mutual assent is considered the meeting of the minds between two or more parties that forms the foundation of a contract. At the time of mutual assent, it can be said that a legally binding contract exists.
3. What Is Acceptance in Contract Law? - Definition, Rules & Examples
There are essentially six elements in a contract. Once an offer is made, the next element is acceptance. Offer and acceptance combined with consideration make for the glue that creates a binding contract.
4. What Is an Offer in Contract Law?
In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negotiated to create a counter-offer.
5. Termination of an Offer in Contract Law: Methods & Examples
There are several ways in which a contract can be terminated, including performance, impossibility of performance and breach of contract. Other ways to end a contractual agreement are a bit more complicated and involve a prior commitment on the part of one or both of the parties or even revocation.
6. Doctrine of Promissory Estoppel: Definition, Examples & Elements
The doctrine of promissory estoppel allows a party to recover the benefit of a promise made even if a legal contract does not exist. Use of this doctrine relies on how significant the promisee's loss is in the absence of the fulfilled promise.
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