Essential Concepts of Contracts

Front

Definition of Contract

Back

Legally binding agreement

Front

Offer

Back

Proposal to enter a contract

Front

Acceptance

Back

Agreement to the offer

Front

Consideration

Back

Value exchanged in a contract

Front

Capacity

Back

Legal ability to enter a contract

Front

Legality

Back

Lawful purpose of a contract

Front

Mutual Assent

Back

Meeting of the minds

Front

Bilateral Contract

Back

Promise for a promise

Front

Unilateral Contract

Back

Promise for an act

Front

Express Contract

Back

Terms stated clearly