Chapter 4 Flashcards
(15 cards)
The rejection of an original offer that becomes a new offer
Counteroffer
A presentation or proposal for acceptance to form a contract
Offer
Something of value such as money, a promise, property, or personal services
Consideration
An offer by one of the parties to carry out his or her part of the contract
Tender
The law that requires contracts to be in writing
Statute of Frauds
The relinquishment or refusal to accept a right
Waiver
The person transferring a claim, benefit, or right in property to another
Assignor
A court action brought to compel a party to carry out the terms of a contract
Specific performance
A contract in which obligations to perform exists on one or both sides
Executors contract
The canceling of an offer to contract by the person making the original offer
Revocation
Party to whom a lease is assigned or transferred
Assignee
Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract
Rescission
The party making an offer
Offer or
The substitution by agreement of a new obligation for an existing one
Novation
Parties declare the terms and put their intention in oral or written word
Express contract
