Voidable – One party has power to invalidate contract

Statute of Frauds – Dictates types of contracts that must be written

Case Brief – Short summary of facts, issues, holding, and reasoning of a judicial decision

Bilateral – Contract in which both parties make promises

Letter of Credit – An irrevocable promise by a buyer’s bank to pay the seller when conditions are met

Bill of lading – Documentation of the receipt of goods for shipment, issued by a party in the business of transporting goods

Equitable – Based on fairness and individual circumstances

Implied – Contract formed without express statement of terms, by words and actions

Capacity – Ability, as determined by age and mental competence, to enter into a contract

Torts – Law applicable to injuries to people or property

Limitations Period – Time limit on bringing lawsuit, based on statute of limitations

Donee –  Person receiving a gift

Legality – An element of an enforceable contract

Gift – Completed transfer of property without consideration

Informal – Contract for which no particular form is required

Formal – A contract required to be in a particular form

Contract – Set of legally enforceable promises

Void – An agreement with no legal effect

Manifestation of Mutual Assent – Appearance that an agreement has been reached

Conflict of Interest – Ethical issue: legal professional’s loyalties divided

Donor – Person making a gift

Unilateral – Contract formed when one party acts in response to other party’s promise

Executed – Contract in which all obligations have been fulfilled

Consideration – Something promised, given, refrained from, or done that has the effect of making an agreement a legally enforceable contract

Executory – Contract in which obligations have not been fulfilled

Unenforceable – A contract, otherwise valid, that cannot be enforced in court

Express – Contract with significant terms stated orally or in writing

Quasi-contract – Theory for avoiding unjust enrichment in situations in which a contract did not actually form

Promissory Estoppel – Theory under which a promise can be enforced, despite lack of consideration, because of reliance on that promise and knowledge of that reliance