Offer
Proposal to enter an agreement.
Public flashcard set
Contract Law Basics
Agreement terms for business and life.
law business
Flashcards
Acceptance
Agreement to the terms of an offer.
Consideration
Something of value exchanged.
Capacity
Legal ability to enter a contract.
Breach
Failure to perform a contractual duty.
Clause
Specific provision in a contract.
Warranty
Promise about a fact/performance.
Indemnity
Obligation to compensate for loss.
Force majeure
Clause covering extraordinary disruptive events.
NDA
Non-disclosure agreement protecting confidential info.
Termination
Ending a contract under its terms.
Amendment
Change to an existing contract.
Boilerplate
Standard clauses reused across contracts.
Governing law
Which jurisdiction's law applies.