A standard form contract prepared by one party and given to the other on a "take it or leave it" basis. Transfer of contract rights to a person who is not a party to the contract.

A contract provision describing an event that must occur (or not occur) before a party is either obligated to perform as promised or excused from further performance under the contract.

Whether a contracting party truly understood what he or she was getting into and whether he or she made the agreement voluntarily.

Something of value that one party gives to another in exchange for a promise or act. In contract law, a prerequisite for formation of a valid contract.

The capacity required by the law for a party who enters into a contract to be legally bound by that contract.

Counteroffer-An offeree's response to an offer in which the offeree proposes to change the terms. It is a rejection that terminates the original offer, which cannot later be accepted unless revived by the offeror.

Termination of a party's obligations under a contract.

Use of a threat to do something that the threatening party has no legal right to do in order to force another party to enter into a contract.

A contract provision that attempts to release one party from liability if the other is injured, no matter who is at fault.

A warranty that arises by law because of the circumstances of a sale and not from an express promise by the seller.

Mailbox Rule-A common law rule that acceptance of an offer is effective (thereby forming a contract) when the offeree sends or delivers it;notwhen it is received by the offeror.

Mirror Image Rule-A common law rule that requires the acceptance of an offer to be on precisely the same terms as the offer for a contract to be formed.

In contract law, a basis for voiding or rescinding a contract if either (unilateral) or both (bilateral) of the parties misunderstood one or more material facts regarding the subject matter of the contract.

A promise or commitment by someone that is communicated to someone else and proposes definite terms with the intention of permitting the offeree to contract by accepting those terms.

Testimony or evidence of communications between the parties that contradicts or varies the terms of a written contract but is not included in the contract itself.

A test used by courts to determine whether "mixed" contracts involving a combination of goods and services is primarily for the sale of goods (UCC rules apply) or for the sale of services (common law rules apply).

Preexisting Duty-A promise to do something the promisor already has a legal duty to do is not legally sufficient consideration for a new contract.

Statute Of Frauds-State statutes that require certain types of transactions (such as real property transfers, contracts that cannot be performed within one year, and sales of goods worth $500 or more) to be in writing to be enforceable.

A person who is not a party to a contract, but has legal rights under it and, in some cases, may have the right to enforce the contract.