an event whose happening V or non-happening affects a duty of performance under a contract. Third party whom the two parties to a contract have no intention of benefitting by their contract. the refraining from doing V something; a promise not to do something. contract where one where V one party has yet to perform the party to whom an V offer is made. the refusal to accept an V offer; manifestation of an unwillingness to accept the goods in a sales transaction.occurs when the parties to a contract express their intent to enter into a contract; it implies that there is a "meeting of the minds" of the parties. arises where there is a promise which promisor should reasonably expect to induce action or forbearance on part of promise and which does induce such action or forbearance, and where injustice can be avoided only by enforcement of the promise. the party making the offer. a contract involving both V parties making a promise to each other.1. Incidental beneficiary 2. Promissory estoppel 3. Offeror 4. Offeree 5. Forbearance 6. Executory contract 7. Bilateral contract 8. Mutual assent 9. Rejection 10. Condition