Contract - Legally binding agreement enforceable in a court of law, Agreement - Offer and Acceptance, Offer - Proposal to buy or sell an asset which becomes legally binding if accepted, Offeror - Person making the offer, Offeree - Person accepting the offer, Invitation to Treat - Invitation to another person to make an offer such as a price tag, Acceptance - Final and unconditional agreement to the terms of the offer, Consideration - Promise that each party in a contract will do something on their side of the contract, Intention to create legal relations - Both parties intend to enter into a legally binding contract, Void Contract - A contract against principles of the law, Voidable Contract - A valid contract that can be set aside. , Unenforceable - Court will not enforce the contract because something might be missing, Frustrated - An unforeseen event renders contractual obligations impossible, Express Terms - Explicitly stated terms which are binding on both parties to the contract, Conditions - Fundamental terms which if broken will enable the injured party to reject the contract and sue for damages, Warranties - Minor terms which if broken can be cause for an action for damages for loss suffered but contract remains in force, Implied terms - Not stated but implied by trade customer or by law, Quantum Meruit - What it deserves, Action for Price - Recovery of an unpaid debt, Injunction - Restraining a person from beginning or continuing an action which threatens or invades the legal right of another, Specific Performance - Requires that the work in a contract must be carried out, Rectification - Correct and error or put something right, Rescission - Withdrawal or cancellation of a contract,

Contract Vocabulary

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