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Formation of a Contract


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the formation of a contract
the making of a contract
an element
the most basic part
the terms of an agreement
the points over which something is agreed
to be capable of acceptance
to be suitable for both parties to accept
to constitute an offer
to have all the necessary elements to be an offer
an auction
an event at which potential purchasers bid on items
to make an invitation to treat
to invite an offer
the conditions of sale
the points of a sale agreement (e.g. when payment will be made)
to submit an offer
to make an offer (to the seller)
to incorporate terms
to include terms
an unqualified agreement
an agreement without exceptions
communicated to the offeror
said or sent by message to the person making the offer
the offeree
the person receiving the offer
to accept the offer subject to contract
to accept the offer with some variation of terms
no contract is formed
no contract has been made
a qualified acceptance
an acceptance of an agreement upon some variation of terms
a counter offer
a new, modified offer made in response to a previous offer
to communicate acceptance
to tell the other party, through one of various forms of communication, that you accept the terms of the agreement
instantaneous
(adj.) happening in an instant, immediate
the reception rule
the rule regarding instantaneous forms of communication when determining if acceptance has been communicated
when the acceptance is received by the offerer
when the reception rules says the contract is formed
the postal acceptance rule
the rule regarding delayed forms of communication when determining if acceptance has been communicated
when the acceptance is sent by the offeree
when the postal acceptance rule says the contract is formed
to avoid uncertainty
to prevent confusion or discrepancy
essential terms
terms that can not be omitted, e.g. price and delivery
vague
(adj.) unclear, not well specified
enforceable
binding
of nominal value
worth the minimal amount
contracting parties
people or entities entering into a contract
to create legal relations
to do business in a legal context
a rebuttal presumption
an assumption that can be contradicted
offer
the element of the formation of a contract that includes terms and conditions
acceptance
the element of the formation of a contract in which both parties agree to contract
consideration
the element of the formation of a contract regarding the transfer of something of value
intention
the element of the formation of contract in which both parties show willingness to enter into legal dealings with one another