Business Law - Contracts

2. Occurs when one party to a contract uses information that is false, misleading, or deceitful.
5. One party agrees to forbear legal remedies available to it during a certain period of time, so long as certain conditions are met.
11. Occurs when the parties to a contract are both mistaken about the same material fact within their contract.
12. A contract that isn't legally enforceable, starting from the time it was created.
14. Both parties make a promise for a promise.
15. Individuals must have the ability to reasonably understand what entering a contract agreement means (above 18).
16. Part of contract negotiations where a party agrees to do or not to do something in exchange for onsideration.
18. A contract with promises left to be completed.
19. One person's compliance with the terms of an offer made by another.
20. An irrevocable offer to contract under Article 2 of the Uniform Commercial Cod in a sale of goods.

1. a promise for an act/an agreement to pay for nonperformance.
3. Agreements made under threats of violence are not enforceable contracts.
4. A printed document that details what parties can or cannot do.
6. Agreements that have passed the signature stage and have been approved by all the parties involved.
7. The calling back of an offer by the offeror before the offer has been accepted or rejected.
8. "Grossly unfair"
9. A contract when one or sometimes both parties have the ability to cancel the contract for a certain period of time.
10. The promise to give up something of value that a party to a contract has a legal right to keep.
13. Valid contracts must fall in line with existing laws.
17. The end of the process where both parties agree on a contract's terms and conditions.