blaw midterm 2 terms

A rule under which a seller must deliver to the buyer goods that conform perfectly to the requirements stipulated in the sales contract. A tender of nonconforming goods automatically constitutes breach of contract

the transfer of a contractual right to a third party

A warranty that the law derives by interference from the nature of the transaction or the relative situations or circumstances of the parties

A state statute under which certain types of contracts must be in writing to be enforceable

The common law rule that acceptance takes effect, and thus a contract is formed, at the time the offered sends or delivers the acceptance using the communication mode expressly or impliedly authorized by the offer

A contract that may be legally avoided at the option of one or both of the parties

A common law rule that requires the terms of the offeree’s acceptance to exactly match the terms of the offeror’s offer for a valid contract to be formed

the value given in return for a promise or performance in a contractual agreement

A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made

The legal ability to enter into contracts. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract