Chapter 23-24 Review

A legally enforceable agreement between two or more people to exchange something of value

• Transaction
• Promise
• Contract

The violation of a law, duty, or other form of obligation, including obligations formed through contracts or warranties, either by engaging in an action or failing to act

• Agreement
• Breach

• Compliance

A specific proposal by one person to another to make a deal or contract

• agreement
• offer
• contract

The act of agreeing to an offer and becoming bound to the terms of a contract

• Acceptance
• Counteroffer
• Rejection

Something of value offered or received that must be present in every valid contract

• Mutual Consent
• Consideration
• Agreement

To sign a legal document, guaranteeing to pay off the debt or contract if the original signer defaults

• Indebt

• Cosign

• Credit

To confirm a previous act of another even though it was not approved beforehand

• Ratify

• Validate

• Confirm

Any deception, lie, or dishonest statement made to cheat someone or induce him or her to agree to a contract

• Fraud
• Deception
• Breach of contract

The violation of a law, duty, or other form of obligation, including obligations formed through contracts or warranties, either by engaging in an action or failing to act

• Agreement
• Compliance
• Breach

Money the breaching party in a contract dispute must pay to make the other party as well off as if the contract had not been breached

• Expectation damages
• Punitive damages
• Judgement damages