Legal 2700 Test 2 Vocab Questions and Answers | 100% Pass

Acceptance - Correct ️️ a person's compliance with the terms of an offer made by another Accord - Correct ️️ the new performance Accord and satisfaction - Correct ️️ an agreement between two contracting parties that accepts alternate performance to discharge a pre-existing duty between them and the subsequent performance of that agreement Bilateral contract - Correct ️️ an agreement containing mutual promises, both parties exchange promises to perform Capacity - Correct ️️ a person's ability to be bound by a contract / make rational decisions Consideration - Correct ️️ a promise, performance, or forbearance bargained by a promisor in exchange for their promise Counteroffer - Correct ️️ the rejection of an offer to create a new one Covenants not to compete - Correct ️️ an agreement where one party promises not to compete with the other party in a specified area for a certain period of time Deposited acceptance rule - Correct ️️ contract rule which states that an offer is considered accepted at the time that the acceptance is communicated Duress - Correct ️️ force or the threat of force meant to make someone comply Enforceable contract - Correct ️️ written or oral agreement that has been validated by and can be imposed through the courts of law Executed contract - Correct ️️ legal agreement in which the parties have performed thei