CONTRACT OF LAW TERMS DEFINATIONS ACCURATE 100%

Law of Contracts Terms Definition Exam 1 offer - CORRECT ANSWER - A proposal by one party to another intended to create a legally binding agreement. Terms of offer must be clear, definite and certain acceptance - CORRECT ANSWER - words signifying consent to the terms of an offer (thereby creating a contract) void - CORRECT ANSWER - a contract that has no legal force or effect because it does not meet the essential elements of a contract essential elements of contracts - CORRECT ANSWER - A contract is a set of promises that are made voluntarily, for a legal act, between legally competent parties for a consideration. To be legally enforceable it must be in writing. bundle of rights - CORRECT ANSWER - the concept of land ownership that includes ownership of all legal rights to the land- possession, control within the law, enjoyment, exclusion, and disposition