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5 Cards in this Set
- Front
- Back
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adhesion contract
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A “standard–form” contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms.
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assignment
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The act of transferring to another all or part of one’s rights arising under a contract
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bilateral contract
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A type of contract that arises when a promise is given in exchange for a return promise.
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consideration
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Generally, the value given in return for a promise or a performance. The consideration, which must be present to make the contract legally binding, must be something of legally sufficient value and bargained for.
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counteroffer
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An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer
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