Knowra Contract Contract A legally enforceable agreement that creates obligations between two or more parties. Its terms, formation, and remedies are governed by applicable law.
Offer and acceptance : A process in which one party proposes terms and another assents to them, forming an agreement. Many contracts form when acceptance matches an offer under applicable rules.
Contract formation : The process by which parties create a legally binding agreement. It brings offer, acceptance, and other formation requirements together.
Sales contract : An agreement for the transfer of goods from a seller to a buyer. Goods transactions rely on contract terms for price, delivery, and remedies.
Promissory estoppel : A doctrine that can enforce a relied-upon promise when ordinary contract requirements are absent. It may provide relief without a fully formed contract.
Adhesion contract : A standardized contract drafted by one party and offered to another on a take-it-or-leave-it basis. Its unequal bargaining conditions raise questions about fairness and enforcement.
Consideration : A bargained-for exchange of value that supports a contractual promise in common-law systems. It distinguishes many enforceable promises from gifts under common-law doctrine.
Contract interpretation : The process of determining the meaning and legal effect of contractual language. Interpretation establishes what performance the parties promised.
Employment contract : An agreement setting terms of employment between an employer and an employee. It can define duties, compensation, duration, and post-employment restrictions.
Tort : A civil wrong, independent of contract, for which the law may provide a remedy. Tort duties generally arise from law rather than the parties' agreement.
Unconscionability : A doctrine allowing courts to limit or refuse enforcement of terms that are excessively unfair. It can address oppressive terms in contracts with serious bargaining imbalance.
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