Contract Law Overview

Legally binding agreements between two or more parties that create obligations.

A party who makes an offer.

A party to whom an offer is made.

A response to an offer that changes the original terms. It essentially terminates the original offer and creates a new offer.

A contract that requires a special form or process to be legally valid. Often must be in writing, signed, dated, and witnessed.

A contract where both parties make promises.

A contract where one party promises something in exchange for an action by the other party.

Any contract that isn't a contract by deed.

The right to get back the exact property you lost, enforced by real action. It's like getting your own stolen bike back.

The right to monetary compensation for a loss, enforced by personal action. It's like being compensated for a broken window, but not getting the specific window back.

Possession refers to having control over something, like holding the keys to a car you rent. It is 'the right of control' over a thing.

You physically hold the thing, like holding your own phone.

You have the power and intention to control the thing, even if it's not currently in your hands. Think of a car you're renting, but the keys are in your pocket.

The right of the offeror to withdraw an offer before it has been accepted by the offeree. This right ends once the offer is accepted.

An offer expires after a certain period of time, even if not explicitly stated. This is usually implied by circumstances, like a reasonable time for the offer to be accepted.

An offer automatically ends if the offeror dies before acceptance, even if they had no intention to revoke it.

The agreement to all the terms of an offer without any changes. The offeree has the right to accept or reject the original offer.

The essential element of a contract. It is the exchange of something of value for something else of value. This value can be money, goods, or even a promise.

The ability of a person to understand a contract and its consequences. Adults typically have this ability, but it may be limited for children, the insane, or intoxicated individuals.

A statement made to persuade someone into a contract. If false, it's called misrepresentation and gives the harmed party the right to cancel the contract and potentially claim damages.

Any factor that can make a contract invalid or unenforceable. This includes misrepresentation, duress, undue influence, and mistake.

The exclusive right granted to an inventor for a new invention or innovation, preventing others from making, using, or selling it.

A category of patent granted for inventions that improve the usefulness of a process, machine, or article of manufacture.

A category of patent granted for new and original designs of articles, such as the shape or configuration of a product.

A category of patent granted for newly invented or discovered, asexually reproduced varieties of plants.

A distinctive sign, such as a name, symbol, or logo, used to identify and distinguish goods or services of one party from those of others.

Information that provides a company with a competitive advantage, not generally known and kept confidential.

The unauthorized use or exploitation of someone's intellectual property rights, potentially leading to legal action.

The unauthorized use or reproduction of copyrighted works, such as books, music, or software, without permission from the copyright holder.

The unauthorized manufacture, use, or sale of a patented invention without the inventor's permission.

The creation and distribution of fake copies of original products, often bearing a counterfeit trademark.

The owner of the real property has the right to recover mislaid property. Mislaid property is intentionally left by the owner but forgotten.

Various legal entitlements related to information, ideas, or intangibles in their expressed form. It's a broad term with no universally accepted definition.

Deals with commercial aspects of IP, encompassing trademarks and industrial designs.

Protects artistic or literary works, safeguarding the expression of the idea rather than the idea itself.

The copyright is established from the moment the work is fixed in tangible media of expression. This means that the copyright holder receives protection from the moment the work is made tangible.

A legal doctrine where the employer, not the author, holds the copyright for works created within the scope of employment.

A legal doctrine that limits copyright holders' exclusivity. It permits certain uses of copyrighted material without permission, such as for education or criticism.

A complete transfer of copyright ownership to a third party. The original copyright holder loses all rights over the work.

A temporary authorization granted by the copyright holder, permitting a third party to exercise specific rights over the work. The copyright holder retains ownership.

IP rights are negative in nature, granting the owner the ability to exclude others from infringing on their monopoly. They are not positive rights that oblige others to take action.

A deliberate dishonest statement made to induce someone to enter into a contract, leading to a loss for that party.

A careless false statement made without reasonable care, leading to someone entering into a contract and suffering a loss.

A statement made by a person who genuinely believed it to be true, even if it turned out to be false, leading to a loss for the other party.

A misunderstanding about a fact that influences the terms of a contract.

A situation where both parties to a contract make the same mistake about a crucial fact, leading to a contract that is voidable.

A type of mistake where both parties misunderstand each other's intentions, leading to a contract that is voidable.

A type of mistake where only one party to a contract is mistaken about a crucial fact, and the other party is aware of their mistake.

Undue influence or unfair pressure exerted on someone to force them into a contract against their will.

A contract whose subject matter is illegal, voiding the contract.

The termination of contractual obligations between parties, bringing the contract to an end.

The full and proper fulfillment of all obligations agreed upon in a contract, leading to its termination.

Mutual agreement between the parties involved to end a contract, either by replacing an obligation or cancelling the contract completely.

An unexpected event beyond the control of either party that makes fulfilling the contract impossible or illegal, leading to its termination.

Failure to perform a contractual obligation without justifiable reason, which can lead to legal consequences for the breaching party.

A legal remedy that aims to compensate the non-breaching party for financial losses incurred due to the breach of contract.