First Principles of Business Law
Studying the law involves learning many new words and phrases. Read through the list below and check that you know what all these words and phrases mean.
'Agreements' and 'contracts'
Obligations
Objective test /subjective test
Formal and informal contracts
Execution
Consideration
Consensus ad idem
Illusory
'Privity', 'party' and 'third party'
You will find other words and phrases explained in the glossary in the First Principles of Business Law textbook.