blawwestvocabII - Exam 2 1 Classification of contracts a...

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Exam 2 1. Classification of contracts a. bilateral- type of contract that arises when a promise is given in exchange for a promise. b. Unilateral- a contract that results when an offer can only be accepted by the offeree’s performance. c. Express-a contract in which the terms of the agreement are fully and explicitly state in words, oral, or written. d. Implied- not regular communication . understood. e. Executory- contract that has not been fully performed. f. Executed- contract that has been completely performed by both sides. g. Enforceable- court will enforce it h. Unenforceable- court can’t enforce it i. Valid- a contract that results when elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present. j. Void- contract having no legal force or binding effect. k. Voidable- a contract that may be legally avoidable (canceled or annulled) at the option of one of the parties. 2. elements of an offer a. intent b. content/terms c. communicated 3. revocation- the offeror’s act of withdrawing the offer. 4. acceptance- effective on dispatch. Silence=acceptance when it is your normal way of accepting something. 5. counter-offer- an offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer. 6. objective- common/unanimous opinion. 7. subjective- individual opinion. 8. quasi-contract- a fictional contract imposed on parties by a court in the interests of fairness and justice; usually, QC are imposed to avoid the unjust enrichment of one party at the expense of another. a.
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blawwestvocabII - Exam 2 1 Classification of contracts a...

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