Chapter 10: Nature & Terminology Bilateral contractA type of contract that arises when a promise is given in exchange for a return promise. ContractAn agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future. Executed contractA contract that has been completely performed by both parties Executory contractA contract that has not as yet been fully performed. Express contractA contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Formal contractA contract that by law requires a specific form, such as being executed under seal, to be valid Implied-in-fact contractA contract formed in whole or in part from the conduct of the parties (as opposed to an express contract). Also known as implied contract Informal contractA contract that does not require a specified form or formality in order to be valid. Objective theory of contractsA theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions.
OffereeA person to whom an offer is made OfferorA person who makes an offer PromiseeA person to whom a promise is made PromisorA person who makes a promise. Quantum meruitLiterally, “as much as he deserves”—an expression describing the extent of liability on a contract implied in law (quasi contract). An equitable doctrine based on the concept that one who benefits from another’s labor and materials should not be unjustly enriched thereby but should be required to pay a reasonable amount for the benefits received, even absent a contract. Quasi contractA fictional contract imposed on parties by a court in the interests of fairness and justice; usually, quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of another. Unenforceable contractA valid contract rendered unenforceable by some statute or law Unilateral contractA contract that results when an offer can only be accepted by the offeree’s performance. Valid contractA contract that results when elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present. Void contractA contract having no legal force or binding effect. Voidable contractA contract that may be legally avoided (canceled, or annulled) at the option of one of the parties.
Chapter 11: Agreement in Traditional and E-Contracts Acceptance(1) In contract law, the offeree’s notifcation to the offeror that the offeree agrees to be bound by the terms of the offeror’s proposal. Although historcally the terms of acceptance had to be the mirror image of the terms of the offer, the Uniform Commercial Code provides that even modifi ed terms of the offer in a defi nite
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