blaw200 midterm2 terms

blaw200 midterm2 terms - Bilateral contract contract that...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Bilateral contract – contract that arises when a promise is given in exchange for a return promise. Contract under seal (formal contract) – formal agreement in which the seal is a substitute for consideration. Requires a specific form, such as being executed under seal, to be valid. Express contract –terms of the agreement are fully and explicitly stated in words, oral or written. Unenforceable contract – valid contract rendered unenforceable by some statute or law. Unilateral contract – contract that results when an offer can only be accepted by the offeree’s performance. Voidable contract – contract that may be legally avoided (canceled, or annulled) at the option of one of the parties. Mailbox rule – rule providing that an acceptance of an offer becomes effective if mail is, expressly or impliedly, a mean of communication of acceptance. Option contract – offeror cannot revoke offer for a stipulated time period and the offeree can accept or reject the offer during this period without fear that the offer will be made to another person. Promissory estoppel – promisor makes a clear and definite promise on which the promisee justifiably relies. Accord and satisfaction – agreement for payment (or performance) between two parties, one of whom has a right of action against the other. (mutual legal) consideration – value given in return for a promise or a performance. Must be something of legally sufficient value and bargained for. Forbearance – act of refraining from an action that one has a legal right to undertake. Past consideration – act done before the contract, which by itself cannot be a consideration for a later promise to pay for the act. Blue laws –prohibit performance of certain types of commercial activity on Sunday. Contractual capacity – mental capacity required for who enters into a contract.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

blaw200 midterm2 terms - Bilateral contract contract that...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online