Test#2 Definitions by Collin

Test#2 Definitions by Collin - Test 2 Definitions Chapter...

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Test 2 Definitions Chapter 10 Bilateral Contract - A type of contract that arises when a promise is given in exchange for a return promise. Contract- An 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 Contract- A contract that has been completely performed by both parties. Executory Contract- A contract that has not yet been fully performed. Express Contract- A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Formal Contract- A contract that by law requires a specific form, such as being executed under seal, to be valid. Implied-in-fact Contract- A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract) Informal Contract- A contract that does not require a specified form or formality in order to be valid. Objective Theory of Contracts- A 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. Offeree- A person to whom an offer is made. Offeror- A person who makes an offer. Promise- A person’s assurance that he or she will or will not do something. Promisee- A person to whom a promise is made. Promisor- A person who makes a promise. Quantum Meruit- Literally “as much as he deserves”- an expression describing the extent of liability on a contract implied in law (quasi contract). An equitable doctrine
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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 amout for the benefits received, even absent a contract. Quasi Contract- A 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 Contract- A valid contract rendered unenforceable by some statute or law. Unilateral Contract- A contract that results when an offer can only be accepted by the offeree’s performance. Valid Contract- A contract that results when elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present. Void Contract- A contract having no legal force or binding effect. Voidable Contract- A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties. Chapter 11
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Test#2 Definitions by Collin - Test 2 Definitions Chapter...

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