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Test #2 Vocabulary by Will Fink

Test #2 Vocabulary by Will Fink - Chapter 10Bilateral...

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Chapter 10- Bilateral Contract - accepting by simply promising to perform Contract- a legally binding agreement between two or more parties who agree to perform or to refrain from performing some act now or in the future. Executed Contract - both parties have fully performed their part of the contract Executory Contract - one party has performed their end of contract(executed), while other party hasn’t performed their part of the contract(executory) Express Contrtact - the terms of agreement are fully and explicitly stated in words, oral or written. Formal Contract - contracts that require a special form or method of creation to be enforceable Implied-in-fact Contract - contract that is implied from the conduct of the parties. Conduct rather than words creates and defines contract. Informal Contract (aka simple contracts) – include all other types of contracts. Do not have to be in any special form. Business parties usually put contracts in writing so there cannot be any problems with proof of existence or problems. Objective theory of contracts- How intent is determined within a contract ( intent is very important in contract law) Offeree - Party to who the offer is made Offeror - Party making the offer Promise - A person’s assurance that they will or will not do something Promisee - The one to whom the promise was made Promisor - The one making the promise Quantum Meruit - A latin phrase meaning “as much as he or she deserves.” Essentially describes the extent of compensation owed under a contract implied in law. Quasi Contract (Contracts Implied in Law)- Not actual contracts. Fictional contracts created by courts and imposed on parties in the interests of fairness and justice. Unenforcable Contract- contract that cannot be enforced because of certain legal defenses against it. Rendered unenforceable by some statute or law. Unilateral Contract - offeree can only accept offer by completing contract performance Valid Contract- agreement, consideration, legality, capacity Void Contract- no contract at all. Produces no legal obligations on any of the parties. Voidalble Contract- a valid contract that be avoided at the option of one or both of the parties. If contract is ratified both parties must complete tasks stated in contract Chapter 11- Acceptance - a voluntary act by the offeree that shows agreement to the terms of the offer. Can be done by words or conduct. Agreement - Parties must agree on terms of the contract and manifest to each other their mutual agreement. OFFER + ACCEPTANCE Counteroffer- rejection of the original offer with the simultaneous making of a new offer. Estop- means to bar, impede, or preclude someone from doing something Mailbox Rule- Acceptance takes effect, completing formation of the contract, at the time the oferee sends or delivers the communication via mode expressly or impliedly
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authorized by the offeror. Mirror Image Rule-
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Test #2 Vocabulary by Will Fink - Chapter 10Bilateral...

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