Chapter 7-12

Chapter 7-12 - Chapter 7 bilateral contract contract...

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Chapter 7 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 competent parties who agree, for consideration, to perform or to refrain from performing some legal 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 as yet been fully performed. express contract A contract in which the terms of the agreement are 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 to be valid.
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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 An assertion that something either will or will not happen in the future. promisor A person who makes a promise. quasi contract A fictional contract imposed on parties by a court in the interests of fairness and justice usually imposed to avoid the unjust enrichment of one party at the expense of another. unenforceabl e contract A valid contract rendered unenforceable by some statute or law. unilateral contract A contract that results when an offer can be accepted only by the offeree's performance.
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valid contract A contract that results when the 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 or both of the parties. Chapter 8 acceptance In contract law, a voluntary act by the offeree that shows assent, or agreement, to the terms of an offer may consist of words or conduct. In negotiable instruments law, the drawee's signed agreement to pay a draft when presented. accord and satisfaction A common means of settling a disputed claim, in which a debtor offers to pay a lesser amount than the creditor purports to be owed. The creditor's acceptance of the offer creates an accord (agreement), and when the accord is executed, satisfaction occurs.
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agreement A meeting of two or more minds in regard to the terms of a contract usually broken down into two events-an offer by one party to form a contract, and an acceptance of the offer by the person to whom the offer is made. consideratio
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This note was uploaded on 12/05/2011 for the course B 275 taught by Professor D.joshuaholt during the Fall '09 term at BYU - ID.

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Chapter 7-12 - Chapter 7 bilateral contract contract...

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