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Unformatted text preview: - Literally, "as much as he deserves an expression describing the extent of liability on a contract implied in 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....
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- Spring '09