CH10 - Literally"as much as he deserves” an...

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CH10: Vocabulary 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. Express contract- A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Implied-in-fact contract- A contract formed in whole or in part from the conduct of the parties. Quantum meruit
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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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