Chapter 10 Business Law text and cases – Flashcards
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bilateral contract
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A type of contract that arises when a promise is given in exchange for a return promise.
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executed contract
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A contract that has been completely performed by both parties.
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executory contract
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A contract that has not as yet been fully performed.
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express contract
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A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.
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implied contract
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A contract formed by the actions of the parties, rather then their words, creates the terms of their contract.
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offeree
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A person to whom an offer is made.
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offeror
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A person who makes an offer.
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promise
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A person's assurance that he or she will or will not do something.
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promisee
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A person to whom a promise is made.
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promisor
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A person who makes a promise.
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quasi contract
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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.
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unilateral contract
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A contract that results when an offer can only be accepted by the performance of the offer. (promise for an act). The offer becomes accepted by the act.
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valid contract
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A contract that results when elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present.
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void contract
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A contract having no legal force or binding effect.
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voidable contract
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A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties.
