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Business lawq chpt 7
Term | Definition |
---|---|
Contract | Legally Enforceable Agreement |
Tangible Personal Property | Personal property that can be moved. |
Offer | A proposal made by one party |
Offeror | The person making the offer |
offeree | The person being made an offer |
Acceptance | Indication made by the offeree that he or she agreses to be bound by the terms of the offer |
Mutual Agreement | "meeting of the minds" |
Consideration | Exchange of Promises |
Competent | Capable of understanding what they are doing |
Legality of Purpose | Must not violate the law |
Proper Form | Requirements for ccntracts i.e. signatures, etc |
Oral Contract | A contract not in writing or signed by the parties |
Written Contract | A contract in writing on a permanent surface |
Express Contract | A contract that specifically states the agreement of the parties, either orally or in writing. |
Implied Contract | A contract that is neither oral nor written but is legally binding. The terms of this contract are understood from the actions or conduct of the parties. |
Formal Contract | A written contract under seal |
Simple Contract | An informal contract made without a seal |
Entire Contract | A contract with two or more parts dependant upon one another |
Executory contract | A contract in which a future act or obligation remains to be performed under it's terms |
executed Contract | A contract in which all the terms have been fully met by both parties |
valid Contract | An agreement resulting in an obligation that is legally enforceable |
Void Contract | A contract that lacks one or more of the essential elements of a contract |
Voidable Contract | A contract that may be rejected by one of the parties for a legally acceptable reason |
Divisible contract | A contract that is made up of two or more parts, each part being independent of the other. |