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Contracts
Question | Answer |
---|---|
6 elements of a contract | 1. Agreement compromised of an offer and acceptance 2. Supported by consideration 3. Made by parties with capacity to contract 4. Genuinely assented to 5. For a legal purpose 6. In writing when required |
Express | Terms are set down orally or in writing |
Implied | Terms aren't in writing determined from the surrounding circumstances or established pattern of deciding |
Quasi | Exists only in court. Used to return value to someone in the absence of an express or implied contract between them. |
Valid | Legally binding. Can be taken to court to enforce |
Voidable | Valid, but can be cancelled by one or more parties involved. |
Void | No legal effect. Courts do not recognize it. (Gambling/ Bribery) |
Executed | All parties have fully performed |
Executory | Some performance has yet to be delivered |
Unilateral | One party must perform if the other party performs. |
Bilateral | Obligates parties to perform according to promises |
Offeror | Person making the offer |
Offeree | Whom the offer is being made to |
Promisor | Maker of a promise |
Promisee | Whom the promise is being made to |
Obligor | Person who must fulfill obligation |
Obligee | Whom the obligor must oblige to |