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Contracts Elements
definitions and examples
Term | Definition |
---|---|
Express Contract | Has it's terms set down in a clear cut fashion, either orally or writing. |
Implied Contract | Are not stated |
Quasi Contract | As an implied at law contract exists only by the direction of the court. |
Valid Contract | Is one that is legally binding and enforceable. |
Voidable Contract | Is one that is initially considered but whose legal effect can be cancelled by on or more parties. |
Void Contract | Is one that has no legal effect what so ever. |
Executed Contract | Is one that all parties have fully performed |
Executory Contract | A contract in which some performance has yet to be delivered. |
Unilateral Contract | Is one that obligates all parties to it to perform their promises with rewards. |
Bilateral Contract | In which one party is only obligated to fulfill a contractual promise if another party first performs a particular act. |
Express Contract | Has it's terms set down in a clear cut fashion, either orally or writing. |
Implied Contract | Are not stated |
Quasi Contract | As an implied at law contract exists only by the direction of the court. |
Valid Contract | Is one that is legally binding and enforceable. |
Voidable Contract | Is one that is initially considered but whose legal effect can be cancelled by on or more parties. |
Void Contract | Is one that has no legal effect what so ever. |
Executed Contract | Is one that all parties have fully performed |
Executory Contract | A contract in which some performance has yet to be delivered. |
Unilateral Contract | Is one that obligates all parties to it to perform their promises with rewards. |
Bilateral Contract | In which one party is only obligated to fulfill a contractual promise if another party first performs a particular act. |
Offeror | The person making the offer. |
Offeree | The person to whom it is made. |
Promisor | To your promise to transfer ownership you are the maker of that promise. |
Promisee | The person to whom the promise is made |
Obligator | Who must fulfill your obligation to transfer ownership. |
Obligee | To whom you are obliged |