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LGLA1351-Chapter 1
Basic Contract Law for Paralegals
| Question | Answer |
|---|---|
| manifestation of assent to the offer proposed. | Acceptance |
| a contract in which a promise is exchanged for a promise. | Bilateral Contract |
| the bargain of the contract; a benefit conferred or detriment incurred at the request of the other party. | Consideration |
| a legally enforceable agreement between two or more parties in which each agrees to give and receive something of legal value. | Contract |
| the legal ability of a person to enter into a contractual relationship. | Contractual Capacity |
| the branch of the law that deals with fairness and mercy to prevent unjust enrichment. | Equity |
| a contract that is complete and final with respect to all of its terms and conditions. | Executed Contract |
| a contract in which one or both of the parties still have obligations to perform. | Executory Contract |
| a contract manifested in words, oral or written. | Express Contract |
| historically, a written contract under seal; currently, any contract so designed by a state statute. | Formal Contract |
| a contract in which the promises of the parties are inferred from their actions as opposed to specific words. | Implied-in-fact Contract |
| see Quasi-contract. | Implied-in-law Contract |
| an non-formal contract. | Informal Contract |
| agreeing to the same terms at the same time; the offer and acceptance combined. | Mutual Assent |
| a proposal by one party to another manifesting an intent to enter into a valid contract. | Offer |
| a legal relationship that the courts, in the interest of fairness and equity, treat in a manner similar to a contractual relationship, even though no contract exists. | Quasi-contract |
| a contract that is otherwise valid but for a breach of which there is no remedy at law. | Unenforceable Contract |
| a contract in which a promise is exchanged for an act. | Unilateral Contract |
| an agreement that meets all six contractual requirements. | Valid Contract |
| a situation in which the parties have attempted to create a contract, but in which one or more of the requisite elements are missing, so no contract exists. | Void Contract |
| a contract that one party may avoid at his option without being in breach of contract. | Voidable Contract |
Created by:
dawnbryant
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