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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 |
Created by:
jalensnowbarger
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