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Business lawq chpt 7

TermDefinition
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.
Created by: Masterkenny12