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Types of contracts

TermDefinition
Express terms set clearly, orally or written
Implied terms not stated. Determined by circumstances
Quasi Exists only by the direction of the court
valid terms useful in describing valid, voidable and void
voidable A contract can take it to court, can enforce it
void Has no legal effect what so ever
executed all parties have fully preformed and delivered
executory some performance yet has been delivered
unilateral obligates to preform according to it's promises
Bilateral Only 1 party is obligated to fulfill
offeror person making the offer
Offeree Person the offer is made to
promisor to/who make a promise
promisee person who got the promise made to
obligor must fulfill the obligation
obligee person who got obligated to
Created by: wilhelm15
Popular Business sets

 

 



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