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Contracts

QuestionAnswer
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