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Contracts Elements

definitions and examples

TermDefinition
Express Contract Has it's terms set down in a clear cut fashion, either orally or writing.
Implied Contract Are not stated
Quasi Contract As an implied at law contract exists only by the direction of the court.
Valid Contract Is one that is legally binding and enforceable.
Voidable Contract Is one that is initially considered but whose legal effect can be cancelled by on or more parties.
Void Contract Is one that has no legal effect what so ever.
Executed Contract Is one that all parties have fully performed
Executory Contract A contract in which some performance has yet to be delivered.
Unilateral Contract Is one that obligates all parties to it to perform their promises with rewards.
Bilateral Contract In which one party is only obligated to fulfill a contractual promise if another party first performs a particular act.
Express Contract Has it's terms set down in a clear cut fashion, either orally or writing.
Implied Contract Are not stated
Quasi Contract As an implied at law contract exists only by the direction of the court.
Valid Contract Is one that is legally binding and enforceable.
Voidable Contract Is one that is initially considered but whose legal effect can be cancelled by on or more parties.
Void Contract Is one that has no legal effect what so ever.
Executed Contract Is one that all parties have fully performed
Executory Contract A contract in which some performance has yet to be delivered.
Unilateral Contract Is one that obligates all parties to it to perform their promises with rewards.
Bilateral Contract In which one party is only obligated to fulfill a contractual promise if another party first performs a particular act.
Offeror The person making the offer.
Offeree The person to whom it is made.
Promisor To your promise to transfer ownership you are the maker of that promise.
Promisee The person to whom the promise is made
Obligator Who must fulfill your obligation to transfer ownership.
Obligee To whom you are obliged
Created by: 42