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Contracts

Business Law

TermDefinition
Express Has it terms laid down in a clear cut fashion,either in orally or written.
Implied Not stated. Determined from the surrounding circumstances or an established pattern of dealings.
Quasi Also referred to as an implied-at law contract,exists only by the direction of the court.
Valid Is one that is legally binding and enforceable.
Voidable is a contract that is initially considered valid but whose legal effect can be cancelled by one or more of the parties to it.
Void Is one that has no legal effect whatsoever.
Executed is one that all parties have fully performed
Executory a contract in which some performance has yet to be delivered is termed an executory court.
Unilateral is a contract in which one part is only obligated to fulfill a contractual promise if another party first performs a particular act
Bilateral is one that obligated all parties to perform according to their parties
Offeror the person making the offer is turned as the offeror
Offeree The person to whom it is made to
Promisor maker of that promise
Obligor who must fulfill or obligation to transfer ownership
Obligee a person to whom you are obliged to
Created by: jpoell55