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Bus Law Chapter 9

TermDefinition
Promise assertion that something will or will not happen in the future
contract agreement that can be enforced in court; formed by two or more competent parties who agree to perform an act now or in the future
objective theory of contracts theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person
bilateral contract type of contract that arises when a promise is given in exchange for a return promise
unilateral contract contract that results when an offer can be accepted only by the offeree's performance
formal contract contract that by law requires a specific form for its validity
informal contract contract that does not require a specified form or formality to be valid
express contract contract in which the terms of the agreement are stated in words
implied contract contract formed in whole or in par from the conduct of the parties
executed contract contract that has been completely performed by both parties
executory contract contract that has not yet been fully performed
revocation the withdrawal of an offer by the offeror
mirror image rule common law rule that requires that the terms of the offers acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed
contractual capacity threshold mental capacity required by the law for a party who enters into a contract to be bound by that contract
Created by: jennafarnsworth