Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Ch2-1 Contract law
Chapter 2-1: Contract Law and the Formation of Contracts
| Term | Definition |
|---|---|
| Contract law comprises both... | common law and statutory law. |
| Elements for a valid contract | Competent parties; mutual assent; consideration; legality of purpose (lawful object). |
| Contracts involving real estate must... | be in writing; and contain adequate description of the property involved. |
| Incompetent party | Unaware that a contract was being entered into; they were unable to clearly understand its terms and implications. |
| Consideration | Something of value provided by one person in exchange for something of value from another person. |
| Legality of purpose | The purpose or object of the contract is legal and enforceable. |
| A rental of one year or less... | Doesn't have to be in writing. |
| Express contracts | Contain an offer, consideration, & acceptance. All of them are written. |
| Implied contracts | Deduced from the actions of the parties. |
| Unilateral contract | Only one party makes a promise without receiving any promise from the other party. |
| Bilateral contract | Mutual promises; both parties agree to give, do, or not do something for the other party. |
| Executory | Contract that hasn't been fully executed/performed. |
Created by:
userjoe