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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
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