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Ch2-1 Contract law

Chapter 2-1: Contract Law and the Formation of Contracts

TermDefinition
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