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Business Law 8

Chapter 8

TermDefinition
Promise A declaration that binds the person who makes it (promisor) to do or not to do a certain act.
Promisor A person who makes a promise.
Promisee A person to whom a promise is made.
Contract A set of promises constituting an agreement between parties, giving each a legal duty to the other and also the right to seek a remedy for the breach of the promise/duties.
Objective Theory of Contracts The view that contracting parties shall be bound only by terms that can objectively be inferred from promises made.
Offeror A person who makes an offer.
Offeree A person to whom an offer is made.
Bilateral Contract A contract that includes the exchange of a promise for a promise.
Unilateral Contract A contract that includes the exchange of a promise for an act.
Express Contract A contract that is stated in words, oral or written.
Implied Contract A contract formed in whole or in part from the conduct of the parties.
Quasi Contract An obligation or contract imposed by law, in the absence of agreement, to prevent unjust enrichment.
Formal Contract A contract that by law requires a specific form for it's validity.
Informal Contract A contract that does not require a specific form for it's validity.
Executed Contract A contract that has been completely performed by both parties.
Executory Contract A contract that has not yet been fully performed.
Valid Contract A properly constituted contract having legal strength or force.
Voidable Contract A contract that may be legally avoided at the option of one of the parties.
Unenforceable Contract A valid contract having no legal effect because of a statute or law.
Void Contract A contract having no legal force or binding effect.
Created by: kndandress
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