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B Law Unit 1 Ch 9
| Term | Definition |
|---|---|
| promise | A declaration that binds a person who makes it 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 promises or duties. |
| objective theory of contracts | The view that contracting parties shall only be bound 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 type of contract that arises when a promise is given in exchange for a return promise. |
| unilateral contract | A contract that results when an offer can be accepted only by the offeree’s performance. |
| formal contract | An agreement that by law requires a specific form for its validity. |
| informal contract | A contract that does not require a specific form or method of creation to be valid. |
| express contract | A contract in which the terms of the agreement are stated in words, oral or written. |
| implied contract | A contract formed in whole or in part from the conduct of the parties. |
| executed contract | A contract that has been fully performed by both parties. |
| executory contract | A contract that has not yet been fully performed. |
| valid contract | A contract that results when the elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present. |
| voidable contract | A contract that may be legally avoided at the option of one or both of the parties. |
| unenforceable contract | A valid contract rendered unenforceable by some statute or law. |
| void contract | A contract having no legal force or binding effect. |
| quasi contract | An obligation or contract imposed by law (a court), in the absence of an agreement, to prevent the unjust enrichment of one party. |