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CONTRACT a legally enforceable agreement between two or more parties to do or not to do something
FOREBEARANCE agreement NOT to do something
PAROL oral contract
EXPRESSED CONTRACT contract that states intent of parties
IMPLIED CONTRACT contract created by the actions of the parties
CONTRACT CATEGORIES express vs. implied executed vs. executory bilateral vs. unilateral valid vs. void & voidable
VALID CONTRACT contract that meets ALL requirements of law, is binding on all parties, and is enforceable
VOID CONTRACT contract that has no binding effect on the parties who made it
VOIDABLE CONTRACT contract that can be voided by one of its parties
BILATERAL CONTRACT contract where a promise is exchanged for a promise
UNILATERAL CONTRACT when a promise is exchanged for a performance
EXECUTED CONTRACT all requirements of contract have been fulfilled and all parties have done what was promised to be done
EXECUTORY CONTRACT in the process of being completed (not finished, pending)
4 REQUIREMENTS OF VALID CONTRACT consideration legal objective agreement legally competent parties CALL
CONSIDERATION an act or promise given in exchange for something else
AGREEMENT 3 things offer & acceptance is agreed upon/meeting of the minds one party make offer to other party offeree must accept offer offeree must communicate acceptance to offeror
LEGAL OBJECTIVE legal use of property stated in contract
LEGALLY COMPTENT PARTY party of sound mind
ASSIGNMENT total transfer of ones interests to another party
ASSIGNOR person who is assigning (giving) the interest
ASSIGNEE person who is being assigned (receiving) the interest
NOVATION substitution of a new contract or new party for on old contract
TERMINATION OF CONTRACT CAN OCCUR BY 4 things mutual agreement of parties expiration of time rescission of voidable contract operation of law
OPERATION OF LAW INCLUDES 3 things bankruptcy on either party -terminated contract death of one of the parties-not terminated unless dead party is needed for specific act destruction of property-terminated unless destroyed prior to possession or title the seller is at risk
Created by: baylous2005