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Chapter 10 BAFN

chapter 10

What is a bilateral contract? When both parties make a promise (to do something) to each other
What is a unilateral contract? One party makes a promise to the other that the other party can accept only by doing something specific
What is an Express contract? the two parties to the contract explicitly state all of the important terms of their agreement
What is an implied contract? the words and the conduct of the parties indicate that the parties intended to make an agreement
What is an executory contract? when one or more parties has not fulfilled its obligations under the contract
What is an executed contract? when all parties to the contract have fulfilled their obligations under the contract
What is the quasi contract theory? A fictional contract imposed on parties by a court in the interests of fairness and justice; to prevent unfair enrichment of one party at the expense of another
Examples of Promissory estoppel The defendant made a promise knowing that the plaintiff would likely rely on it. The plaintiff did rely on the promise The only way to avoid injustice is to enforce the promise.
Created by: ryan3743