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Marino Chpt 13

Marino - Kubasek Dynamic Business Law Chapter 13

QuestionAnswer
Contract A legally enforceable agreement
Contract Elements Offer, Acceptance, Consideration
“Express” Contract Based on written or spoken words
"Implied” Contract Based on conduct or actions
“Valid” Contract All elements of contract formation satisfied
“Void” Contract Illegal purpose/subject matter; unenforceable
“Voidable” Contract One or both parties can withdraw from contract
“Executed” Contract All terms of contract fully performed
“Executory” Contract Some duties under contract not performed by one/both parties
“Formal” Contract Must meet special form requirements
“Informal” Contract No formalities required in making; a “simple” contract
Sources of Contract law Common Law and Uniform Commerical Code (UCC)
agreement is made up of the offer and the acceptance
Consideration What a person will recieve in return for a contract. the bargained-for exchange
Contractual capacity Age of majority, not intoxicated, has mental ability to understand
unilateral Contract requires a PERFORMANCE in order to form a contract.
Bilateral Contract Consists of a PROMISE in exchange for a promise.
Express Contract has all the terms clearly set forth in either written or spoken words.
implied contract arises from the conduct of the parties rather than thier words.
Valid Contract Offer, acceptance, consideration
Void contract was not vaild, never came to light.
Voidable there is a contract, something changes to cause the contract to become void. Law Changes, house burns down before painting.
unenforable law probibits the court from enforcing
executed contracts terms have been fully performed
Excutory some of the duties have not yet been performed
Plain-meaning rule a writing or term in question, appears to be plain and ambiguous, its meaning must be determined from the instrument itself, with the words given thier ordinary meaning.
Objective theory of contracts means that the existence and interpretation of a contract is based on the outward manifestations of intent by the parties.
Created by: tinafici