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LGLA1351-Chapter 1

Basic Contract Law for Paralegals

QuestionAnswer
manifestation of assent to the offer proposed. Acceptance
a contract in which a promise is exchanged for a promise. Bilateral Contract
the bargain of the contract; a benefit conferred or detriment incurred at the request of the other party. Consideration
a legally enforceable agreement between two or more parties in which each agrees to give and receive something of legal value. Contract
the legal ability of a person to enter into a contractual relationship. Contractual Capacity
the branch of the law that deals with fairness and mercy to prevent unjust enrichment. Equity
a contract that is complete and final with respect to all of its terms and conditions. Executed Contract
a contract in which one or both of the parties still have obligations to perform. Executory Contract
a contract manifested in words, oral or written. Express Contract
historically, a written contract under seal; currently, any contract so designed by a state statute. Formal Contract
a contract in which the promises of the parties are inferred from their actions as opposed to specific words. Implied-in-fact Contract
see Quasi-contract. Implied-in-law Contract
an non-formal contract. Informal Contract
agreeing to the same terms at the same time; the offer and acceptance combined. Mutual Assent
a proposal by one party to another manifesting an intent to enter into a valid contract. Offer
a legal relationship that the courts, in the interest of fairness and equity, treat in a manner similar to a contractual relationship, even though no contract exists. Quasi-contract
a contract that is otherwise valid but for a breach of which there is no remedy at law. Unenforceable Contract
a contract in which a promise is exchanged for an act. Unilateral Contract
an agreement that meets all six contractual requirements. Valid Contract
a situation in which the parties have attempted to create a contract, but in which one or more of the requisite elements are missing, so no contract exists. Void Contract
a contract that one party may avoid at his option without being in breach of contract. Voidable Contract
Created by: dawnbryant