Business lawq chpt 7
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Contract | Legally Enforceable Agreement
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| Tangible Personal Property | Personal property that can be moved.
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| Offer | A proposal made by one party
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| Offeror | The person making the offer
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| offeree | The person being made an offer
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| Acceptance | Indication made by the offeree that he or she agreses to be bound by the terms of the offer
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| Mutual Agreement | "meeting of the minds"
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| Consideration | Exchange of Promises
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| Competent | Capable of understanding what they are doing
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| Legality of Purpose | Must not violate the law
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| Proper Form | Requirements for ccntracts i.e. signatures, etc
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| Oral Contract | A contract not in writing or signed by the parties
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| Written Contract | A contract in writing on a permanent surface
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| Express Contract | A contract that specifically states the agreement of the parties, either orally or in writing.
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| Implied Contract | A contract that is neither oral nor written but is legally binding. The terms of this contract are understood from the actions or conduct of the parties.
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| Formal Contract | A written contract under seal
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| Simple Contract | An informal contract made without a seal
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| Entire Contract | A contract with two or more parts dependant upon one another
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| Executory contract | A contract in which a future act or obligation remains to be performed under it's terms
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| executed Contract | A contract in which all the terms have been fully met by both parties
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| valid Contract | An agreement resulting in an obligation that is legally enforceable
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| Void Contract | A contract that lacks one or more of the essential elements of a contract
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| Voidable Contract | A contract that may be rejected by one of the parties for a legally acceptable reason
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| Divisible contract | A contract that is made up of two or more parts, each part being independent of the other.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
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Created by:
Masterkenny12
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