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Contracts

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
6 elements of a contract   1. Agreement compromised of an offer and acceptance 2. Supported by consideration 3. Made by parties with capacity to contract 4. Genuinely assented to 5. For a legal purpose 6. In writing when required  
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Express   Terms are set down orally or in writing  
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Implied   Terms aren't in writing determined from the surrounding circumstances or established pattern of deciding  
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Quasi   Exists only in court. Used to return value to someone in the absence of an express or implied contract between them.  
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Valid   Legally binding. Can be taken to court to enforce  
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Voidable   Valid, but can be cancelled by one or more parties involved.  
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Void   No legal effect. Courts do not recognize it. (Gambling/ Bribery)  
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Executed   All parties have fully performed  
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Executory   Some performance has yet to be delivered  
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Unilateral   One party must perform if the other party performs.  
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Bilateral   Obligates parties to perform according to promises  
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Offeror   Person making the offer  
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Offeree   Whom the offer is being made to  
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Promisor   Maker of a promise  
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Promisee   Whom the promise is being made to  
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Obligor   Person who must fulfill obligation  
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Obligee   Whom the obligor must oblige to  
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Created by: jalensnowbarger
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