Contracts
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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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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