Bus Law Chapter 9
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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| Promise | assertion that something will or will not happen in the future
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| contract | agreement that can be enforced in court; formed by two or more competent parties who agree to perform an act now or in the future
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| objective theory of contracts | theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person
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| bilateral contract | type of contract that arises when a promise is given in exchange for a return promise
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| unilateral contract | contract that results when an offer can be accepted only by the offeree's performance
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| formal contract | contract that by law requires a specific form for its validity
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| informal contract | contract that does not require a specified form or formality to be valid
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| express contract | contract in which the terms of the agreement are stated in words
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| implied contract | contract formed in whole or in par from the conduct of the parties
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| executed contract | contract that has been completely performed by both parties
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| executory contract | contract that has not yet been fully performed
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| revocation | the withdrawal of an offer by the offeror
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| mirror image rule | common law rule that requires that the terms of the offers acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed
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| contractual capacity | threshold mental capacity required by the law for a party who enters into a contract to be bound by that contract
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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