Marino - Kubasek Dynamic Business Law Chapter 13
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| Contract | A legally enforceable agreement
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| Contract Elements | Offer, Acceptance, Consideration
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| “Express” Contract | Based on written or spoken words
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| "Implied” Contract | Based on conduct or actions
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| “Valid” Contract | All elements of contract formation satisfied
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| “Void” Contract | Illegal purpose/subject matter; unenforceable
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| “Voidable” Contract | One or both parties can withdraw from contract
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| “Executed” Contract | All terms of contract fully performed
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| “Executory” Contract | Some duties under contract not performed by one/both parties
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| “Formal” Contract | Must meet special form requirements
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| “Informal” Contract | No formalities required in making; a “simple” contract
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| Sources of Contract law | Common Law and Uniform Commerical Code (UCC)
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| agreement | is made up of the offer and the acceptance
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| Consideration | What a person will recieve in return for a contract. the bargained-for exchange
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| Contractual capacity | Age of majority, not intoxicated, has mental ability to understand
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| unilateral Contract | requires a PERFORMANCE in order to form a contract.
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| Bilateral Contract | Consists of a PROMISE in exchange for a promise.
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| Express Contract | has all the terms clearly set forth in either written or spoken words.
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| implied contract | arises from the conduct of the parties rather than thier words.
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| Valid Contract | Offer, acceptance, consideration
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| Void | contract was not vaild, never came to light.
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| Voidable | there is a contract, something changes to cause the contract to become void. Law Changes, house burns down before painting.
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| unenforable | law probibits the court from enforcing
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| executed contracts | terms have been fully performed
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| Excutory | some of the duties have not yet been performed
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| Plain-meaning rule | a writing or term in question, appears to be plain and ambiguous, its meaning must be determined from the instrument itself, with the words given thier ordinary meaning.
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| Objective theory of contracts | means that the existence and interpretation of a contract is based on the outward manifestations of intent by the parties.
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