B Law Unit 1 Ch 9 Word Scramble
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Term | Definition |
promise | A declaration that binds a person who makes it to do or not to do a certain act. |
promisor | A person who makes a promise. |
promisee | A person to whom a promise is made. |
contract | A set of promises constituting an agreement between parties, giving each a legal duty to the other and also the right to seek a remedy for the breach of the promises or duties. |
objective theory of contracts | The view that contracting parties shall only be bound by terms that can objectively be inferred from promises made. |
offeror | A person who makes an offer. |
offeree | A person to whom an offer is made. |
bilateral contract | A type of contract that arises when a promise is given in exchange for a return promise. |
unilateral contract | A contract that results when an offer can be accepted only by the offeree’s performance. |
formal contract | An agreement that by law requires a specific form for its validity. |
informal contract | A contract that does not require a specific form or method of creation to be valid. |
express contract | A contract in which the terms of the agreement are stated in words, oral or written. |
implied contract | A contract formed in whole or in part from the conduct of the parties. |
executed contract | A contract that has been fully performed by both parties. |
executory contract | A contract that has not yet been fully performed. |
valid contract | A contract that results when the elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present. |
voidable contract | A contract that may be legally avoided at the option of one or both of the parties. |
unenforceable contract | A valid contract rendered unenforceable by some statute or law. |
void contract | A contract having no legal force or binding effect. |
quasi contract | An obligation or contract imposed by law (a court), in the absence of an agreement, to prevent the unjust enrichment of one party. |
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leighg2011
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