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21 Cards in this Set
- Front
- Back
Sale
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The transfer of title from seller to buyer
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Goods
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Tangible personal property
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Personal Property
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Property other than an interest in land
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Common Law
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Most contracts are primarily governed by state common law, including contracts involving employment, services, insurance, real property, patents, and copyrights
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Real Property
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Land and anything attached to it
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Contract
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Binding agreement that the courts will enforce
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Breach
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Failure to properly perform a contractual obligation
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Implied in Fact Contract
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Contract where agreement of the parties is inferred by their conduct
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Express Conduct
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Agreement of parties that is stated in words either in writing or orally
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Bilateral Contract
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Contract in which both parties exchange promises
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Promisor
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Person making a promise
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Promisee
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Person to whom a promise is made
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Unilateral Contract
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Contract in which only one party makes a promise
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Valid Contract
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Contract that meets all of the requirements of a binding contract
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Void Contract
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An agreement without legal effect
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Voidable Contract
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Contract capable of being made void
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Unenforceable Contract
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Contract for the breach of which the law does not provide a remedy
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Executed Contract
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Contract fully performed by all of the parties
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Executory Contract
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Contract not fully performed
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Promissory Estoppel
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Doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement
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Quasi Contract
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Obgligation not based upon contract that is imposed to avoid injustice
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