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21 Cards in this Set
- Front
- Back
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Type of contract that arises when a promise is given in exchange for a return promise
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bilateral contract
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agreement that can be enforced in court; formed by 2+ parties, each of whom agrees to perform or to refrain from performing some act now or in the future
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contract
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contract that has been completely performed by both parties
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executed contract
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contract that has not as yet been fully performed
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executory contract
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contract in which terms of agreement are fully and explicitly stated in words, oral, or written
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express contract
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contract that, by law, requires a specific form, such as being executed under seal, to be valid
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formal contract
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contract formed in whole or in part from the conduct of the parties
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implied in fact contract
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contract that does not require a specified form or formality in order to be valid
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informal contract
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intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person rather than by the party's own, subjective intentions
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objective theory of contracts
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How are VDLs produced?
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VDLs are produced by adding grape spirit to must before any fermentation has taken place. Alcohol level is around 16-17 percent abv.
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a person who makes an offer
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offeror
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person's assurance that he/she will or will not do something
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promise
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person to whom a promise is made
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promisee
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person who makes a promise
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promisor
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"as much as he deserves"
extent of liability on a contract. iplied in law -- based on concept that one who benefits from another's labor and materials should not be unjustly enriched thereby but should be required to pay a reasonable amount for benefits received, even absent a contract |
quantum meruit
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fictional contract imposed on parties by a court in the interests of fairness and justice
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quasi contract
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a valid contract rendered unenforceable by some statute or law
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unenforceable contract
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contract that results when an offer can only be accepted by the offeree's performance
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unilateral contract
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contract that results when elements necessary for contract formation are present
1) agreement 2) consideration 3) legal purpose 4) contractual capacity |
valid contract
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contract having no legal force or binding effect (no contract)
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void contract
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contract that may be legally avoided (cancelled of annulled) at the option of one of the parties
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voidable contract
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