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11 Cards in this Set

  • Front
  • Back
A binding agreement in which each party has made a promise to the other.
Bilateral contract
A legally enforceable promise or set of promises.
A binding agreement in which all parties have fulfilled all obligations.
Executed contract
A binding agreement in which one or more of the parties has not fulfilled its obligations.
Executory contract
A binding agreement in which the parties explicitly state all important terms.
Express contract
A contract in which one party agrees not to compete with another in a stated type of business.
Noncompetition agreement
"As much as she deserves." The damages awarded in a quasi-contract case.
Quantum meruit
A legal fiction in which, to avoid injustice, the court awards damages as if a contract had existed, although one did not.
A binding agreement in which one party has made an offer that the other can accept only by action, not words.
Unilateral contract
An agreement that neither party may legally enforce, usually because the purpose of the bargain was illegal or because one of the parties lacked capacity to make it.
Void agreement
An agreement that, because of some defect, may be terminated by one party, such as a minor, but not by both parties.
Voidable contract