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11 Cards in this Set
- Front
- Back
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A binding agreement in which each party has made a promise to the other.
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Bilateral contract
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A legally enforceable promise or set of promises.
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Contract
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A binding agreement in which all parties have fulfilled all obligations.
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Executed contract
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A binding agreement in which one or more of the parties has not fulfilled its obligations.
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Executory contract
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A binding agreement in which the parties explicitly state all important terms.
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Express contract
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A contract in which one party agrees not to compete with another in a stated type of business.
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Noncompetition agreement
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"As much as she deserves." The damages awarded in a quasi-contract case.
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Quantum meruit
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A legal fiction in which, to avoid injustice, the court awards damages as if a contract had existed, although one did not.
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Quasi-contract
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A binding agreement in which one party has made an offer that the other can accept only by action, not words.
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Unilateral contract
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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.
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Void agreement
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An agreement that, because of some defect, may be terminated by one party, such as a minor, but not by both parties.
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Voidable contract
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