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14 Cards in this Set
- Front
- Back
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Substantial Performance |
when a substantial amount of constractual work has been completed the offeree cannoth then rescend an offer |
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Formal contracts |
A contract that requires a special form or method of creation |
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Informal contract |
A contract that is not formal. Valid informal contracts are fully enforcable and may be sued upon if breached |
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Types of K's |
Void Valid Voidable Unenforceable |
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Void |
A contract that has no legal effect a nullity |
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Valid |
A contract that meets all the essiential elements to establish a contract; a contract that is enforcable by at least one of the parties |
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Voidable contract |
A contract in which one or both partied have the option to void their contractual obligations. If a contract is voided, both partied are released from their contractual obligations |
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Unenforceable |
A contract which the essiential elemenrts to create a valid contract are met but there is some legal defense to the enforcement of the contract |
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Executory contract |
A contract that has not ben fully formed by either or both sides |
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Executed contract |
A contract that has been fully performed on both sides; a completed contract |
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Express contract |
An agreement that is expressed in written or oral words |
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Implied |
A contract in which agreement between parties has been inferred from their conduct |
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Quasi |
An equitable doctrine whereby a court may award monetary damages to a plantiff for providing work or services ro a defendant even though no actual contact existed. The doctrine is intended to prevent unjust enrichment and unjust detriment |
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Equity |
A doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law |
