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24 Cards in this Set

  • Front
  • Back
contract
a voluntary exchange of promises, creating obligations, which if defaulted on can be enforced and remedied in the courts
formal contract
an agreement under seal
simple contract
written or verbal agreement
express contract
clear verbal or written statement of an agreement
implied contract
an agreement inferred from the conduct of the parties
valid contract
a legally binding agreement
void contract
not a legally binding agreement because an essentail ingredient is missing
voidable contract
oneof the parties has the option to end the contract
illegal contract
one that is unenforceable because it has an unlawful purpose
bilateral contract
a contract in which both parties assume an obligation
unilateral contract
a promise that becomes binding only when someon voluntarily completes the required act
consensus
when both parties understand and agree to the terms of a contract
offer
a tentative promise to do something if another party fulfills what the first party requests
invitation to treat
invitation to engage in the bargaining process
counteroffer
a subsidiary contract in which seperate consideration is given to the offerer in excahnge for a commitment to keep the offer open for a specific length of time
option agreement
a subsidiary contract in which separate consideration is given to the offerer in exchange for a commitment to keep the offer open for a specific length of time
acceptance
when one party agrees to the terms of the offer made by another
post box rule
mailed acceptance is effective when and where it is dropped into a mailbox
revocation
withdrawl of an offer before acceptance, must be communicated to the offeree
consideration
the price one is willing to pay for promise set out in the offer
gratuitous promise
a one-sided deal that the courts will not enforce
past consideration
something completed before an agreement is made is not valid consideration
illegal conseration
a promised payment to commit an unlawful act is not valid consideration and wil not be enforced by a court
promissory estoppel
or equittable estoppel - when party A makes bare promise relieveing party B of some obligation, then chagnes mind and sues to enforce original obligation, B can successfully defend on basisi of promisory estoppel