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10 Cards in this Set

  • Front
  • Back
contract
any agreement enforcable at law.
valid
Legally good, such as a valid contract
void
no legal force, no legal effects whatsoever.
express contract
stated in words and may be either oral or written
implied contract
comes about from the actions of the parties, used mostly without using any words.
bilateral contract
contains two promises one by each person, one promises to do something in exchange for others promise to do something.
unilateral contract
one promise only. one promises to do something if and when the other person performs some act.
offer
a proposal by one party to another party to enter into a contract, the person making the offer is the offerer, with 3 basic requirements 1. must ne seriously intended, 2. must be definte and certain, 3 must be communicated to the offeree.
acceptance
Unqualified willingless to go along with a offer, must make acceptance uncondtional and follow the rules regarding mkethods of acceptance.
counteroffer
any change in the terms of the offer means that the offeree hasnt really accepted the offer, rather making a counteroffer, if it is made the original offer is not obligated to go along with the counteroffer, who is now an offeree under the counteroffer to accept or reject the counteroffer.