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10 Cards in this Set
- Front
- Back
contract
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any agreement enforcable at law.
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valid
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Legally good, such as a valid contract
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void
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no legal force, no legal effects whatsoever.
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express contract
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stated in words and may be either oral or written
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implied contract
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comes about from the actions of the parties, used mostly without using any words.
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bilateral contract
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contains two promises one by each person, one promises to do something in exchange for others promise to do something.
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unilateral contract
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one promise only. one promises to do something if and when the other person performs some act.
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offer
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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.
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acceptance
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Unqualified willingless to go along with a offer, must make acceptance uncondtional and follow the rules regarding mkethods of acceptance.
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counteroffer
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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.
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