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6 Cards in this Set

  • Front
  • Back
Withdrawing of offer by the Offeror
Implied Contracts
Actions and circumstances infer and define the terms of the contract.
May be words, conduct, gestures
These contracts are implied at law
Bilateral Contracts
Two promises - a promise in exchange for a promise.
Ex: I promise to pay you $25 to mow my lawn; you promise to mow my lawn.
If promises are broken, there may be responsibility if losses are incurred.
Types of contracts
Express and Implied Contracts
Quasi Contracts
Bilateral and Unilateral Contracts
Executory and Executed Contracts
Valid, Void, Voidable and Unenforceable Contracts
Express Contracts
Direct statements by the parties of the promises made.
May be oral or written.
All important terms are expressly stated between the parties
AGREEMENT (Mutual Understanding Between Parties)
The Offer -Creates the Offeror and Offeree
Manifestation of Intent to offer
Definite & essential terms
Communication of Offer
The Acceptance -Expression of assent
Unconditional Intent
Must be a mirror image of the offer (If conditions are added = counteroffer)
Accept in manner specified