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15 Cards in this Set
- Front
- Back
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Elements of a valid contract
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Agreement, consideration, contractual capacity, and legality
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Possible defenses to the enforcement of a contract
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Genuineness of assent and form
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Bilateral
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A promise for a promise (most common)
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Unilateral
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A promise for an act
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Formal
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Requires a special form for contract formation
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Informal
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Requires no special form for contract formation
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Express
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Formed by words(oral, written, or combination)
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Implied in fact
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Formed at least in part by the conduct of the parties
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Executed
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A fully performed contract
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Valid
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A contract that has the necessary contractual elements of offer and acceptance, consideration, parties with legal capacity, and having been made for legal purpose
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Voidable
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A contract in which a party has the option of avoiding or enforcing the contractual obligation
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Unenforceable
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A valid contract that cannot be enforced because of a legal defense
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Void
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No contract exists, or there is a contract without legal obligations
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Quasi contract
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A quasi contact, or a contract implied in law, is a contract that is imposed by law to prevent unjust enrichment
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genuinious of sent
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good faith during formation of contract
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