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15 Cards in this Set

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