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14 Cards in this Set

  • Front
  • Back
manifestation of assent to the offer proposed
Bilateral contract
a contract in which a promise is exchanged for a promise
the bargaining of the contract; a benefit conferred or detriment incurred at the request of the other party
a legally enforceable agreement between two or more parties in which each agrees to give and receive something of legal value
Contractual capacity
the legal ability of a person to enter into a contractual relationship
Contractual intent
the purposefulness of forming a contractual relationship
the branch of the law that deals with fairness and mercy to prevent unjust enrichment
Implied-in-fact contract
a contract in which the promises of the parties are inferred
a proposal by one party to another manifesting intent to enter into a valid contract
a legal relationship that the courts, in the interest of fairness and equity, treat in a manner similar to a contractual relationship, even though no contract exists
Unilateral contract
a contract in which a promise is exchanged for an act
Void contract
a situation in which the parties have attempted to create a contract, but in which one or more of the requisite elements are missing, so no contract exists
Voidable contract
a contract that one party may avoid at his option without being in breach of contract
Six requirements of every valid contract
1. Offer
2. Acceptance
3. Consideration
4. Contractual capacity
5. Legality of subject matter
6. Contractual intent