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14 Cards in this Set
- Front
- Back
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Acceptance
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manifestation of assent to the offer proposed
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Bilateral contract
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a contract in which a promise is exchanged for a promise
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Consideration
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the bargaining of the contract; a benefit conferred or detriment incurred at the request of the other party
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Contract
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a legally enforceable agreement between two or more parties in which each agrees to give and receive something of legal value
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Contractual capacity
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the legal ability of a person to enter into a contractual relationship
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Contractual intent
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the purposefulness of forming a contractual relationship
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Equity
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the branch of the law that deals with fairness and mercy to prevent unjust enrichment
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Implied-in-fact contract
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a contract in which the promises of the parties are inferred
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Offer
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a proposal by one party to another manifesting intent to enter into a valid contract
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Quasi-contract
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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
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Unilateral contract
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a contract in which a promise is exchanged for an act
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Void contract
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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
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Voidable contract
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a contract that one party may avoid at his option without being in breach of contract
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Six requirements of every valid contract
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1. Offer
2. Acceptance 3. Consideration 4. Contractual capacity 5. Legality of subject matter 6. Contractual intent |
