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22 Cards in this Set
- Front
- Back
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Bilateral contract
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contract in which both parties exchange promises
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Breach
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failure to properly perform a contractual obligation
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Common law
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most contracts are primarily governed by state common law, including contracts involving employment, services, insurance, real property, patents, and copyrights
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Contract
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binding agreement that the courts will enforce
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Executed contract
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contract fully performed by all of the parties
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Executory contract
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contract not fully performed
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Express contract
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agreement of parties that is stated in words either in writing or orally
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Goods
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tangible personal property
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Implied in fact contract
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contract where agreement of the parties is inferred from their conduct
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Personal property
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property other than an interest in land
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Promisee
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person to whom a promise is made
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Promisor
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person making a promise
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Promissory estoppel
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doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement
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Quasi contract
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obligation not based upon contract that is imposed to avoid injustice
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Real property
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land and anything attached to it
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Sale
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the transfer of title from seller to buyer
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Unenforceable contract
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contract for the breach of which the law does not provide a remedy
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Uniform Commercial Code
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Article 2 of the UCC governs the sales of goods
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Unilateral contract
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contract in which only one party makes a promise
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Valid contract
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contract that meets all of the requirements of a binding contract
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Void contract
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an agreement without legal effect
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Voidable contract
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contract capable of being made void
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