Chp. 11

Front 1

promise

Back 1

declaration by a person to do or not to do a certain act

Front 2

promisor

Back 2

the person making the promise

Front 3

promisee

Back 3

the person to whom the promise is made

Front 4

contract

Back 4

"a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty."

or

an agreement that can be enforced in court

Front 5

offeror

Back 5

party making the offer

Front 6

offeree

Back 6

the party to whom the is made

Front 7

bilateral contract

Back 7

promise for a promise

Front 8

unilateral contract

Back 8

promise for an act

Front 9

express contract

Back 9

the terms of the agreement are fully and explicitly stated in words, oral or written

Front 10

implied contract

Back 10

is implied from the conduct of the parties

Front 11

executed contract

Back 11

a contract that has been fully performed on both sides

Front 12

executory contract

Back 12

a contract that has not been fully performed by both sides

Front 13

valid contract

Back 13

has the elements necessary to entitle at least one of the parties to enforce in court

Front 14

voidable contract

Back 14

a valid contract but one that can be avoided at the option of one or both of the parties

Front 15

unenforceable contract

Back 15

a contract that cannot be enforces because of certain legal defenses against it

Front 16

void contract

Back 16

no contract at all

Front 17

extrinsic evidence

Back 17

any evidence not contained in the document itself--such as the testimony of parties and witnesses, additional agreements or communications, or other relevant information

Front 18

What are the 4 requirements of a valid contract?

Back 18

1. agreement

2. consideration

3. contractual capacity

4. legality

Front 19

What are the 2 defenses to the enforceability of a contract?

Back 19

1. voluntary consent

2. form