• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

17 Cards in this Set

  • Front
  • Back
What is a contract?
An agreement between two or more parties to do (or not to do) certain thing, which the court will enforce.
What makes an agreement enforceable by a court?
the agreement must be made by the rules of contract law.
What are the purposes of the rules of contract law?
To protect the parties against misunderstandings and false claims.
What are the four ways of classifying all contracts?
1. Express or implied
2. Unilateral or bilateral
3. Executory or executed
4. Valid, voidable, void, or unenforceable
What is an express contract?
And agreement that has been made in words, whether spoken or written.
What is an implied contract?
An agreement that hasn't been put into words, but is implied from the actions of the parties.
What is a unilateral contract?
When one party promises something for the performance of a certain action, but the other party does not promise to perform.
When does a unilateral contract exists?
It is formed only if the other party performs the requested action.
What is a bilateral contract?
One exists when each party makes a binding promise to the other. It is formed by the exchange of promises.
What is an executory contract?
A contract where something remains to be done by one party.
What is an executed contract?
One that has been fully performed.
Note: most contracts start executory and end up executed.
What is a valid contract?
An agreement that meets all legal requirements for contract formation.
What is a void contract?
One that doesn't meet one or more of the requirements for contract formation. It is not a contract.
What is a voidable contract?
If one of the parties has a right to either rescind or affirm the contract. Usually happens when one party has been taken advantage of in some way.
What is in unenforceable contract?
A contract that may be valid in all respects except that it cannot be enforced in a court of law. e.g. when a valid contract becomes unenforceable b/c the statute of limitations has run out.
What are the four essential elements for a valid contract?
1. Mutual assent
2. Capacity to contract
3. Consideration
4. Lawful purpose
What is needed for the capacity to contract?
the person must be:
1. at least 18 years old
2. legally competent