3 - Ch 11 Flashcards
contract
a binding agreement based upon the genuine assent of the parties, made for a lawful object, between competent parties, in the form required by law, and generally supported by consideration
promisor
a person who makes a promise
promisee
a person to whom a promise is made
obligor
a promisor
obligee
a promise who can claim the benefit of the obligation
privity
a succession or chain of relationship to the same thing or right, such as privity of contract, privity of estate, privity of possession
privity of contract
the relationship between a promisor and the promisee
offeror
person who makes an offer
offeree
person to whom an offer is made
formal contracts
written contracts or agreements whose formality signifies the parties’ intention to abide by the terms
contract under seal
a contract executed by affixing a seal or making an impression on the paper or on some adhering substance such as wax attached to the document
recognizance
an obligation entered into before a court to do some act, such as to appear at a later date for a hearing. also called a “contract record”
informal contract
a simple oral or written contract
express contract
an agreement of the parties manifested by their words whether spoken or written
implied contract
a contract expressed by conduct or implied or deduced from the facts
valid contract
an agreement that is binding and enforceable
voidable contract
an agreement that is otherwise binding and enforceable but may be rejected at the option of one of the parties as the result of specific circumstances
void agreement
an agreement that cannot be enforced
executed contract
an agreement that has been completely performed
executory contract
an agreement by which something remains to be done by one ofr both parties
bilateral contract
an agreement under which one promise is given in exchange for another
unilateral contract
a contract under which only one party is obligated to perform
option contract
a contract to hold an offer to make a contract open for a fixed period of time
right of first refusal
the right of a party to meet the terms of a proposed contract before it is executed, such as a real estate purchase agreement
quasi contract
a court imposed obligation to prevent unjust enrichment in the absence of a contract
quantum meruit
as much as deserved; an action brought for the value of the services rendered the defendant when there was no express contract as to the purchase price
