3 - Ch 11

Question 1

contract

Answer 1

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

Question 2

promisor

Answer 2

a person who makes a promise

Question 3

promisee

Answer 3

a person to whom a promise is made

Question 4

obligor

Answer 4

a promisor

Question 5

obligee

Answer 5

a promise who can claim the benefit of the obligation

Question 6

privity

Answer 6

a succession or chain of relationship to the same thing or right, such as privity of contract, privity of estate, privity of possession

Question 7

privity of contract

Answer 7

the relationship between a promisor and the promisee

Question 8

offeror

Answer 8

person who makes an offer

Question 9

offeree

Answer 9

person to whom an offer is made

Question 10

formal contracts

Answer 10

written contracts or agreements whose formality signifies the parties’ intention to abide by the terms

Question 11

contract under seal

Answer 11

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

Question 12

recognizance

Answer 12

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”

Question 13

informal contract

Answer 13

a simple oral or written contract

Question 14

express contract

Answer 14

an agreement of the parties manifested by their words whether spoken or written

Question 15

implied contract

Answer 15

a contract expressed by conduct or implied or deduced from the facts

Question 16

valid contract

Answer 16

an agreement that is binding and enforceable

Question 17

voidable contract

Answer 17

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

Question 18

void agreement

Answer 18

an agreement that cannot be enforced

Question 19

executed contract

Answer 19

an agreement that has been completely performed

Question 20

executory contract

Answer 20

an agreement by which something remains to be done by one ofr both parties

Question 21

bilateral contract

Answer 21

an agreement under which one promise is given in exchange for another

Question 22

unilateral contract

Answer 22

a contract under which only one party is obligated to perform

Question 23

option contract

Answer 23

a contract to hold an offer to make a contract open for a fixed period of time

Question 24

right of first refusal

Answer 24

the right of a party to meet the terms of a proposed contract before it is executed, such as a real estate purchase agreement

Question 25

quasi contract

Answer 25

a court imposed obligation to prevent unjust enrichment in the absence of a contract

Question 26

quantum meruit

Answer 26

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