business

Question 1

Offer

Answer 1

“An invitation to another party to enter into a contract” (Legal Information Institute).

Question 2

Acceptance -

Answer 2

“Assent to another party’s invitation to enter a contract, resulting in the formation of a contract” (Legal Information Institute).

Question 3

. Voidable Contract

Answer 3

“When one party to an agreement is under the age of 18 or is unable to comprehend legal obligations, the agreement is known by this term, and the youthful or impaired party may legally escape from obligations imposed by the agreement” (Legal Information Institute).

Question 4

Void Contract -

Answer 4

This type of agreement is invalid from the time of its creation, since it requires an illegal act” (Legal Information Institute).

Question 5

Executed Contract

Answer 5

“This term describes an agreement under which each party has carried out all its obligations” (Legal Information Institute).

Question 6

Executory Contract

Answer 6

“This term describes an agreement under which some obligations have yet to be carried out” (Legal Information Institute).

Question 7

Implied Contract

Answer 7

• “A contract created by a court to prevent one party from unjustly benefiting at the expense of the other party; it arises when one party supplies labor or material even though the parties have not made a contract; this type of contract is also known as a quasi-contract” (Legal Information Institute).

Question 8

Output

Answer 8

Output Contract - “Enforceable agreement in which one party agrees to sell the entire quantity of a certain product which it produces to the other party” (Legal Information Institute).

Question 9

Liquidated Debt

Answer 9

• “This exists when parties agree that one owes a certain amount of money to the other” (Legal Information Institute).

Question 10

Unliquidated Debt

Answer 10

• “This exists when parties cannot agree on the amount of money owed by one to the other, or even on whether one owes any money at all to the other” (Investopedia).

Question 11

Consideration

Answer 11

“Something received by a party to a contract; it is the thing which the party wanted to receive as a result of the contract; it is something for which the party bargained; it must be present for a contract to be enforceable” (Investopedia).

Question 12

Unilateral Contract

Answer 12

“An enforceable agreement under which one party makes a promise and the other party performs an act of some kind” (Investopedia).

Question 13

Requirements Contract

Answer 13

“Enforceable agreement in which one party agrees to purchase all it needs of a certain product from the other party” (Investopedia).

Question 14

Promissory Estoppel

Answer 14

This legal concept makes an agreement enforceable if one party was reasonable to rely on the other party’s promise, and enforcement of the promise is the only way to avoid an unjust result” (Investopedia).

Question 15

e. Bilateral Contract

Answer 15

“An enforceable agreement under which both parties make promises.”