Chapter 1 Flashcards
Bilateral contract
A contract in which a promise is exchanged for a promise
Consideration
A bargain of the contract; a benefit conferred or detriment incurred at the request of the other party
Contract
The legally enforceable agreement between two or more parties in which each agree to give and receive something of legal value
Contractual capacity
The legal ability of a person to enter into a contractual relationship
Contractual intent
The purposefulness of forming a contractual relationship
Equity
The branch of the law that deals with fairness and mercy to prevent unjust enrichment
Executed contract
A contract that is complete and final with respect to all of its terms and conditions
Executory contract
A contract in which one or both of the parties still have obligations to perform
Express contract
A contract manifested in words, oral or written
Formal contract
Historically, a written contract under seal; currently, any contract so designated by a state statute
Implied-in-fact contract
Quasi-contract
Informal contract
Any non-formal contract
Mutual assent
Agreeing to the same terms at the same time; the offer and acceptance combined
Offer
A proposal by one party to another manifesting an intent to enter into valid contract
Quasi-contract
A legal relationship that the courts, in the interest of fairness and equity, treat in a manner similar to a contractual relationship, even though no contract exists
