Chapter 10 - Forming a Contract

Question 1

Offer

Answer 1

Proposal of a deal

Question 2

Acceptance

Answer 2

Party responds in certain way

Question 3

Consideration

Answer 3

Exchange between parties

Question 4

Legality

Answer 4

Contract must be for a lawful purpose

Question 5

Capacity

Answer 5

Parties must be of sound mind

Question 6

Consent

Answer 6

Trickery and force cannot be used in formation of contract

Question 7

Writing

Answer 7

Some contracts must be in writing

Question 8

Remedy

Answer 8

Court will award money or other relief

Question 9

Bi-lateral Contract

Answer 9

Both parties make a promise

Question 10

Unilateral Contract

Answer 10

One party makes a promise and other can only accept by doing something

Question 11

Executory Contract

Answer 11

Agreement in which one or more parties have not fulfilled obligations

Question 12

Executed Contract

Answer 12

Agreement where all parties have fulfilled their obligations

Question 13

Unenforceable Agreement

Answer 13

Court declares that law prevents enforcement of contract

Question 14

Voidable Contract

Answer 14

Can be terminated due to a defect

Question 15

Void Agreement

Answer 15

Agreement that neither party may legally enforce

Question 16

Express Contract

Answer 16

Agreement with all terms explicitly stated

Question 17

Implied Contract

Answer 17

Contract where words and conduct of parties indicate intent of an agreement

Question 18

Common Law

Answer 18

Common principles developed by courts

Question 19

Uniform Commercial Code

Answer 19

Developed to govern many aspects of commerce

Question 20

Goods

Answer 20

Things that are movable, other than money

Question 21

Promissory Estoppel

Answer 21

Remedy for defendant in case of no valid contract

Question 22

Quasi-Contract

Answer 22

Remedy for plaintiff in case of no contract

Question 23

Revocation

Answer 23

Cancellation of offer

Question 24

Mirror Image Rule

Answer 24

Contract doctrine that required acceptance to be on exactly same terms as the offer

Question 25

Mailbox Rule

Answer 25

Acceptance is effective upon dispatch