Chapter 12 Flashcards
A promise or set of promises for which the breach of the law gives remedy
contract
In contract law, intent is determined by
objective theory of contracts.
A contract where the offeree can simply accept by promising to perform
bilateral
A contract where the offeree can accept only by completing the contract performance
unilateral
Contracts that require special form or method
Formal contracts
A contract where the terms of the agreement are fully and explicityly stated in words,oral or written
express contract
A contract that is implied from the conduct of the parties is called and
implied contract
A contract that has been fully preformed on both sides
executed contract
A contract that has not been fully performed by both parties
executory
A contract with the necessary element to entitle at least one of the parties to enforce it in court.
valid contract
A contract that cannot be enforced becasue of legal defence against it
un enforecable contract
A valid contract that can be voided by 1 or both parties
voidable contract
a promise or commitment to do or refreain from doing some specified action in the future
offer
An offeror’s actg of revoking, or withdrawing and offer
revocation
A rejection of the original offer and simultaniously making of a new offer.
counteroffer
