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Law 2 > Chapter 9 > Flashcards

Chapter 9 Flashcards

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1
Q

A declaration that binds a person who makes it to do or not to do a certain act

A

Promise

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2
Q

A person who makes a promies

A

Promisor

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3
Q

A person to whom a promise is made

A

Promisee

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4
Q

A set of promises constituting an agreement between parties, giving each a legal duty to the other and also the right to seek a remedy for the breach of the promises or duties

A

Contracty

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5
Q

The view that contracting parties shall only be bound by terms that can objectively be inferred from promises made

A

Objective Theory of Contracts

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6
Q

A person who makes an offer

A

Offeror

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7
Q

A person to whom an offer is made

A

Offeree

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8
Q

Requirements of a Valid Contract(4)

A

Agreement
Consideration
Contractual Capacity
Legality

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9
Q

A type of contract that arises when a promise is given in exchange for a return promise

A

Bilateral Contract

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10
Q

A contract that results when an offer can be accepted only by the offeree’s performance

A

Unilateral Contract

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11
Q

A contract in which the terms of the agreement are stated in words, oral or written

A

Express Contract

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12
Q

A contract formed in whole or in part from the conduct of the parties

A

Implied Contract

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13
Q

A contract that has been fully performed by both parties

A

Executed Contract

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14
Q

A contract that has not yet been fully performed

A

Executory Contract

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15
Q

A contract that results when the elements necessary for contract formation are present

A

Valid Contract

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16
Q

A contract that may be legally avoided at the option of one or both of the parties

A

Voidable Contract

17
Q

A valid contract rendered unenforceable by some statute or law

A

Unenforceable Contract

18
Q

A contract having no legal force or binding effort

A

Void Contract

19
Q

An obligation or contract imposed by law, in the absence of an agreement, to prevent unjust enrichment of one party

A

Quasi Contract

20
Q

The meaning of the terms must be determined from the face of the instrument, from the written document alone

A

Plain Meaning Rule

Law 2 (22 decks)

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