contract basics Flashcards
1
Q
requirements to form valid contract
A
1) mutual assent (offer and acceptance)
2) consideration
3) no defenses to formation
2
Q
consideration
A
bargained-for exchange of legal value between the parties
3
Q
bilateral contract
A
exchange of mutual promises
4
Q
unilateral contract
A
offeror-promisor agrees to pay upon completion of the act requested by the promisee; once act is completed, K is formed
5
Q
quasi-contract
A
not a contract, but a restitution remedy designed to prevent unjust enrichment; an implied-in-fact K arises when there is an unenforceable or non-existent agreement, but one side has realized a benefit
