Contracts Flashcards
1
Q
Contract
A
A legally enforceable agreement.
2
Q
Express Contract
A
A contract that results from words. (Written/Oral)
3
Q
Implied Contract
A
A contract that results from conduct.
4
Q
Mutual assent
A
Offer and Acceptance
5
Q
Bilateral Contract
A
It is formed from an offer that is open as to the method of acceptance, either by performance or promise.
6
Q
Unilateral Contract
A
It requires full performance as a method of acceptance.
7
Q
Offer
A
A direct proposal that a contract can be entered into providing an exchange of defined performance; creating the power of acceptance.
8
Q
Consideration
A
Bargain for exchange for the legal detriment of both parties.
