Contracts Flashcards

1
Q

Implied Contract

A

A contract created by the ACTIONS of the parties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Express Contract

A

A contract that is either written or oral.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Quasi-Contract

A

A binding obligation imposed by the Court to avoid injustice or unjust enrichment. There is an obligation under a contract, but the elements have not been fulfilled.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Offer

A

An objective expression of a promise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Acceptance

A

Express agreement to a contract’s terms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Consideration

A

Value brought by each party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Mutuality of Obligation

A

“meeting of the minds” All parties must agree to the specific terms of the contract.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly