Contracts - Intro and Classification Flashcards
List the enforceability classifications of contracts.
Valid, Void, Voidable, Unenforceable.
What is a unilateral contract?
A promise in exchange for an act.
List the sources of contract law and the items to which they apply.
Common law - real estate and services;
Uniform Commercial Code - Goods.
Define “contract.”
An agreement supported by consideration between two or more persons with competent capacity for a legal purpose.
Define “unenforceable contract.”
A valid contract that cannot be enforced due to a legal defense.
What is an executed contract?
A contract that is fully performed by both sides.
Define “quasi-contract.”
A contract imposed by law, despite the fact no actual intent to make a contract exists, to prevent unjust enrichment.
What is a bilateral contract?
A promise in exchange for a promise.
What constitutes an executory contract?
A contract not fully performed by both sides.
Define “void contract.”
A contract that violates the law or lacks an element that results in courts lacking authority to have parties honor it.
Define “implied-in-fact contract.”
A contract formed at least in part based on the conduct of the parties.
Define “voidable contract.”
A valid contract for which a party has the option to avoid liability.
Define “express contract.”
A contract formed wholly by oral and/or written words.
List the classifications of contracts in terms of degree of performance completion.
Executed and Executory.
