Exam 1 Vocabulary Flashcards
A declaration by a person to do or not to do a certain act
Promise
The person making the promise
Promisor
The person to whom the promise is made
Promisee
An agreement that can be enforced in court formed by two or more parties who agree to perform or to refrain from performing some act now or in the future
Contract
Contracting parties shall be bound by terms that can objectively be inferred from promises made
Objective Theory of Contracts
The party making the offer
Offeror
The party to whom the offer is made
Offeree
A promise for a promise
Bi-lateral Contract
A promise for an act
Unilateral Contract
Contracts that require a special form or method of creation to be enforceable
Formal Contract
No special form is required; usually based on substance rather than form
Informal Contract
The terms of the agreement are fully and explicitly stated in words, oral or written
Expressed Contracts
The conduct of the parties creates and defines at least some of the terms of the contract
Implied Contracts
A contract that has been fully performed by both parties
Executed Contract
A contract that has not yet been fully performed
Executory Contract
A contract that results when the elements necessary for a contract formation are present
Valid Contract
A valid contract, but one that can be avoided at the option of one or both of the parties
Voidable Contract
One that cannot be enforced because of certain legal defenses against it
Unenforceable Contract
No contract at all; None of the parties has any legal obligations
Void Contract
An obligation or contract imposed by law, in the absence of an agreement, to prevent the unjust enrichment of one party
Quasi Contracts
Contracts implied in law
Quasi Contracts
Fictional contracts that courts can impose on the parties as of the parties had entered into an actual contract
Quasi Contracts
A mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract
Agreement
A promise or commitment to perform or refrain from performing some specified act in the future
Offer
The withdrawal of a contract offer by the offeror
Revocation
A rejection of the original offer and the simultaneous making of a new offer
Counteroffers
Offeree’s acceptance match the offeror’s offer exactly
Mirror Image Rule
A contract under which the offeror cannot revoke the offer for a stipulated time period
Option contract
A voluntary act by the offeree that shows assent, or agreement, to the terms of an offer
Acceptance
Acceptance takes effect at the time the offeree sends or delivers the acceptance
The Mailbox Rule
