Introduction and Classification Flashcards
Define “Implied-in-fact Contract”
A contract formed at least in part based on the conduct of the parties
Define “Contract”
An agreement supported by consideration between two or more persons with competent capacity for a legal purpose
Define “Express Contract”
A contract formed wholly by oral and/or written words
What constitutes an executory contract?
A contract not fully performed by both sides
What are the enforceability classifications of contracts?
- Valid
- Void
- Voidable
- Unenforceable
Define “Void Contract”
A contract that violates the law or lacks an element necessary for a court to enforce the agreement (e.g., a contract entered into by a party who has been declared incompetent)
What is a bilateral contract?
A promise in exchange for a promise
What is an executed contract?
A contract that is fully performed by both sides
What is an “unenforceable contract?”
A valid contract that cannot be enforced due to a legal defense
Define “Quasi-Contract”
A contract imposed by law, even when no contract was formed, to prevent unjust enrichment
What is a unilateral contract?
A promise in exchange for an act
What are the 2 types of contract law?
- ) Common law - applies to real estate and services
2. ) Uniform commercial code - Sale of goods
List the classifications of contracts in terms of degree of performance and completetion
- ) Executed
2. ) Executory
What is a “Voidable Contract?”
A valid contract in which a party has the option to avoid liability
