Quiz 1 definitions Flashcards
Agreement?
Meeting of the minds- both parties agree
Define contract
An oral or written agreement between two or more persons; that is an exchange relationship; involving at least one promise; that is enforceable
Manifestation of mutual assent
Appearance that an agreement has been reached. Behavior; discerned from actions of the party rather then words.
Express contract?
Contract with significant clear definite unambiguous terms stated orally or in writing.
Implied contract?
A context that is not manifested by words but gathered by implications or actions. Contract formed without express statement of terms, by words or actions
Bilateral contract?
Contract in which both parties make promises. A promise for a promise.
Unilateral contract?
Contract that is formed when one party acts in response to another party’s promise
Executory?
Contract in which obligations have not been fulfilled. These remain something to be done
Executed?
Contract in which all obligations have been met. Nothing further remains to be done
Promise?
A promise is an undertaking to act or refrain from acting in a specified way at some future time
Deductive reasoning?
Moves from a general premise to a more specific conclusion. -eg is a closing argument-
Inductive reasoning?
Moves from a specific premise to a more general conclusion- eg am opening argument
Void
An agreement with no legal effect. As if it never existed. Not enforceable
Void able
One party has power to invalidate contract if they choose
Unenforceable?
A contract that is valid but for some reason-e.g statute of limitations- cannot be enforced
