Vocab 10

Question 1

A declaration that binds a person who makes it (the promisor) to do or not do a certain act.

Answer 1

Promise

Question 2

A person who makes a promise.

Answer 2

Promisor

Question 3

A person to whom a promise is made.

Answer 3

Promisee

Question 4

A set of promises constituting an agreement between parties, giving each a legal duty to the other and the right to seek a remedy for the breach of the promises or duties.

Answer 4

Contract

Question 5

The view that contracting parties shall only be bound by terms that can be objectively inferred from promises made.

Answer 5

Objective Theory of Contracts

Question 6

A person who makes an offer.

Answer 6

Offeror

Question 7

A person to whom an offer is made.

Answer 7

Offeree

Question 8

A type of contract that arises when a promise is given in exchange for a return promise.

Answer 8

Bilateral Contract

Question 9

A type of contract that results when an offer can be accepted only by the offeree’s performance.

Answer 9

Unilateral Contract

Question 10

An agreement that by law requires a specific form for its validity.

Answer 10

Formal Contract

Question 11

A contract that does not require a specific form or method of creation to be valid.

Answer 11

Informal Contract

Question 12

A contract in which the terms of the agreement are stated in words, oral or written.

Answer 12

Express Contract

Question 13

A contract formed in whole or part from the conduct of the parties.

Answer 13

Implied Contract

Question 14

A contract that has been fully performed by both parties.

Answer 14

Executed Contract

Question 15

A contract that has not yet been fully performed.

Answer 15

Executory Contract

Question 16

A contract that results when the elements necessary for contract information (agreement, consideration, capacity, and legality) are present.

Answer 16

Valid Contract

Question 17

A contract that may be legally avoided at the option of one or both of the parties.

Answer 17

Voidable Contract

Question 18

A valid contract rendered unenforceable by some statute or law.

Answer 18

Unenforceable Contract

Question 19

A contract having no legal force or binding effect.

Answer 19

Void Contract

Question 20

A Latin phrase meaning “as much as he or she deserves.” The expression describes the extent of compensation owed under a quasi contract.

Answer 20

Quantum Meruit

Question 21

An obligation or contract imposed by law (a court), in the absence of an agreement, to prevent the unjust enrichment of one party.

Answer 21

Quasi Contract

Question 22

Any evidence not contained in the contract itself, which may include the testimony of the parties, additional agreements or communications, or other information relevant to determining the parties’ intent.

Answer 22

Extrinsic Evidence