BUSINESS LAW - CHAPTER 9 (Contracts Nature and Classification)

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rootbytes
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267887
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BUSINESS LAW - CHAPTER 9 (Contracts Nature and Classification)
Updated:
2014-03-26 17:27:31
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Business Law Contracts
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Business Law
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  1. Contract 
    • A set of promises constituting an
    • agreement between parties, giving each a legal duty to the other and also the
    • right to seek a remedy for the breach of the promises or duties.
  2. Offer
    • A promise or commitment to
    • perform or refrain from performing some specified act in the future.
  3. Offeror
    A person who makes an offer.
  4. Offeree
    • A person to whom an offer is
    • made.
  5. Bilateral Contract
    • A type of contract that arises
    • when a promise is given in exchange for a return promise.
  6. Unilateral Contract
    • A contract that results when an
    • offer can be accepted only by the offeree’s performance.
  7. Executed Contract
    • A contract that has been fully
    • performed by both parties.
  8. Executory Contract
    • A contract that has been fully
    • performed by both parties.
  9. Valid Contract
    • A contract that results when the
    • elements necessary for contract formation (agreement, consideration, legal
    • purpose, and contractual capacity) are present.
  10. Void Contract
    • A contract having no legal force
    • or binding effect.
  11. Voidable Contract
    • A contract that may be legally
    • avoided at the option of one or both of the parties.
  12. Quasi Contract
    • An obligation or contract imposed
    • by law (a court), in the absence of an agreement, to prevent the unjust
    • enrichment of one party.
  13. Implied Contract
    • A contract formed in whole or in
    • part from the conduct of the parties.

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