ACC583B

Card Set Information

Author:
mmdevost
ID:
37448
Filename:
ACC583B
Updated:
2010-09-26 15:29:01
Tags:
Contracts
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Description:
Contract vocabulary
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  1. bilateral contract
    A type of contract that arises when a promise is given in exchange for a return promise.
  2. quantum meruit
    (pronounced kwahn-tuhm mehr-oo-wuht) Literally, as much as he deserves—an expression describing the extent of liability on a contract implied in law (quasi contract). An equitable doctrine based on the concept that one who benefits from another's labor and materials should not be unjustly enriched thereby but should be required to pay a reasonable amount for the benefits received, even absent a contract.
  3. contract
    An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future.

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