Business Law

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Business Law
2011-02-19 15:41:22
Chapter Ten

Nature and Terminology
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  1. 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 resonable amount for the benefits received, even absent a contract.
    quantum meruit (pronounced kwahn-tuhm mehr-oo-wuht)
  2. A type of contract that arises when a promise is given in exchange for a return promise.
    Bilateral Contract
  3. 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.
  4. A contract that has been completely performed by both parties.
    Executed Contract
  5. A contract that has not as yet been fully performed.
    Executory Contract
  6. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.
    Express Contract
  7. A contract that by law requires a specific form, such as being executed under seal, to be valid.
    Formal Contract
  8. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
    Implied-in-fact Contract
  9. A contract that does not require a specified form or formality in order to be valid.
    Informal Contract
  10. A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by a party's own secret, subjective intentions.
    Objective Theory of Contracts
  11. A person to whom an offer is made
  12. A person who makes an offer
  13. A person to whom a promise is made
  14. A person who makes a promise
  15. A fictional contract imposed on parties by a court in the interests of fairness and justice; usually, _____ are imposed to avoid the unjust enrichment of one party at the expense of another.
    quasi contract
  16. A valid contract rendered unenforceable by some statute or law.
    Unenforceable Contract
  17. A contract that results when an offer can only be accepted by the offeree's performance.
    Unilateral Contract
  18. A contract that results when elements necessary for contract formation (aggreement, consideration, legal purpose, and contractual capacity) are present.
    Valid Contract
  19. A contract having no legal force or binding effect.
    Void Contract
  20. A contract that may be legally avoided ( canceled, or annulled) at the option of one of the parties.
    Voidable Contract