ch 5 how contracts arise
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10 terms
Terms | Definitions |
|---|---|
 valid contract | A contract that is a legally binding and fully enforceable |
| offer | a proposal made by one party that he or she is willing to enter a contract |
| void contract | A contract that has no legal effect |
| Contract | any agreement that is enforceable by law |
| Implied in fact contract | Contract that comes about by the acts of parties |
| Acceptance | Unqualified agreement by the offere to be bound by the offer |
| Counteroffer | offer that has been changed by the offeree |
| Express contract | A contract stated in oral or written words |
| Bilateral contract | a contract in which both parties make promises |
| Unilateral contract | a contract in which one party makes a promise in exchange for an act |
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