Intro to Law Chapter 12

26 terms by ktestwuide

Create a new folder

Advertisement Upgrade to remove ads

Bilateral contract

agreement under which one promise is given in exchange for another

Contract

a legally binding agreement

Contracts under seal

a contract executed by affixing a seal or making an impression on the paper or on the paper or on some adhering substance such as wax attached to a document

Executed contract

agreement that has been completely preformed

Executor contract

agreement by which something remains to be done by one or both parties

Express contract

agreement of the parties manifested by their words, whether spoken or written

Formal contracts

written contracts or agreements whose formality signifies the parties' intention to abide by the terms

Implied contract

contract expressed by conduct or implies or deduced from the facts

Informal contract

simple oral or written contract

Obligee

promisee who can claim the benefit of the obligation

Obligor

promisor

Offeree

person to whom an offer is made

Offeror

person who makes an offer

Option contract

contract to hold an offer to make a contract open for a fixed period of time

Privity

succession or chain of relationship to the same thing or right

Privity of contract

relationship between a promisor and the promise

Promisee

person to whom a promise is made

Promisor

person who makes a promise

Quantum meruit

"as much as deserved;" an action brought for the value of the services rendered the defendant when there was no express contract as to the purchase price

Quasi contract

court-imposed obligation to prevent unjust enrichment in the absent of a contract

Recognizance

obligation entered into before a court to do some act, such as to appear at a later date for a hearing. Also called a contract of record

Right of first refusal

right of a party to meet the terms of a proposed contract before it is executed, such as a real estate purchase agreement

Unilateral contract

contract under which only one party makes a promise

Valid contract

agreement that is binding and enforceable

Void agreement

agreement that is otherwise binding and enforceable but may be rejected at the option of one of the parties as the result of specific circumstances

Voidable contract

agreement that cannot be enforced

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set