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Bilateral contract

agreement under which one promise is given in exchange for another


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


promisee who can claim the benefit of the obligation




person to whom an offer is made


person who makes an offer

Option contract

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


succession or chain of relationship to the same thing or right

Privity of contract

relationship between a promisor and the promise


person to whom a promise is made


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


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

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