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26 terms

Intro to Law Chapter 12

STUDY
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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