Term
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Definition
| a set of legally enforceable promises |
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Term
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Definition
| restricts what an employee may do after leaving a company,; often dictate where, when, and with whom an employee can work |
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Term
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Definition
| agreement and acceptance; consideration; contractual capacity; legal object |
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Term
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Definition
| an offer by one party (offeror) to enter into a contract acceptance of the terms by the other party (offeree) |
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Term
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Definition
| the bargained-for exchange; what each party gets in exchange for his or her promise under the contract |
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Definition
| the legal ability to enter into a binding agreement |
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Term
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Definition
| the cataract cannot be illegal or against public policy |
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Term
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Definition
| the contract was accepted by the offeree through improper means (fraud, duress, undue influence, or misrepresentation) |
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Term
| Uniform Commercial Code (UCC) |
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Definition
| a set of commercial laws that could be applicable to all states ;the UCC became law in each state that adopted it in whole or in part as an element of its state code |
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Term
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Definition
| contract for the sale of a good |
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Term
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Definition
| governs contracts for lease of a good |
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Definition
| a promise for a promise (e.g. I promise to pay you $10 dollars and you promise to paint my door) |
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Definition
| a promise for an action (e.g. a reward for finding dog) |
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Term
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Definition
| the terms of the contract are explicitly and clearly set forth in written or spoken words |
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Term
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Definition
| arise not from words but from the conduct of the parties; (e.g. if ambulance drives you to the hospital) |
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Term
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Definition
| implied-in-law contracts; imposed contractual obligations on one of the parties to prevent one party from being unjustly enriched at the expense of another |
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Term
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Definition
| legal contract; enforceable |
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Term
| valid-unenforceable contract |
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Definition
| a law prohibits the courts from enforcing the contract (e.g. the contract must be in writing) |
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Term
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Definition
| not a contract; illegal or otherwise defected |
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Term
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Definition
| if one or both parties has the ability to either withdraw from the contract or enforce it; certain errors make a contract voidable (minor, duress/fraud, etc.) |
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Term
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Definition
| all the terms of the contract have been fully performed |
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Term
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Definition
| some of the terms of the contract have not been performed |
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Term
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Definition
| contract with a special form or must be created in a specific manner |
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Term
| types of formal contracts |
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Definition
| 1) contract under seal; 2) recognizances; 3) letters of credit; 4) negotiable instruments |
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