Term
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Definition
| An agreement between competent parties who agree to do or not to do something for legal consideration. |
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Term
| 4 Essential Elements of a Contract |
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Definition
1. Offer & Acceptance
2. Consideration
3. Legally competent parties
4. Legal purpose |
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Term
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Definition
| A law that enforces that certain types of contracts need to be in writing to be considered enforcable. |
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Term
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Definition
| A specific time limit during which parties to a contract may bring legal action to enforce their rights. |
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Term
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Definition
| An oral or written contract where both parties state the terms and show their intentions in words. |
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Term
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Definition
| A verbal contract based on actions and conduct. |
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Term
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Definition
| A promise made to induce a second party to act. |
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Term
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Definition
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Term
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Definition
| A complete contract where there is nothing left to do. |
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Term
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Definition
| A contract where there is something left to be done before the contract is final. |
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Term
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Definition
| A contract that complies with all the essential elements of a contract. |
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Term
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Definition
| A contract that has no legality because it does not meet the necessary elements of a contract. |
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Term
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Definition
| A contract that appears to be legal, but may be rejected or disaffirmed based on some legal principle. |
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Term
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Definition
| An oral contract between 2 parties for the sale of real estate. |
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