Term
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Definition
| a person's assurance that the person will or will not do something |
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Term
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| "a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty." |
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Term
| objective theory of contracts |
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Definition
| a party's intention to enter into a legally binding agreement, or contract, is judged by outward, objective facts as interpreted by a reasonable person, rather than the party's own secret, subjective intentions |
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Term
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Definition
| An agreement to form a contract includes an offer and an acceptance. One party must offer to enter into a legal agreement, and another party must accept the terms of the offer. |
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Term
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Definition
| Any promises made by the parties to the contract must be supported by legally sufficient and bargained-for consideration (something of value received or promised, such as money, to convince a person to make a deal) |
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Term
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Definition
| Both parties entering into the contract must have the contractual capacity to do so; the law must recognize them as possessing characteristics that qualify them as competent parties. |
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Definition
| the contract's purpose must be to accomplish some goal that is legal and not against public policy |
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| the apparent consent of bother parties must be genuine. For example, if a contract was formed as a result of fraud, undue influence, mistake, or duress, the contract may not be enforceable |
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Term
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Definition
| The contract must be in whatever form the law requires; for example, some contracts must be in writing to be enforceable. |
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Definition
| the party making the offer |
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Term
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Definition
| the party to whom the offer is made |
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Term
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Definition
| if the offeree can accept simply by promising to perform. "A promise for a promise." |
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Term
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Definition
| if the offer is phrased so that the offeree can accept the offer only by completing the contract performance. "Promise for an act." |
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Term
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Definition
| the one making the promise |
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Term
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Definition
| the one to whom the promise was made |
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Term
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Definition
| contracts that require a special form or method of creation (formation) to be enforceable. |
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Term
| types of formal contracts |
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Definition
| Contracts under seal, letters of credit |
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Term
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Definition
| simple contracts, no special form is required (except for certain types of contracts that must be in writing), as the contracts are usually based on their substance rather than their form. |
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Term
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Definition
| the terms of the agreement are fully and explicitly states in words, oral or written. |
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Term
| implied-in-fact or implied contract |
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Definition
| a contract that is implied from the conduct of the parties. The conduct of the parties creates and defines the terms of the contract. |
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Term
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| a contract that has been fully performed on both sides |
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Term
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Definition
| a contract that has no been fully performed by the parties |
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Term
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Definition
| has the elements necessary to entitle at least one of the parties to enforce it in court. |
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Term
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Definition
| is a valid contract but one can be avoided at the option of one or both parties. |
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Term
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Definition
| is one that cannot be enforced because of certain legal defenses against it. |
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Definition
| is no contract at all. There are no legal obligations on any of the parties. |
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Term
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Definition
| contracts implied in law, that are not actual contracts. Fictional contracts created by courts and imposed on parties in the interests of fairness and justice. |
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Term
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Definition
| "as much as he or she deserves." The extent of the compensation owed under a contract implied by law |
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