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Cards In This Set
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A promise for a promise
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Bilateral contract
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A promise for an act (acceptance is the completed performance of the act)
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Unilateral contract
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Requires a special form for creation
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Formal contract
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Requires no special form for creation
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Informal contract
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Formed by words (oral, written, or combination)
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Express contract
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Formed by the conduct of the parties
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Implied in fact contract
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A fully performed contract
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Executed contract
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The contract has the necessary contractual elements: agreement (offer and acceptance), consideration, legal capacity of the parties, and legal purpose
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Valid contract
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One party has the option of avoiding or enforcing the contractual obligation
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Voidable contract
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A contract exists, but it cannot be enforced because of a legal defense
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Unenforceable contract
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No contract exists, or there is a contract without legal obligations
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Void contract
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Advertising that APPEARS to be based on factual evidence but in fact is not reasonable supported by some evidence.
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Deceptive advertising
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The advertisement info is true but incomplete, thus it leads consumers to a false conclusion
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Half truth
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Advertising a very low price for a particular item that will likely be unavailable to the consumer, who will then be encouraged to purchase a more expensive item.
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Bait-and-switch advertising
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List the four things the FTC says that must occur in order to have bait-and-switch advertising.
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1. The seller refuses to show the advertised item2. Fails to have a reasonable quantity of the item in stock3. Fails to promise to deliver the advertised item within a reasonable time.4. Discourages employees from selling the item.
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