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Cards In This Set
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Legally enforcable contract
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A contract in which if one party fails to perform as promised, the
other party can use the court system to enforce the contract and
recover damages or other remedy
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Contract
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A promise or set of promises for the breach of which the law gives a
remedy or the performance of which the law in some wayy recognizes a
duty; enforcable by a court or law of equity
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Offer
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The party who makes an offer
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Oferee
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The party to which an offer is made
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Electronic commerce (e-commerce)
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The sale and lease of goods, the sale of services, and the licensing of software over the internet
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Bilateral contract
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A contract entered into by way of exchange of promises of the parties "a promise for a promise"; the offeror's prmoise is answered with the offeree's promise of acceptance
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Unilateral contract
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A contract in which the offeror's offer can only be accepted by the performance of an act by the offeree; "a promise for an act"
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Formal contract
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A contract that requires a special form or method of creation
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Informal contract
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A non-formal contract. somple contracts. fully enforcable and can be sued if breechedva
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Valid contract
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A contract the meets all the essential elements to establish a contract; a contract that is enforcable by at least one of the parties, require specific words: Negotiable intstuments, latters of credit, contracts under seal, recognizancejjjjbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbvfcccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxzz
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Void contract
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A contract that has no legal effect, a nullity
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Requirementsof a contract
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Agreement
consideration contractual capacity lawful object |
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Voidable conract
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A contract in which one or both parties have the option to avoid their contractual obligations. if a contract is avoided, both parties are released from their contractual obligations.
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Ratification
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The act of a minor after the minor has reached the age of majority by which he or she accepts a contract entered into when he or she was a minor
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Unenforcable contract
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A contract in which the essential elements to create a valid contract are met but there is some legal defense to the enforcement of the contract
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