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Cards In This Set
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Contract implied in fact
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A contract that arises from the conduct of the parties rather than from their express statements
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Contract implied in law
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A contract imposed by law to prevent unjust enrichment. also called quasi contract
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Counteroffer
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A response to an offer in which the terms of the orginal offer are changed
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Disaffirm
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To get out of a voidable contract; repudiate. also called avoid
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Executed
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Carried out or performed
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Express contract
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A contract in which the terms are stated or expressed by the parties
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Full, faith, and credit clause
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A clause requireing each state to recognize the laws and court decisions of every other state
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Implied contract
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A contract in which the terms are not stated or expressed by the parties
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Infant
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Anyone under the age of 18
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Invitation to deal or negotiate
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A request to an individual or the public to make an offer
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Majority
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The age over 18
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Necessaries
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Food, clothing, shelter, and medical care that are needed by an infant but not supplied by a parent or guardian
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Nullity
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Nothing; as though it had not occured
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Ratify
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Approve; confirm
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Restitution
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Restore an injured person to his or her original position prior to loss
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