Business Law 1 - Final Exam (2)

Executory

at least one of the terms of the contract remains unsatisfied

Unilateral

where you have a promise you have being given for an exchange of an action

Unenforceable

you may have entered into a contract for the sale of land; however, you did not write it down, ex of an unenforceable contract.

Promissorysstropple

A promise that is made by one person to another and the person goes back on their promise. You could sure to enforce the promise, not a contract.

Informal

Don't have to be in any particular form in order to be valid

Void Contracts

Never enter a verbal contract. It is your word against someone else's. Abbreviation for contract it is K

Bilateral

Promise is being given in exchange for another promise

Quasi-k Contract

Really sounds like a contract but isn't. When trying to determine if you can use it; what are the parties being unjustly enriched.

Another requirement for contract

You also need legality of the subject matter and Capacity of parties to enter contract

Expressed

all the terms of the contract are expressed by the parties

Formal

must be in a particular form in order to be valid and enforceable

Implied

that at least one of the terms of the contract is expressed by the conduct of one of the parties

Executed

that every term of the contract has been fulfilled