business law ch 4

Unilateral contract

A contract formed when an act is done in consideration for a promise.

void contract

an agreement of no legal effect

formal contract

those contracts which must be in special form or produced in a certain way, such as under seal

Valid contract

A contract which is legally enforceable

Voidable contract

A contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties

Unenforceable contract

An agreement which at the current time is not enforceable by law

simple contract

Any contract other than a formal contract, whether written, oral or implied.

bilateral contract

a contract consists of mutual promises to perform some future acts

quasi contract

a contract created or implied by law to prevent unjust enrichment

express contract

a contract in which the parties express their intentions, either verbally or in writing, at the time of the agreement

executed contract

a contract in which the terms have been fullfilled

Executory contract

a contract in which the terms have not been executed or fulfilled

contract

a legally enforceable agreement

implied contract

one in which the terms of the contract are implied by acts or conduct of the parties