Contract Law

What is the difference between an express contract and an implied contract?

Express can be written or orally and implied is showed by the actions of two parties.

What are the three requirements of an offer?

1. Seriously intended 2. Definite and certain (including all elements) 3. Communication to another party

An offer that has been changed by the offeree is known as ____________

Counteroffer

What are the four ways a contract can be classified?

1. Express or implied 2. Bilateral 3. Unilateral 4. Oral or Written

What are the six elements of a contract?

1. Offer 2. Acceptance 3. Genuine Agreement 4. Consideration 5. Capacity 6. Legality

Any agreement that is enforceable by law is known as ___________

A contract

A contract that is legally binding and fully enforceable is known as __________

A valid contract

What are ads that have very particular promises called?

A valid offer

What is the difference between a void contract and an unenforceable contract?

A void contract has no legal effect, it would be missing one of the six elements. An unenforceable contract is one the court will not uphold. Illegal actions done in the contract.

An unqualified agreement by the offeree to be bound by the offer is known as ___________

An acceptance

A contract stated in oral or written words is known as ___________

An express contract

A contract that comes about by the acts of the parties is known as ____________

An implied contract

A contract in which both parties make promises is known as ___________

Bilateral contract

What is the difference between a bilateral contract and a unilateral contract?

Bilateral is two party promising an exchange and unilateral is when there is only one party

What are advertisements normally considered?

Invitations to negotiate

What are the five ways an offer can end?

Revocation, Rejection, Counteroffer, Expiration of time, and death and insanity.

To be valid an acceptance must meet what two basic requirements?

The acceptance must be unconditional and must follow the rules regarding the method of acceptance.

A contract in which one party makes a promise in exchange for an act is known as ___________

Unilateral contract

Are oral contracts legally enforceable in court of law?

Yes

What is the difference between a void contract and a voidable contract?

A void contract has no legal effect, there is a missing element. A voidable lets a party void a contract.

A proposal made by one party that he or she is willing to enter a contract is known as ____________

An offer

Explain what happens to an offer if no time limit for acceptance is mentioned in the offer

The person will have as long as they want to accept the contract.

A contract that has no legal effect is known as __________

Void contract