How Contracts Arise

a counteroffer

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

a bilateral contract

A contract in which both parties make promises is known as ______________.

an offer

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

a contract

Any agreement that is enforceable by law is known as __________________.

a valid contract

A contract that is legally binding and fully enforceable is known as _______________.

a unilateral contract

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

an express contract

A contract stated in oral or written words is known as ______________.

an implied in fact contract

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

a void contract

A contract that has no legal effect is known as ________________.

an acceptance

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