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