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 ______________.