Chapter 5 How Contracts Arise
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an unqualified agreement by the offeree to be bound by the offer is known as
valid contract
a contract that has no legal effect is known as
void contract
A contract that is legally binding and fully enforceable
acceptance
a contract in which both parties make promises
bilateral contract
any agreement that is enforceable by law is known as
contract
an offer that has been changed by the offeree
counteroffer
a contract stated in oral and written words
express contract
a contract that comes about by the acts of the parties is known as
implied in fact contract
a proposal made by one party that he or she is willing to enter a contract
offer
a contract in which one party makes a promise in exchange for an act
unilateral contract
