GENB 4350 ch 6

  1. legally enforceable agreement that is created when two or more parties agree to perform, or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirements
  2. a proper  proposal made by one party to anoter that indicates a willingness to enter into a contract
  3. the person making the offer
  4. the person to who a proposal is made
  5. an indication made by the offeree that he or she agrees to be bound by the terms of the offer
  6. the state of mind that exists between an offeror and offeree when a valid when a valid offer has been accepted. Also know as "a meeting of the minds"
    mutual agreement
  7. the promise to give up something of value that a party to a contract has a legal right to keep, or do something that a party is not legally required to do
  8. being mentally capable of understanding the terms of a contract
  9. the requirement that the intent of a contract be legal for the contract to be enforceable
    legality of purpose
  10. the requirement that the form of a contract be correct fotr the terms of the contract to be enforceable
    proper form
  11. an agreement that is not in writing or signed by the parties
    oral contract
  12. an agreement that is reduced to writing on a permanent surface
    written contract
  13. a contract that expicitly states the agreement of the parties, either orally or in writing
    express contract
  14. a contract that does not explicitly state the agreement  of the parties  but in which the terms of the agreement can be inferred  from the conduct of the parties, the cutoms of the trade, or the conditions or circumstances
    implied contract
  15. a specialty contract that is writtern and under seal
    formal contract
  16. an informal contract made without seal--even though the subject matter of the contract may be extremely complex and may involve huge amount of money
    simple contract
  17. an agreement that is made up of two or more parts, in which each part is dependent upon the others
    entire contract
  18. an agreement that is made up of two or more parts, each part being independent to others
    divisible contract
  19. an agreement in which some future act or obligation remains to be performed under its terms
    executory contract
  20. a record of an agreement that has been completed in all respects by all the parties
    executed contract
  21. an agreement resulting in an obligation that is legally enforceable
    valid contract
  22. a contract that is not enforceable from from the  beginning because it lackes one of the requirements of a valid contract
    void contract
  23. an agreement that can be rejected by one of the parties for the legally acceptable reason
    voidable contract
Card Set
GENB 4350 ch 6
GENB 4350 ch 6