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19 Cards in this Set
- Front
- Back
promise |
declaration by a person to do or not to do a certain act |
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promisor |
the person making the promise |
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promisee |
the person to whom the promise is made |
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contract |
"a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty." or an agreement that can be enforced in court |
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offeror |
party making the offer |
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offeree |
the party to whom the is made |
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bilateral contract |
promise for a promise |
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unilateral contract |
promise for an act |
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express contract |
the terms of the agreement are fully and explicitly stated in words, oral or written |
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implied contract |
is implied from the conduct of the parties |
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executed contract |
a contract that has been fully performed on both sides |
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executory contract |
a contract that has not been fully performed by both sides |
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valid contract |
has the elements necessary to entitle at least one of the parties to enforce in court |
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voidable contract |
a valid contract but one that can be avoided at the option of one or both of the parties |
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unenforceable contract |
a contract that cannot be enforces because of certain legal defenses against it |
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void contract |
no contract at all |
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extrinsic evidence |
any evidence not contained in the document itself--such as the testimony of parties and witnesses, additional agreements or communications, or other relevant information |
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What are the 4 requirements of a valid contract? |
1. agreement 2. consideration 3. contractual capacity 4. legality |
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What are the 2 defenses to the enforceability of a contract? |
1. voluntary consent 2. form |