Contracts Flashcards
1
Q
Implied Contract
A
A contract created by the ACTIONS of the parties.
2
Q
Express Contract
A
A contract that is either written or oral.
3
Q
Quasi-Contract
A
A binding obligation imposed by the Court to avoid injustice or unjust enrichment. There is an obligation under a contract, but the elements have not been fulfilled.
4
Q
Offer
A
An objective expression of a promise.
5
Q
Acceptance
A
Express agreement to a contract’s terms
6
Q
Consideration
A
Value brought by each party.
7
Q
Mutuality of Obligation
A
“meeting of the minds” All parties must agree to the specific terms of the contract.
