Business Law Final Flashcards
(17 cards)
Elements of a contract
offer, acceptance, exchange of consideration, legal purpose, both parties have capacity
Valid contract
has all elements
void contract
void from the beginning,
voidable contract
one of the parties can get out of the contract because of lack of capacity, fraud, duress, undue influence
unenforceable contract
it has an illegal purpose
expressed contract
written or stated contract
unilateral contract
promise for an action
bilateral contract
promise for a promise
executed contract
a completed contract
executory contract
waiting on action
informal contract
no legal influence
implied in fact contract
implied by the fact of law; getting a haircut and being expected to pay
Acceptance
has to be positive, unequivocal, and unilateral; cant be rejected after performance starts in a unilateral contract
consideration
bargain for or given in exchange for a promise
insufficient for consideration
illusory promise, past consideration before contract formation, preexisting duty
enforceable without consideration
promissory estoppel, quasi-contract
What is not having capacity
minor, incompetent, intoxication
