Contracts - Intro and Classification Flashcards Preview

CPA - Regulation: Ethics & BLAW - Contracts > Contracts - Intro and Classification > Flashcards

Flashcards in Contracts - Intro and Classification Deck (14):
1

List the enforceability classifications of contracts.

Valid, Void, Voidable, Unenforceable.

2

What is a unilateral contract?

A promise in exchange for an act.

3

List the sources of contract law and the items to which they apply.

Common law - real estate and services;
Uniform Commercial Code - Goods.

4

Define "contract."

An agreement supported by consideration between two or more persons with competent capacity for a legal purpose.

5

Define "unenforceable contract."

A valid contract that cannot be enforced due to a legal defense.

6

What is an executed contract?

A contract that is fully performed by both sides.

7

Define "quasi-contract."

A contract imposed by law, despite the fact no actual intent to make a contract exists, to prevent unjust enrichment.

8

What is a bilateral contract?

A promise in exchange for a promise.

9

What constitutes an executory contract?

A contract not fully performed by both sides.

10

Define "void contract."

A contract that violates the law or lacks an element that results in courts lacking authority to have parties honor it.

11

Define "implied-in-fact contract."

A contract formed at least in part based on the conduct of the parties.

12

Define "voidable contract."

A valid contract for which a party has the option to avoid liability.

13

Define "express contract."

A contract formed wholly by oral and/or written words.

14

List the classifications of contracts in terms of degree of performance completion.

Executed and Executory.