Contract Law

These flashcards cover key vocabulary terms related to contract formation and relevant legal principles.

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 recognizes as a duty.

Bilateral Contract

A contract in which both parties exchange promises to perform.

Unilateral Contract

A contract in which one party makes a promise in exchange for the actual performance of an act by the other party.

Implied Contract

A contract formed by the conduct of the parties, rather than written or spoken words.

Express Contract

A contract in which the terms are explicitly stated, either orally or in writing.

Quasi Contract

A legal construct imposed by courts to prevent unjust enrichment when no actual contract exists.

Consideration

The value given in return for a promise or performance in a contract.

Capacity to Contract

The legal ability to enter into a contractual relationship.

Legality

The subject matter of a contract must be legal for the contract to be enforceable.

Statute of Frauds

A legal doctrine requiring certain contracts to be in writing to be enforced.