Chapter11

A _____ is a legally enforceable agreement.

Contract

The seven key characteristics of an enforceable contract are: Offer, _____, Consideration, Legality, Capacity, Consent, and sometimes _____.

Acceptance; Writing

A _____ contract is a promise made in exchange for another promise.

Bilateral

In a _____ contract, one party makes a promise that the other can accept only by actually doing something.

Unilateral

An _____ contract is one in which one or more parties has not yet fulfilled its obligations.

Executory

An agreement that satisfies all of the law’s requirements is called a _____ contract.

Valid

An agreement that may be terminated by one of the parties is called a _____ contract.

Voidable

An agreement that neither party can enforce because it is illegal or lacks authority is called a _____ agreement.

Void

An _____ contract has all important terms explicitly stated, while an _____ contract is based on the conduct of the parties.

Express; Implied

The _____ is the basis of all contract law.

Common law

The _____ was created to simplify and make uniform commercial transactions among states.

Uniform Commercial Code (UCC)

A possible remedy when there is no valid contract but the plaintiff relied on a promise is called _____.

Promissory estoppel

A possible remedy when the defendant received a benefit unfairly is called _____.

Quasi-contract

The damages awarded in a quasi-contract case are called _____, meaning “as much as he deserves.

Quantum meruit

A _____ agreement occurs when the parties intend a valid bargain, but a law prevents enforcement.

Unenforceable