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Bilateral contract

  • A contract where both parties make a promise

Unilateral contract

  • A contract where one party makes a promise that the other party can accept only by doing something

Executed contract

  • An agreement in which all parties have fulfilled their obligations

Valid contract

  • A contract that satisfies all of the laws requirements

Unenforceable agreement

  • A contract where the parties intend to form a valid bargain but a court declares that some rule of law prevents enforcing it

Voidable contract

  • An agreement that because of some defect may be terminated by one party such as a minor but not by both parties

Void agreement

  • An agreement that neither party may legally enforce

Express contract

  • An agreement with all important terms explicitly stated

Implied contract

  • A contract where the words and conduct of the parties indicate that they intended an agreement

Promissory estoppel

  • A possible remedy for an injured plaintiff in a case with no valid contract when the plaintiff can show justifiable reliance on a promise made by the defendant

Quasi-contract

  • A possible remedy for an injured plaintiff in a case with no valid contract when the plaintiff can show benefit to the defendant reasonable expectation of payment and unjust enrichment

Quantum meruit

  • As much as he deserved the damages awarded in a quasi-contract case

Offer

  • In contract law an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms

Offeror

  • The party in contract negotiations who makes the first offer

Offeree

  • The party in contract negotiations who receives the first offer

Revoked

  • When the offer is canceled prior to acceptance

Counteroffer

  • An offer made in response to a previous offer

Mirror image rule

  • A contract doctrine that requires acceptance to be on exactly the same terms as the offer

Mailbox rule

  • An offer is considered accepted as soon as they send off their acceptance letter not when it arrives

Fraudulent misrepresentation

  • A misrepresentation a material fact

  • An intent to deceive (scienter)

  • The innocent party must justifiably rely on the misrepresentation

  • The innocent party must have been harmed as a result of the representation

    • All of the above must occur in order to be stated as fraud

Types of mistakes

  • Bilateral

    • A situation in which both parties in a contract make the same mistake

  • Unilateral

    • When one party in a contract makes a mistake on the contract agreement