Business Law: Text and Cases 14th Edition
1. common law:
2. law of sales: The sale of a good, or an item that is moveable at the time of
sale, is a transaction designed to benefit both buyer and seller.
3. express contract: A contract in which the terms of the agreement are stated in
words, oral or written.
4. offer: is a promise to be bound on certain terms
5. implied contract: A contract formed in whole or in part from the conduct of the
parties
6. enforceable contract: a valid contract that can be enforced because there are
no legal defenses against it
7. Executed Contract: A contract that has been completely performed by both
parties.
8. Executory Contract: A contract under which something remains to be done by
one or more of the parties.
9. Implied-in-fact Contract: a contract in which agreement between parties has
been inferred from their conduct
10. Implied-at-law (aka quasi) Contract: Not really a contract, but but instead a
fiction created by the law to allow the enforcement of a contractual remedy
where justice alone warrants such a remedy.
11. Unilateral contract: A contract that results when an offer can be accepted
only by the offeree's performance.
12. Bilateral contract: An obligor (a person who is bound to another) to its own
promise, and an obligee (a person to whom another is obligated or bound) on
the other party's promise.
13. Voidable Contract: A formal agreement between two parties that may be
rendered unenforceable for a number of legal reasons. Reasons that can make
a contract voidable include failure by one or both parties to disclose a material
fact; a mistake, misrepresentation or fraud; undue influence or duress; one
party's legal incapacity to enter a contract; one or more terms that are
unconscionable; or a breach of contract.
14. Enforceable Contract: a valid contract that can be enforced because there
are no legal defenses against it
1. common law:
2. law of sales: The sale of a good, or an item that is moveable at the time of
sale, is a transaction designed to benefit both buyer and seller.
3. express contract: A contract in which the terms of the agreement are stated in
words, oral or written.
4. offer: is a promise to be bound on certain terms
5. implied contract: A contract formed in whole or in part from the conduct of the
parties
6. enforceable contract: a valid contract that can be enforced because there are
no legal defenses against it
7. Executed Contract: A contract that has been completely performed by both
parties.
8. Executory Contract: A contract under which something remains to be done by
one or more of the parties.
9. Implied-in-fact Contract: a contract in which agreement between parties has
been inferred from their conduct
10. Implied-at-law (aka quasi) Contract: Not really a contract, but but instead a
fiction created by the law to allow the enforcement of a contractual remedy
where justice alone warrants such a remedy.
11. Unilateral contract: A contract that results when an offer can be accepted
only by the offeree's performance.
12. Bilateral contract: An obligor (a person who is bound to another) to its own
promise, and an obligee (a person to whom another is obligated or bound) on
the other party's promise.
13. Voidable Contract: A formal agreement between two parties that may be
rendered unenforceable for a number of legal reasons. Reasons that can make
a contract voidable include failure by one or both parties to disclose a material
fact; a mistake, misrepresentation or fraud; undue influence or duress; one
party's legal incapacity to enter a contract; one or more terms that are
unconscionable; or a breach of contract.
14. Enforceable Contract: a valid contract that can be enforced because there
are no legal defenses against it
