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Law of contracts exam 1 Terms
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Law of contracts exam 1 Terms
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Law of contracts exam 1 Termsoffer Correct Answer-A proposal by one party to another intended to
create a legally binding agreement. Terms of offer must be clear, definite
and certain
acceptance Correct Answer-words signifying consent to the terms of an
offer (thereby creating a contract)
void Correct Answer-a contract that has no legal force or effect because
it does not meet the essential elements of a contract
essential elements of contracts Correct Answer-A contract is a set of
promises that are made voluntarily, for a legal act, between legally
competent parties for a consideration. To be legally enforcable it must
be in writing.
bundle of rights Correct Answer-the concept of land ownership that
includes ownership of all legal rights to the land- possession, control
within the law, enjoyment, exclusion, and disposition
unilateral contract Correct Answer-A contract that results when an offer
can only be accepted by the offeree's performance.
bilateral contract Correct Answer-A contract in which each party to the
contract promises to perform some act or duty in exchange for the
promise of the other party.
, assignments Correct Answer-the transfer in writing of interest in a bond,
mortgage, lease, or other instrument
delegation Correct Answer-a task or piece of work assigned to someone
legal value Correct Answer-Legal proof of authority or business
transaction, enforceable rights or obligations, or the basis for a legal
action
counteroffer Correct Answer-a new offer made in response to an offer
received
novation Correct Answer-the replacement of one obligation by another
by mutual agreement of both parties
expressed contract Correct Answer-A written or oral agreement in which
all terms are explicitly stated
implied contract Correct Answer-agreement created by actions of the
parties involved, but it is not written or spoken.
statute of frauds Correct Answer-A state statute under which certain
types of contracts must be in writing to be enforceable.
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