Contracts
What is an agreement between two or more parties that creates legal obligations?
Contract
What is a clear proposal to enter into an agreement?
Offer
What is genuine agreement?
Both parties genuinely agree
What type of contract is clearly stated in words, either spoken or written?
Express contract
Define contract.
A legally enforceable agreement
What is something that is legally required for a contract to be valid?
Requirements/elements of a contract
What is the response that shows agreement to an offer?
Requirements/elements of a contract
What does it mean when both sides freely agree to a contract?
They voluntarily agree
What type of contract is created through actions or circumstances?
Implied contract
Define offer.
A proposal to enter into a contract
What is something of value exchanged between parties?
Consideration
What happens when an offer is accepted as presented?
Consideration
What can make an agreement invalid if someone is forced into it?
Duress
What type of contract involves both sides making promises?
Bilateral contract
Define acceptance.
Agreeing to an offer
What means the people entering the contract have the legal ability to do so?
Capacity
What can happen if someone changes the terms of an offer?
It becomes a counteroffer
What is an agreement based on a person's true understanding and willingness?
Genuine agreement
What type of contract involves one person making a promise in exchange for an action?
Unilateral contract
Define express contract and implied contract.
Express = stated in words; Implied = shown through actions
What means the purpose of the contract must be legal?
Legality
What two things are needed to create an agreement?
Offer + acceptance
What term describes a real meeting of the minds between the parties?
Genuine agreement
What are the three types of contracts: express, implied, and what two types?
Bilateral and unilateral
What are the three types of contracts: express, implied, and what two types?
Bilateral = both sides make promises; Unilateral = one side makes a promise in exchange for an action.