Elements of a Contract
Express Contract
What is a contract statement that may be oral or written
Emancipated
What is a minor who is no longer under the legal control of his or her parents
Fraud
What is a deliberate deception intended to serve an unfair and unlawful gain
Implied Contract
What is a contract that comes about from the actions of parties
Ratification
What is the acts of agreeing to go along with a contract that could have been avoided
Substantial Performance
What is a situation in which a party has, in good faith, completed the major requirements of a contract, leaving only a few minor details unfinished
Duress
What is the act of destroying somebody's free will by force, threat of force, or bodily harm
Consideration
What is the exchange of benefits and detriments by parties to a contract
Bilateral Contract
What is a contract that contains two promises
Agreements Interfering with Marriage
What are contracts that discourage, damage, or destroy good family relationships?
Impossibility of Performance
What is when one of three situations prevent the performance of a service contract: death or illness, destruction of subject matter, illegality
Crime
What is an offense committed against the public
Valid
What is a legally good contract
Public Policy
What is a legal principle that holds that nobody should be allowed to do something that harms the public
Entrapment
What is when a law enforcement official tricks someone into committing a crime he or she would otherwise not have committed
Genuine agreement
Means that an agreement is true and genuine: a valid offer must be met by a valid acceptance
Unilateral Contract
What is a contract that contains a promise by only one person to do something, if and when the other party performs some act
Innocent Misrepresentation
What is when a person who is involved in a contract negotiations says something that he or she believes to be true that turns out to be false
Tort
What is a private wrong committed by one person against another