Understanding Different Types of Contracts: A Comprehensive Guide, Quizzes of Business and Labour Law

Download Understanding Different Types of Contracts: A Comprehensive Guide and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Four essential elements of a contract DEFINITION 1 agreementconsiderationcontractual capacitylegality TERM 2 What is a contract? DEFINITION 2 an agreement that can be enforced in court..... two or more parties promise to perform or to refrain from performing some act now or in the future TERM 3 Do all promises establish contractual relationships? DEFINITION 3 no TERM 4 Bilateral Contract DEFINITION 4 promise for a promise TERM 5 Unilateral Contracts DEFINITION 5 promise for a act TERM 6 Expressed Contract DEFINITION 6 the terms are expressed in words, oral or written TERM 7 Implied Contracts DEFINITION 7 the parties' conduct reveals that they intended to form a contract and creates and defines its terms TERM 8 How to establish an implied in fact contract DEFINITION 8 the plaintiff must have furnished some service or propertythe plaintiff must have expected to be paid and the defendant knew or should have known that payment was expectedthe defendant had a chance to reject the service or property and did not TERM 9 Voidable Contracts DEFINITION 9 one or both of the parties have the option of avoiding his or her legal obligations TERM 10 You promise to sell a textbook for $100 tomorrow is what kind of contract? DEFINITION 10 bilateral