Terms and Definitions of Various Contract Types and Concepts, Quizzes of Business and Labour Law

Download Terms and Definitions of Various Contract Types and Concepts and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 contract DEFINITION 1 legally enforceable agreement TERM 2 noncompetition agreement DEFINITION 2 contract in which one party agrees not to compete with another TERM 3 bilateral contract DEFINITION 3 promise made in exchange for another promise TERM 4 executory contract DEFINITION 4 agreement in which one or more parties has not yet fulfilled its obligations TERM 5 executed contract DEFINITION 5 agreement in which all parties have fulfilled their obligations TERM 6 voidable contract DEFINITION 6 agreement that may be terminated by one of the parties TERM 7 void agreement DEFINITION 7 contract that neither party can enforce, because the bargain is illegal or one of the parties had no legal authority to make it TERM 8 express contract DEFINITION 8 agreement with all the important terms explicitly stated TERM 9 promissory estoppel DEFINITION 9 possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show a promise, reasonable reliance and injustice TERM 10 quassi-contract DEFINITION 10 possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show benefit to the defendant, reasonable expectation of payment and unjust enrichment