Terms and Definitions of Contract Law, Quizzes of Business and Labour Law

Download Terms and Definitions of Contract Law and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 acceptance DEFINITION 1 agreement to the terms of an offer which creates a contract TERM 2 advertisements DEFINITION 2 generally invitations for others to offer to buy TERM 3 bilateral contract DEFINITION 3 a contract in which the promise of one party is exchanged for a promise from the other party TERM 4 consideration DEFINITION 4 something of legal value given in exchange for a promise TERM 5 contract DEFINITION 5 a legally enforceable promise or set of promises TERM 6 counteroffer DEFINITION 6 a proposal by the offeree to change the terms of an offer TERM 7 express contract DEFINITION 7 an oral or written contract in which the parties directly state the terms of their contract when it is formed TERM 8 implied-in-fact contract DEFINITION 8 a contract implied by the conduct of the parties TERM 9 implied-in-law contract DEFINITION 9 a situation where no contract existed but someone benefited from goods or services, and justice requires payment (also called quasi contract) TERM 10 legal capacity DEFINITION 10 the ability to incur legal duties and acquire legal rights (minors, the intoxicated and the insance have limited capactiy)