Contract Law Basics: Definitions and Key Concepts, Quizzes of Introduction to Business Management

Download Contract Law Basics: Definitions and Key Concepts and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 contract DEFINITION 1 promises enforceable by law must have agreement, consideration, competent parties, and a legal object to be a contract TERM 2 agreement DEFINITION 2 (manifestation of mutual assent) offer accepted by other party TERM 3 consideration DEFINITION 3 "quid pro quo (this for that) " bargain for exchange TERM 4 legality DEFINITION 4 legal object, and legal way of making a contract TERM 5 capacity DEFINITION 5 both parties are aware of the terms of the contract TERM 6 expressed contract DEFINITION 6 oral or written words TERM 7 implied contract DEFINITION 7 arises by conduct (action) ex. accepting a service a bill will come in return TERM 8 quasi contract DEFINITION 8 neither of the parties made a contract but the court imposes a duty on one of the parties TERM 9 unilateral contract DEFINITION 9 promise for an act (doesn't come into play until act is performed) TERM 10 bilateral contract DEFINITION 10 promise for promise formed after agreement is made