Understanding the Basics of Contract Law: Definitions, Types, and Elements, Quizzes of Business and Labour Law

Download Understanding the Basics of Contract Law: Definitions, Types, and Elements and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Function of Contract Law DEFINITION 1 Desinged to provide market place w/ mechanism so people have stability in business - necessary to ensure compliance with a promise TERM 2 definition of a contract DEFINITION 2 promise or set of primse if brreach provides a remedy show court how much it has hurt economically TERM 3 governing law DEFINITION 3 common law and legislative modifications legislation= statutory law TERM 4 elements of a contract DEFINITION 4 agreement consideration contractual capactiy defenses TERM 5 Bilateral DEFINITION 5 type of contract two people exchange promisises TERM 6 unilateral DEFINITION 6 type of contract offer aperson, who wants you to do something and if they except person gets money ex. someone who volunteers to do something after you offer up somethign TERM 7 expressed DEFINITION 7 type of contract words (oral or written) TERM 8 implied in fact DEFINITION 8 type of contract conduct creates and defines the terms of the contract ex. entering into a contract when you get a haircut TERM 9 executed DEFINITION 9 type of contract contract has been performed on both sides TERM 10 executory DEFINITION 10 type of contract contract has not been fully performed on either side