Bus. Law ch. 7
Terms
undefined, object
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contract - - promise or agreement that creates legal obligations enforceable at law.
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express contract - - stated contract in words and may be eithor written or oral
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acceptance - - unqualified willingness to go along with an offer. the acceptance must not change the terms of the original offer in any way.
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implied contract - - contract that comes about from the actions of the parties. Often people enter into implied contracts without exchanging words.
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bilateral contract - - contract that contains two promises : one by each person. One person promises to do something in exchange for the other persons promise to do something.
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Void Contract - - haveing no legal force
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offer - - a proposal by one party to another party to enter into a contract
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counteroffer - - acceptance that changes the terms of the original offer and terminates the offer
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unilateral contract - - contract that contains one promise only. a person promises to do something if and when the other person performs the act
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valid contract - - legally good