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Contracts
Business Law
| Term | Definition |
|---|---|
| Express | Has it terms laid down in a clear cut fashion,either in orally or written. |
| Implied | Not stated. Determined from the surrounding circumstances or an established pattern of dealings. |
| Quasi | Also referred to as an implied-at law contract,exists only by the direction of the court. |
| Valid | Is one that is legally binding and enforceable. |
| Voidable | is a contract that is initially considered valid but whose legal effect can be cancelled by one or more of the parties to it. |
| Void | Is one that has no legal effect whatsoever. |
| Executed | is one that all parties have fully performed |
| Executory | a contract in which some performance has yet to be delivered is termed an executory court. |
| Unilateral | is a contract in which one part is only obligated to fulfill a contractual promise if another party first performs a particular act |
| Bilateral | is one that obligated all parties to perform according to their parties |
| Offeror | the person making the offer is turned as the offeror |
| Offeree | The person to whom it is made to |
| Promisor | maker of that promise |
| Obligor | who must fulfill or obligation to transfer ownership |
| Obligee | a person to whom you are obliged to |
Created by:
jpoell55
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