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Glossary of Business Law - Exam 4

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Define Contract according to Blackstone
An agreement, upon sufficient consideration, to do or not to do a particular thing
Contract - modern definition
A promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty
Valid
Everything is okay, all elements are there
Void
One of the elements is missing, lacks requirement of contract
Voidable
Valid but capable of being voided by a circumstance
Unenforceable
Was initially valid, but not enforceable due to change in law or it is held to violate public policy
Another name for Quasi
Quantum Meruit
Quasi
Equitable concept used by courts to prevent injustice, not a true contract
The Offer
Creates the offerer and offeree
The Acceptance
Expression of assent
Executory Contract
Contracts that have not been fully performed by either party
Executed contracts
Contracts that have been fully performed by both parties

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