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Business Law Chapter 9


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Tangible personal property
Personal Property
Property other than an interest in land
Common Law
Most contracts are primarily governed by state common law, including contracts involving employment, services, insurance, real property, patents, and copyrights
Real Property
Land and anything attached to it
Binding agreement that the courts will enforce
Failure to properly perform a contractual obligation
Implied in Fact Contract
Contract where agreement of the parties is inferred by their conduct
Express Conduct
Agreement of parties that is stated in words either in writing or orally
Bilateral Contract
Contract in which both parties exchange promises
Person making a promise
Person to whom a promise is made
Unilateral Contract
Contract in which only one party makes a promise
Valid Contract
Contract that meets all of the requirements of a binding contract
Void Contract
An agreement without legal effect
Voidable Contract
Contract capable of being made void
Unenforceable Contract
Contract for the breach of which the law does not provide a remedy
Executed Contract
Contract fully performed by all of the parties
Executory Contract
Contract not fully performed
Promissory Estoppel
Doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement
Quasi Contract
Obgligation not based upon contract that is imposed to avoid injustice

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