Business Law Chapter 9
Terms
undefined, object
copy deck
- Goods
- 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
- Contract
- Binding agreement that the courts will enforce
- Breach
- 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
- Promisor
- Person making a promise
- Promisee
- 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