Contract Law Basics and Validity

<p>Not valid or enforceable</p> Signup and view all the answers

<p>Presence of coercion or fraud</p> Signup and view all the answers

<p>Legal age and mental competency</p> Signup and view all the answers

<p>Meeting of the minds</p> Signup and view all the answers

<p>$Exchange of value for performance$</p> Signup and view all the answers

<p>$Promise, intent, and content must be lawful$</p> Signup and view all the answers

<p>$Absence of coercion, fraud, or misrepresentation$</p> Signup and view all the answers

<p>Legal description of the property being conveyed</p> Signup and view all the answers

<p>Offer</p> Signup and view all the answers

<p>Express contract</p> Signup and view all the answers

<p>Both parties</p> Signup and view all the answers

<p>All obligations have been fulfilled by both parties involved</p> Signup and view all the answers

<p>Rescission</p> Signup and view all the answers

<p>No changes made to the original offer</p> Signup and view all the answers

<p>One party agreeing to perform only if another party performs first or fulfills certain conditions specified in the agreement before performance takes place.</p> Signup and view all the answers

<p>There should be no duress, coercion, fraud or misrepresentation</p> Signup and view all the answers

<p>The exchange of valuable consideration for performance by the other party</p> Signup and view all the answers

<p>No duress, coercion, fraud or misrepresentation</p> Signup and view all the answers

<p>The promise, intent, and content must be lawful</p> Signup and view all the answers

<p>Not valid or enforceable</p> Signup and view all the answers

<p>Individuals who have reached the legal age and possess mental competency</p> Signup and view all the answers

<p>A clear and unequivocal offer and acceptance with a meeting of the minds</p> Signup and view all the answers

<p>'Legal purpose' must be ensured</p> Signup and view all the answers

<p>'Voidable' contracts if performed cannot modify the outcome</p> Signup and view all the answers

<p>Offer expressed intention to enter into a contract</p> Signup and view all the answers

<p>Oral vs. Written</p> Signup and view all the answers

<p>Filing a legal suit to compel adherence to promised contractual obligations</p> Signup and view all the answers

<p>Certain obligations under the agreement</p> Signup and view all the answers

<p>All obligations have been fulfilled and completed by both parties</p> Signup and view all the answers

<p>'Canceling' the contract and returning any deposits made</p> Signup and view all the answers

<p>One party agrees to perform only if another party performs first</p> Signup and view all the answers

<p>'Forfeiting' something as per agreement terms</p> Signup and view all the answers

<p>Ensuring that the contract objective is lawful</p> Signup and view all the answers

<p>The offeree's communication of acceptance must be received by the offeror.</p> Signup and view all the answers

<p>Implied contract</p> Signup and view all the answers

<p>Whether all obligations have been completed</p> Signup and view all the answers

<p>Suit for damages</p> Signup and view all the answers

<p>When it agrees exactly to the terms of the offer</p> Signup and view all the answers

<p>Unilateral contract</p> Signup and view all the answers

<p>Rescission</p> Signup and view all the answers

<p>If expressly prohibited or personal service agreement</p> Signup and view all the answers

<p>Legal purpose</p> Signup and view all the answers

<p>Voidable</p> Signup and view all the answers

<p>Voluntary good faith</p> Signup and view all the answers

<p>Valid but unenforceable</p> Signup and view all the answers

<p>Valuable consideration</p> Signup and view all the answers

<p>Two parties</p> Signup and view all the answers

<p>Duress and coercion</p> Signup and view all the answers

<p>'Void' contract</p> Signup and view all the answers

<p>'Meeting of the minds'</p> Signup and view all the answers

<p>'Contracts must be documented in writing'</p> Signup and view all the answers

<p>To guarantee a lawful promise</p> Signup and view all the answers

<p>The contract may be rescinded due to subsequent discoveries</p> Signup and view all the answers

<p>To exchange value for performance</p> Signup and view all the answers

<p>Parties who have reached the legal age and possess mental competency</p> Signup and view all the answers

<p>To guarantee lawful intent and content</p> Signup and view all the answers

<p>Fraud or misrepresentation</p> Signup and view all the answers

<p>Mutual consent</p> Signup and view all the answers

<p>To exchange something of value</p> Signup and view all the answers

<p>Not valid or enforceable</p> Signup and view all the answers

<p>To establish a clear understanding between parties</p> Signup and view all the answers

<p>The party at fault must surrender something as per the terms mentioned in the agreement.</p> Signup and view all the answers

<p>After one party agrees to perform if certain conditions are met by another party.</p> Signup and view all the answers

<p>All obligations have been fulfilled and completed by both parties involved.</p> Signup and view all the answers

<p>When both parties promise to perform certain obligations under the agreement.</p> Signup and view all the answers

<p>Compensation is awarded to an aggrieved party as specified in the contract.</p> Signup and view all the answers

<p>Executory contracts</p> Signup and view all the answers

<p>Compelling adherence to promised contractual obligations.</p> Signup and view all the answers

<p>An express contract includes all terms explicitly agreed upon, while an implied contract arises without intentional agreement.</p> Signup and view all the answers

<p>At any point before offeree's communication of acceptance.</p> Signup and view all the answers

<p>It indicates fulfillment of all obligations by both parties involved.</p> Signup and view all the answers