Legal Environment Business (Chapter 6-7)

the person to whom it is made is the

• offeree

• offeror

• implied

• consideration

must receive in order to make his or her promise legally enforceable against him or she termed

• executed contract

• consideration

• implied

• unilateral contract

one that has been fully performed

• Executed Contract

• Executory Contract

• Implied-in-fact Contract

• Express Contract

one that has not been fully performed

• Executory Contract

• Unilateral Contract

• Express Contract

• Executed Contract

one in which all the terms are expressly stated either orally or in writing

• Implied-in-fact Contract

• Executory Contract

• Executed Contract

• Express Contract

not really a contract but instead a fiction created by the law to allow the enforcement of a contractual remedy where justice alone warrants such a remedy.

• Quasi/Implied-at-law contract

• Unilateral Contract

• Express Contract

• Implied-in-fact Contract

does not have its terms are expressly stated but they can be inferred from the parties’ acts or conduct

• Unilateral Contract

• Implied-in-fact Contract

• Quasi/Implied-at-law contract

• Executory Contract

he offeror promises something in return for the offeree’s performance and indicates that this performance is the way acceptance is to be made.

• Executed Contract

• Unilateral Contract

• Implied-in-fact Contract

• Express Contract

if the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is itself a binding contract.

• Option

• Firm order

• Revocation

• Counteroffer

if such a written offer contains a term starting how long it is to stay open.

• Firm offer

• Option

• Counteroffer

• Revocation