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Cards In This Set
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Promise
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A commitment or willingness to be bound to a contract obligation
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Bilateral contract
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An agreement that contains mutual promises, with each party being both a promisor and a promisee (a promise for a promise)
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Unilateral contract
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A contract in which the promisor does not receive a promise as consideration; an agreement whereby one makes a promise to do, or refrain from doing, something in return for a performance, not a promise
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Good
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Tangible (touchable), movable personal property
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Express contract
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A contract in which parties show their agreement in words
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Implied-in-fact contract
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A legally enforceable agreement inferred from the circumstances and conduct of the parties
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Implied-in-law contract
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A quasi-contract
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Quasi-contract
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A quasi-contract, often referred to as an implied-in-law contract, is not a true contract. it is a legal fiction that the courts use to prevent unjust enrichment and wrongdoing. courts permit the person who conferred a benefit to recover the reasonable value of that benefit. nonetheless, the elements of a true contract are not present
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Enforceable contract
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A contract that can be enforced in court
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Unenforceable contract
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A contract that cannot be enforced in court
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Valid contract
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A contract that contains all of the proper elements of a contract
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Void contract
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A contract that is empty, having no legal force; ineffectual, unenforceable
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Voidable contract
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Capable of being declared a nullity, though otherwise valid
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Executed contract
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A contract that is fully accomplished or performed, leaving nothing unfulfilled
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Executory contract
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An agreement that is not completed. until the performance required in a contract is complete, it is executory
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