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Contract Types and Maryland Statutes

Business Law13 CardsCreated 9 months ago

This deck covers the various types of contracts and their characteristics, as well as key terms related to contract enforceability and validity.

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Types of Contracts

Expressed, Implied, Bilateral, Unilateral, Enforceable, Unenforceable, Valid, Invalid, Void, Voidable, Executed, Executory

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Key Terms

Term
Definition
Types of Contracts
Expressed, Implied, Bilateral, Unilateral, Enforceable, Unenforceable, Valid, Invalid, Void, Voidable, Executed, Executory
A stated (written or oral) agreement between two parties to specific terms.
Expressed
A contract that is based on the actions or behaviors of the parties, not on words
Implied
A mutual contract that involves an exchange of promises or other consideration between two parties.
Bilateral
A contract in which consideration (such as a promise) is only given by one party to the other.
Unilateral
A contract that will stand up in court.
Enforceable

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Contract Types and Maryland Statutes
TermDefinition
Types of Contracts
Expressed, Implied, Bilateral, Unilateral, Enforceable, Unenforceable, Valid, Invalid, Void, Voidable, Executed, Executory
A stated (written or oral) agreement between two parties to specific terms.
Expressed
A contract that is based on the actions or behaviors of the parties, not on words
Implied
A mutual contract that involves an exchange of promises or other consideration between two parties.
Bilateral
A contract in which consideration (such as a promise) is only given by one party to the other.
Unilateral
A contract that will stand up in court.
Enforceable
A contract that will not hold up in court.
Unenforceable
A contract that contains all the essential elements.
Valid
A contract in which one or more of the essential elements is missing.
Invalid
A contract with no legal force or effect.
Void
A contract that may be cancelled by one or more parties for one of several reasons. It may be missing an essential element and thus invalid; it may contain a mistake or a misrepresentation, or it may have been created or executed by a party under duress.
Voidable
A contract in which all the parties have met all terms of the contract.
Executed
A contract in progress; one or more terms of the contract remain undone.
Executory