contract
simply an enforceable agreement between two or more parties to do some or to refrain from doing something
valid contract
meets all of the requirements for a contract and is enforceable by the courts
void contract
no legal effect. neither party is obligated to perform under the contract, and neither party can sue to enforce the contract
voidable contract
at least one party has the option to void. if the contract is voided, both parties are released from their obligations. if not both must perform
express contract
one which is stated writing or verbally
implied-in-fact contract
implied from the conduct of the parties
implied-in-law contract
implied to prevent unjust enrichment, even though there was no actual contract between the parties
agreement
a voluntary exchange of promises to do something or to refrain from doing something
offeror
the party who makes an offer to enter into a contract
offeree
the party to whom the offer is made
consideration
something of legal value given in exchange for a promise