Contract
an agreement between two or more competent persons which is
enforceable by law.
Bilateral contract
a contract which consists of mutual promises to perform some future acts.
breach of contract
a situation in which one of the parties to a contract fails or
otherwise refuses to perform the obligations established in that contract.
contractual capacity
the necessity that the parties desiring to enter into contracts meet
all requirements.
executed contract
those contracts in which the terms have been fulfilled.
execution
the carrying out or completion of some task.
executory contract
a contract in which the terms have not been completely executed or
fulfilled by the parties.
express contract
a contract in which the parties express their intentions, either
orally or in writing, at the time of the agreement.
formal contract
those contracts which must be in special form or produced in a
certain way, such as under seal.
implied contract
one in which the terms of the contract are implied by acts or conduct
of the parties.
minor
those persons under legal age; by most states (but not all), the
standard is under the age of eighteen.
service contract
the contracting of services rather than goods.
simple contracts
any contract other than a formal contract, whether written, oral or implied.
unenforceable contract
an agreement which at the current time is not enforceable by law.
unilateral contract
a contract formed when an act is done in consideration for a promise.
valid contract
a contract which will be enforced by the court.
void contract
a contract of no legal effect.
voidable contract
a contract which would be an enforceable agreement, but due to
circumstances may be set aside by one of the parties.