Business Law /Contract Types and Maryland Statutes
Contract Types and Maryland Statutes
This deck covers the various types of contracts and their characteristics, as well as key terms related to contract enforceability and validity.
Types of Contracts
Expressed, Implied, Bilateral, Unilateral, Enforceable, Unenforceable, Valid, Invalid, Void, Voidable, Executed, Executory
Tap to flip
Space↑↓
←→Navigate
SSpeak
FFocus
1/13
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
Hover to peek or log in to view all
A mutual contract that involves an exchange of promises or other consideration between two parties.
Bilateral
Hover to peek or log in to view all
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
Related Flashcard Decks
Study Tips
- Press F to enter focus mode for distraction-free studying
- Review cards regularly to improve retention
- Try to recall the answer before flipping the card
- Share this deck with friends to study together
| 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 |
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 |