ACCT352 Study Guide - Midterm Guide: Executory Contract, Meeting Of The Minds, Contract

• School: University of Delaware
• Department: Accounting
• Course: ACCT352
• Professor: Alexander Virgil

Document Summary

Legally enforceable contract: if a party fails to perform as promised, then the other party can enforce the contract in court and recover damages. Offeror: party that makes the offer to enter into a contract. Offeree: party to whom offer to enter into contract is made. Genuiness of assent: consent to contract must be genuine, ie. not under duress, fraud, etc. Writing & form: law requires certain contracts to be in writing or other form. Common law of contracts: developed mostly be state courts. Bilateral contract: entered into by way of exchange of promises. Unilateral contract: offeror"s offer can only be accepted by performance of the act by the offeree. Formal contract: requires special form/method of creation. Valid contract: meets all essential elements to establish a contract. Void contract: has no legal effect, neither party has any obligation. Voidable contract: exists and is in effect, but one or both parties have to option to void contractual.