Understanding Contracts: Definitions and Types, Quizzes of Introduction to Business Management

Download Understanding Contracts: Definitions and Types and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 contract DEFINITION 1 a promise or set of promises, expressed or implied, creating a legal obligation TERM 2 agreement DEFINITION 2 an expressed offer on the part of one party accepted by another or conduct on the part of two or more parties implying an intent to effect legal contractual relations (also known as manifestation of mutual assent) TERM 3 Consideration DEFINITION 3 consists of bargained-for exchange between the parties and legal value given by each party TERM 4 legality DEFINITION 4 simply if the object of the contract is a legal object TERM 5 capacity DEFINITION 5 do the parties have the mental capacity to understand the contract