BLAW 3391 Final TTU Exam Questions With Verified Answers 100% Solved

implied contract - answera contract that does not explicitly state the agreement of the parties but in which the terms of the agreement can be inferred from the conduct of the parties, the customs of the trade, or the conditions or circumstances formal contract - answera specialty contract that is written and under seal simple contract - answeran informal contact made without seal-- even though the subject matter of the contract may be extremely complex and may involve huge amounts of money entire contract - answeran agreement that is made up of two or more parts, in which each part is dependent upon the others divisible contract - answeran agreement that is made up of two or more parts, each part being independent of the others executory contract - answeran agreement in which some future act or obligation remains to be performed under its terms executed contract - answera record of an agreement that has been completed in all respects by all the parties valid contract - answeran agreement resulting in an obligation that is legally enforceable void contract - answera contract that is not enforceable from the beginning because it lacks one of the requirements of a valid contract voidable contract - answeran agreement that can be rejected by one of the parties for a legally acceptable reason request for proposal - answera request for an offer or an invitation to negotiate that can be accepted or rejected by the person calling for a bid invitation to trade - answeran announcement published for the purpose of creating interest and attracting a response by many people. it is not considered a valid offer because it does not contain sufficient words of commitment to sell public offer - answera general offer to the public at large mailbox rule - answera rule that states that an acceptance sent via the postal system or by the courier is effective when sent counteroffer - answera response to an offer in which the terms and conditions of the original offer are changed termination by lapse of time - answerwhen an opportunity to form a contract ends because the offeree fails to accept an offer within the time specified