Business and Personal LawChapter 4:
What Is a Contract?Self Check AnswersSection 4.1- A valid contract is one that is legally binding. One that is void has no legal effect. A voidable contract is one that may be voided by one or more parties if the party so chooses.
- An express contract involves words while an implied contract does not.
- A unilateral contract is a one-sided contract in which one party makes a promise in exchange for an act.
Section 4.2- serious intent, clear and definite terms, and communication to the offeree
- unconditional and must follow the rules regarding the method of acceptance
- upon revocation by the offeror, on rejection by the offeree, when a counter-offer is made, after the expiration of a set period of time, and/or the death or insanity of the offeror
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