Business Law Ch 10 Part I

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The only requirement of a valid contract is that it be voluntarily entered into.

An executed contract is one that has been fully performed.

The doctrine of quasi contract can be used only when there is an actual con-tract that covers the matter in controversy.

A quasi contract is a fictional contract.

A reasonable, lawful, and effective meaning will normally be given to all of a contract’s terms.

No offer may be revoked before it is accepted.

Every contract involves at least three parties.

If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act.