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mutual consent
A "meeting of the minds"
unilateral contract
A contract in which only one party is obligated to perform
consideration
Something given in exchange for a promise
option
An agreement between a buyer and seller giving the buyer the right to purchase a
property at a preset price for a given period of time
unenforceable contract
A contract that cannot be enforced due to some flaw or other issue in the contract
Contracts may be valid, void, voidable, or __
Unenforceable
valid contract
one that meets all of the requirement of law
void contract
invalid from the beginning and does not affect the parties
voidable contract
one that cannot be enforced against one or more of the parties ( like contract w
minor)
unenforceable contract
one that cannot be enforced due to some flaw in the contract, passage of time, or
other issues that make enforcement impossible
T/F: Contracts may be valid, void, voidable, but not unenforceable
False
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