Match each of the numbered definitions with the correct term in the following list. Write the letter of your choice in the answer column.
a. Competent party
b. Consideration
c. Divisible contract
d. Entire, or indivisible, contract
e. Executed contract
f. Executory contract
g. Express contract
h. Formal contract
i. Implied contract
j. Legality of purpose
k. Mutual agreement
l. Oral contract
m. Proper form
n. Voidable contract
o. Void contract
1. A “meeting of the minds” regarding the rights and obligations of the parties to a contract.
1. _________
2. A person who is of legal age and normal mentality. 2. _________
3. The promises exchanged by parties to a contract. 3. _________
4. A contract that is created entirely through conversation of the parties involved.
4. _________
5. A contract that is understood from the acts or conduct of the parties. 5. _________
6. A written contract that bears a seal. 6. _________
7. A contract with several unrelated parts, each of which can stand alone. 7. _________
8. The requirement that a contract cannot violate the law. 8. _________
9. A contract with several related parts, each dependent on the other parts for satisfactory performance. 9. _________
10. A contract whose meaning is not determined by the conduct of the parties. 10. _________
11. A contract that has not yet been completed by both parties. 11. _________
12. A contract that allows the incompetent party to withdraw. 12. _________
13. A contract that has been fully completed by both parties. 13. _________
14. A contract that lacks an essential element and hence was never legally a contract. 14. _________
15. A requirement for contracts for the sale of goods for $ 500 or more. 15. _________