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