Business Law Study Guide Rated A+

implied contract {Ans: a contract that does not explicitly state the agreement of the parties but in which the terms of the agreement can be inferred from the conduct of the parties, the customs of the trade, or the conditions or circumstances}contractual capacity {Ans: the ability to make a valid contract}minor {Ans: a person who has not yet reached the age of majority}birthday rule {Ans: the modern view that a person attains a given age on the anniversary date of his or her birth}Incompetent contracts (voidable) {Ans: incompetent contracts, most of their contracts are considered _____ and cannot be enforced against them if they do not carry them out.}most common form of valid consideration {Ans: ___is the promise of money by one party for the promise of an act by another. the exchange of money is not a requirement}