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18 Cards in this Set
- Front
- Back
What are the Requirements to Form a Valid Contract?
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Rule: To form a valid contract, 3 elements are required:
1) Offer 2) Acceptance 3) Consideration |
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What area does the UCC govern?
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The sale of goods.
(Not services) **Look for the dominant idea behind the transaction |
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What is the Restatement of Contracts?
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It is a textbook written by a group of legal scholars & based on judicial decisions that they feel other jurisdictions should follow.
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What are the 3 types of Contracts?
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Express Contracts (when parties enter into an agreement either orally or in writing)
Implied-in-fact contracts (when the parties actions imply the existence of a contract, although no words were written or spoken) Quasi-contracts (When there is no contract at all, but it would lead to unjust enrichment if one party received a benefit without compensating the other party) (also called Implied-in-law contracts) |
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What is an offer?
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A specific proposal with intent to enter into an agreement with another. (Must have intent)
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Who is the offeror?
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The person who proposed the bargain.
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Who is the Offeree
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The person who has the power to accept or reject the offer.
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To be enforceable, what are the required terms of an Offer?
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the parties
the subject the quantity the price |
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What are examples of non-offers?
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a promise to make a promise.
preliminary negotiations invitations to deal |
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What is consideration?
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something of value given by one party in return for the promises of the other party to a contract
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List the Contracts Checklist
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1) Formation
2) 3rd Party Beneficiary 3) Assignment & Delegation 4) Condition 5) Breach 6) Remedies |
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What is common law acceptance?
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The offeree must agree exactly to the terms of the offer (a mirror image)
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What are defenses to formation of a contract?
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Fraud
Mistake Statute of Frauds Parol Evidence Rule |
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What is the Statute of Frauds?
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It provides that certain categories of contracts are not enforceable unless they are in writing.
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What is the Parol Evidence Rule?
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The principle that a preexisting commitment cannot be used as evidence to contradict or in any way modify the terms of a written agreement.
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What are conditions?
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A condition is an act or event that must occur in order for the other side’s performance under the contract to become due.
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What is an Express Condtion?
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a condition that must be explicitly stated in the terms of the contract.
ie: satisfaction clause ie: time of the essence. |
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What are Implied in Fact Condtions?
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Conditions that aren't usually stated in the contract.
ie: work should be performed in a workman like manner. If the work is not performed in a workman like manner, the contract was breached. |