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42 Cards in this Set
- Front
- Back
- 3rd side (hint)
The person making the promise |
Promisor |
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The person to whom the promise is made |
Promisee |
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The promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. |
Contract |
An agreement that can be enforced in court |
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The four requirements for a valid contract |
1a) Offer 1b) Acceptance 2) Consideration 3) Contractual Capacity 4) Legality *Note: professor categorizes the last two as "defense." |
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The theory used to determine if a contract was formed |
The objective theory of contracts |
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If the offeree can accept simply by promising to perform: a promise for a promise |
bilateral |
Comes into existence the moment the promises are exchanged |
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If the offer is phrased so that the offeree can accept the offer only by completing the contact performance |
Unilateral |
Comes into existance not when the promises are made, but at the moment the when the contract is performed: Promise for and act |
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Contracts that require a special form or method of creation (formation) to be enforceable. |
Formal contracts |
Ex. Negotiable instruments, letters of credit, bills of lading. |
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A contract that does not require a special form: all other types of contracts. Based on substance over their form |
Informal contracts |
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A contract where the terms are explicitly stated in words, oral or written |
Express contract |
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A contract that is implied from the conduct of the parties |
implied contract |
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Requirement for implied contracts |
1) The plaintiff furnished some service or property 2) The plaintiff expected to be paid for the service or property, and the defendant knew or should have known that payment was expected. 3) The defendant had a chance to reject the services or property and did not |
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A contract that has been fully performed on both sides |
Executed contract |
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A contract that has not been fully performed by the parties is called an... |
executory contract |
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A contract that is valid but can be avoided at the options of one or both of the parties |
Voidable contract |
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What is it called when both parties are forced to perform their respective legal obligations |
ratify |
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A contract the cannot be enforced because of certain legal defenses against it. Some statutory regulation against it. |
Unenforceable contract |
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No contract at all |
Void contract |
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Contracts implied in law: not an actual contract: imposed to avoid the unjust enrichment of one party at the expense of another. |
quasi contract |
in Latin means "as if" |
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What does quantum meruit mean |
" as much as he or she deserves" |
used in quasi contract law |
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Note: Quasi cannot be used if there is an actual contract that covers the matter in contraversy |
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The primary Rule used to interpret written contracts |
The plain meaning rule |
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Any evidence not contained in the document itself |
extrinsic evidence |
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Terms given the most weight in contract |
1. Express terms 2. course of performance 3. course of dealing 4. custom and use of trade |
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Facts observed by a reasonable person |
1. "Objective" 2. "manifestation" 3. of "intent" to 4. "bargain" |
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AKA infair |
inequitable |
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a promise or commitment to do or refrain from doing some specified action in the future. |
offer |
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Requirements of the offer |
1. the offeror must have a serious intention to become bound by the offer 2. the terms of the offer must be reasonably certain, of definite, so that the parties and the court can ascertain the terms of the contract 3. The offer must be communicated to the offeree |
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contracts must include the following terms |
1. Identification of the parties 2. Identification of the object or subject matter of the contract, including the work to be performed, with specific identification of such items as goods, services and land 3. the consideration to be paid 4. the time of payment, delivery, or performance |
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An offer can be terminated by actions of the parties in any of three ways
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1. revocation 2. rejection 3. counteroffer |
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The offeror's act of withdrawing (revoking) an offer is known as |
revocation |
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A contract that holds an offer open for a specified period of time in return for a payment give by the offeree. |
option contract |
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a rejection of the original offer and the simultaneous making of a new offer |
counter offer |
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a voluntary act by the offeree that shows assent to the terms of an offer |
acceptance |
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Methods by which an offer can be terminated (By operations of law) |
1. Lapse of time
2. destruction of the subject matter 3. death or incompetence of the offeror or offeree 4. supervening illegality |
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Under this rule, if the authorized medium for communication is the mail, the acceptance becomes valid when it is dispatched, not when it is received by the offeror |
mailbox rule or "deposited acceptance rule" |
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The terms of a contract are expressed inside the box in which the goods are packaged |
shrink-wrap agreement |
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transactions conducted over the internet whereas the agreement is met |
browse-wrap terms |
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an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record |
e-signiture |
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The doctrine used to stop a offeror from revoking an offer if the offeree has justifiable reliance on the offer |
Detrimental reliance or promissory estoppel |
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Examples of Termination of contract by action of the parties |
1. Revocation 2. irrevocable offers 3. Rejection 4. Counteroffer |
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Examples of Termination of contract by operation of law |
1. Lapse of time 2. Destruction of the subject matter 3. death or incompetence of the offeror or offeree4 4. supervening illegality of the proposed contract |
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