Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
43 Cards in this Set
- Front
- Back
Void contract |
A contract that never was |
|
Unenforceable contract |
A contract, but cannot be carried out |
|
Breach of contract |
A broken contract |
|
Role of statute fraud |
The more serious and important informal contracts need to be in writing in order for them to be enforceable |
|
Five contracts must be in writing in order to be enforceable |
When the executor agrees to pay for the estate debts |
|
Five contracts must be in writing in order to be enforceable |
A guarantee for debt of another |
|
Five contracts must be in writing in order to be enforceable |
A contract involving land |
|
Five contracts must be in writing in order to be enforceable |
A contract that is to be performed more than 1 year |
|
Five contracts must be in writing in order to be enforceable |
Certain sales of goods |
|
The guarantor contract |
Must be in writing. The guarantor's obligation to pay only arises if the debtor does not pay. |
|
What happens if the creditor and/or principal debtor alter agreement terms? |
The guarantor's guarantee is released. If conditions change without consent of the guarantor their guarantee is unenforceable. |
|
What is the Doctrine of part performance? |
Rendering an unwritten contract for land enforceable |
|
Contracts involving land |
Must be written |
|
What does the term "in writing" mean? |
In written form, especially as proof of an agreement or grievance |
|
What are the written requirements for these contracts? |
Includes the terms of the contract |
|
What are the written requirements for these contracts? |
The names of the parties must be clear |
|
What are the written requirements for these contracts? |
The "seller" does not, but the "purchaser" must sign the agreement |
|
What are the written requirements for these contracts? |
No further terms can be added later |
|
Parol evidence rule |
Can't go ahead and buy something later, cannot add, cannot change the contract. |
|
Implied Terms |
Inclusion of an omitted term where implied by normal business practices |
|
Collateral agreement |
An agreement that has its own consideration but supports another agreement |
|
Agreement in principle |
Legally enforceable agreement between parties that identifies the fundamental terms that are intended to be or agreed upon |
|
Mistake of Facts Contracts Mistake of subject matter |
If the subject of the contract does not exist, or exist in the form assumed, at the time when contract is made |
|
Mistake of Facts Contracts Mistaken identity of the contracting parties |
If one of the parties' identify is other than first thought and it is of material importance to the contract |
|
Mistake of Facts Contracts Mistake with regards to the true nature of the contract |
If the nature of the agreement or the document is not what the person thought it was |
|
Unilateral Mistake |
Where one party is aware of a mistake but conceals the mistake, such contracts are generally unenforceable |
|
Mutual mstake |
Where there is a mutual mistake. If a reasonable interpretation is possible it is usually enforceable |
|
Contracts involving Misrepresentation Innocent misrepresentation |
When misrepresentation is unintention. There are no damages awarded and parties are put back to the original positions |
|
Contracts involving Misrepresentation Fraudulent misrepresentation |
The intent to deceit by knowingly being misleading or through carelessness |
|
Contracts involving Misrepresentation Misrepresentation through non-disclosure in contracts of good faith |
Where one party is dependent upon the other heavily to extent that it determines the completion of the contract |
|
Contracts made under Undue influence |
Under the influence of someone else and the party doesn't make the decision on their own |
|
Presumption of undue influence |
It is the onus is on the dominating party to prove that there is no undue influence |
|
Contracts made under duress |
It is contracts made under the threat of violence, the the person are enforceable, provided that the plaintiff takes steps immediately |
|
Privy of contract |
It means that a person cannot incur a liability under a contract to which he or she is not a party and only the person who gave consideration could be held to the contract |
|
Exceptions to a privity of contract |
Partnerships |
|
Exceptions to a privity of contract |
Life insurance beneficiaries |
|
Exceptions to a privity of contract |
Novation |
|
Exceptions to a privity of contract |
Vicarious performance |
|
Exceptions to a privity of contract |
The equitable performance |
|
Exceptions to a privity of contract Novation |
Through negotiation and agreement and through mutual consent the original agreement is cancelled and the party who was the third party will form a contract with once of the parties from the original contract. |
|
Exceptions to a privity of contract Vicarious performance |
Most employees don't perform the work themselves, they assign it to employees |
|
Exceptions to a privity of contract The equitable performance |
You decide to assign a job to a third party who is equally qualified to provide the product or service. |
|
Expectations to reassignment |
Can't be reassigned, neither can the special service or personal service. The third party to the agreement can't perform any contract that requires the personal service or performance by a party to the contract |