Term
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Definition
| A contract is a 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 |
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Term
| Give three examples of Contracts |
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Definition
| Option, Unilateral, Bilateral |
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Term
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Definition
| An option Contract is a promise which meets the requirements for the formation of a contract and limits the promisors power to revoke the offer. |
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Term
| Define Unilateral Contract |
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Definition
| A contract in which only one party makes a promise or undertakes a performance. |
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Term
| Define Bilateral Contract |
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Definition
| A contract in which each party promises a performance so that each party is an obligor on that party's own promise and an obligee on the other's promise; a contract in which the parties obligate themselves reciprocally, so that the obligationa of one party is correlative to the obligation of the others |
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Term
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Definition
| a promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promise in understanding that a commitment has been made. |
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Term
| How many types of promises are there? List. |
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Definition
| Three; Illusory, Gratuitous, Implied |
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Term
| Define an illussory promise |
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Definition
| An apparent promise that is so promise that is so qualified, or in respect of which such wide discretion is reserved, that the apparent promisor actually makes no binding commitment at all |
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Term
| Define Gratutious Promise |
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Definition
| A promise made in exchange in exchange for nothing; a promise not supported by consideration. |
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Term
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Definition
| A promise created by law to render a person liable on a contract so as to avoid fraud unjust enrichment |
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Term
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Definition
| An Offer is the manifestation of willingness to enter into a bargain, so made to justify another person in understanding that his assent to that bargain is invited and will conclude it. |
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Term
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Definition
| Acceptance of an offer is the mainifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer |
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Term
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Definition
| A consideration is something (such as an act. a forberance, or a return promise) bargained for and received by a promisor from a promisee; which motivates a person to do something. |
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Term
| How many types of consideration are there? Please list. |
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Definition
| 4, Nominal, Illegal, Adequate, Past |
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Term
| Define Nominal Consideration |
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Definition
| Nominal Consideration is consideration that is so significant that is so insignificant as to bear no relationship to the value of what is being exchanged |
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Term
| Define Illegal Consideration. |
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Definition
| Consideration that is contrary to law or public policy or prejudicial to public interest. |
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Term
| Define Adequate Consideration |
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Definition
| COnsideration that is fair and reasonable under the circumstances of the agreeement |
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Term
| Define Past Consideration |
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Definition
| An act done or a promise given by a promisee before making a promise sought to be enforced. Past consideration is not consideration for the new promise because it has not been given in exchange for this promise. |
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Term
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Definition
| The withdrawl of an offer by an offeror |
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Term
| Define Shrink wrap License |
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Definition
| Terms and conditions printed on the outside of a software package to advise the buyer that opening, the buy becomes legally bound to abide by the term of the license. |
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Term
| Define At will employment |
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Definition
| Work for which one has been hired and is bing paid by an employer, usually undertaken without a contract and may be terminated at any time by either employer or employee wihout cause |
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Term
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Definition
| is the retention of a benefit conferred by another, with offering compensation is reasonably expected |
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Term
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Definition
| is the principle that a promise made withput consideration may nonetheless be enforced to prevent injustice if the promissor should have easonable expected the promisee to rely on the promise and if the promisee did actually rely on the promise to her detriment |
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Term
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Definition
| the defensive doctrine preventing one party from taking unfair advantage of another when , though false language or conduct, the person to be estopped has induced another person to act in a certain way, with the result that the other person has been injured in some way. |
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Term
| How many elements are there in Equitabble Estopple? List them. |
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Definition
Five,
1) False representation or concealment
2) he representation was know to be false by the party making it, or the party was negligent in not knowing its falsity
3) it was believed to be true by the person to whom it was made
4) the party making the representation intended that it be acted on, or the person acting on it was justified in its assuming intent 5) the party asserting estopple acted on the representation in a way that will result in substantial prejudice unless a claim of estopple succeeds |
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Term
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Definition
| A covenant is a formal agreement or a promise, usally in a contract |
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Term
| Define Sovereign Immunity |
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Definition
| is the exemption of a government from a suit in its own court without its consent |
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Term
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Definition
| A fee simple is an interest in land that being the broadest propertyt interest allowed by law endures until the current holder dies without heirs |
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Term
| Define Exculpatory Clause |
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Definition
| is a contractual provision relieving a party from liability resulting from a negligent or wrongful act |
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Term
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Definition
| Preexisting duty rule holds that the perfromance of a promise to perform an existing duty cannot qualify as consideration |
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Term
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Definition
| The study of knowledge about justice |
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Term
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Definition
| requires an acceptance to match the offer exactly , with no alteration or qualification. If the acceptance deviates from the offere in any way it does not qualify as an acceptance but it is a rejection and possibly a counter offer. |
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Term
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Definition
| Governs the effect of a written agreement on any prior oral or written agreements between the parties. |
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Term
| Define Promissory Estoppel. List a case |
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Definition
| From the reliance principle, is a promise made without consideration which may be enforced. Ricketts v Scothorn |
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Term
| Define Equitable Estoppel |
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Definition
| A defensive doctrin preventing one party from taking unfair advantage of another through false language or conduct. |
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Term
| Define Preexisting Duty. List a case. |
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Definition
| White v Villiage of Homewood. Exculpatory agreement. was unenforceable because the fire department had a preexisting duty to consider her for the job. |
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Term
| Describe- John Primes Hello in there- List a case |
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Definition
| Maszeewski v Piskadlo. Case was a contract was unenforceable because of lack of mutuality |
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Term
| Define the Doctrine of Misuderstanding. List a case. |
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Definition
| Embry v Mckittrick. "Go back to work, your job is fine" services discontinued after 4 months. Death of a Salesman. The misinterpretation of Words and behavior. |
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Term
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Definition
| Treats agreeements as decret bargained for exchange. |
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Term
| Define Irrevocable Offers - list a case |
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Definition
| Drenan v Star Paving, promise which is binding on the offeror |
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Term
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Definition
| A retention of a benifit confered by another without offereing compensation |
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Term
| Give two case examples of Consideration |
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Definition
Hamer v Sidway- stop bad behavior for 5000 ruled invalid
Freeman v Duluth Clinic- No abortion for medical care |
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Term
| Define the mirror image rule. Give a case example |
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Definition
| Normille v Miller- Real Estate- You snooze you lose. The acceptace of an offer must be positive unconditional, unequivical, and unambiguous and must not change the terms of the offer. |
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