Term
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Definition
| A binding agreement based on the genuine assent of parties made for lawful object. When you form a contract you have to have intent to be bound. It has to be objective intent, which is based on ordinary prudent man. |
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Term
Elements to a Contract
(LIST) |
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Definition
1. Agreement
2. Competent Parties
3. Genuine Assent
4. Consideration
5. Legal Purpose (lawful objective)
6. Legal Form (form required by law) |
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Term
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Definition
K's whose formality signified the parties intention to abide by the terms.
1. Contracts under seal - stamped wax
2. Recognizance - promise or obligation entered into before court, to do an act such as come to trial.
3. Negotiable Instruments - Drafts, promissory notes, checks, certificates, that give special rights |
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Term
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Definition
1960
Standardized state law. Governs personal property sales. It simplifies contract law because the banking industry wanted easier security.
2 questions: - "did parties intend to be bound"
- "is there a reasonable basis for granting remedy" |
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Term
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Definition
| can be oral or written. Are enforceable because they represent an agreement between parties. |
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Term
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Definition
1. Expressed - 99% of all contracts governed by law
2. Implied in Fact - Not shown by words, written or spoken, but by acts and conducts of parties. (One renders service, other benefits service)
3. Implied by Law - governed by equality includes remedies. Restores parties to status quo - quasi contract. |
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Term
Validity of a Contract
(LIST) |
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Definition
1. Valid
2. Voidable
3. Void (ab Ignitio)
4. Valid but unenforcable |
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Term
Unilateral Contracts
Bilateral Contracts
Executory Contracts |
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Definition
-Promise for an act (reward to find puppy)
-Promise for a promise - most contracts. (This is conditioned by the word "IF")
-One party still has something to do. |
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Term
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Definition
A) Court imposed obligation to precent unjust enrichment in absence of a contract.
B) Unjust enrichment - receive a benefit, even in absence of promise to pay.
C) Quantum Meruit - as much as deserved |
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Term
| Incorporation by Reference |
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Definition
| Contract consisting of both original document and the detailed statement that is incorporated in it. |
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Term
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Definition
A big contract supported by a little contract. This is the right to hold a bigger contract.
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Term
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Definition
Found in real estate transactions. Right of a party to met the terms of a proposed contract before it is executed.
Ex: you are in the building on a lease, if they try and sell the building while you are in the lease, they have to offer it to you first at the same price they would sell it to anyone else. |
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Term
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Definition
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Term
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Definition
A. Legal 1. Legal Terms
B. Intent (contractual) OR
C. Definite terms 2. Communicated
D. Communicated
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Term
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Definition
| Empowers - "power of acceptance". May only be accepted to whom the offer was directed at. Silence generally doesn't constitute acceptance. |
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Term
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Definition
| An offer can be revoked at any time before acceptance. The offeror can revoke it even if he promised it would remain open for an amount of time. |
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Term
Exceptions to Power to Terminate
(LIST) |
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Definition
- Option: promise to keep an offer open for a stated period of time.
- Firm Offer:applied to merchants signed or written offer to buy or sell goods with a maximum of 3 MONTHS on its period of irrevocability. |
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Term
| What terminates an offer? |
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Definition
- Revocation
- Counter Offer
- Rejection
- Lapse of time
- Death and Disability
- Subsequent illegality
- War
- Bankruptcy
- Acceptance
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Term
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Definition
If the offer is in the mail and has been sent, you are still able to change your mind. BUT an acceptance becomes official on postage (initially mailed) while revocation of an offer has to be received.
If the two cross, the offer is still valid. |
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Term
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Definition
| Offeree's silence and failure to act cannot be regarded as an acceptance. |
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