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| person’s assurance that the person will or will not do something |
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| Contracts relating to services, real estate, employment, and insurance, for example, generally are governed by the common law of contracts |
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| Contracts for the sale and lease of goods, however, are governed by |
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among other things, the formation and enforcement of agreements between parties
Pacta sunt servanda- “agreements shall be kept”
o Necessary to ensure compliance with a promise or to entitle the innocent party to some form of relief |
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| Contract (general definition) |
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| “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 duty” |
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| Contract (Offical definition) |
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| Legally binding agreement between two or more parties who agree to perform or to refrain from performing some act now or in the future |
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| Requirements of a Valid contract |
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| Agreement, Consideration, Contractual capacity, and Legality |
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| Something to convince a person to make a deal |
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| Must be recognized as possessing characteristics that qualify them as competent parties |
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| Contract’s purpose must be to accomplish some goal that is legal and not against public policy |
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| Defenses to the Enforceability of Contract |
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| Genuineness of assent - Consent must genuine & Form - Must be a from the law requires |
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| A type of contract that arises when a promise is given in exchange for a return promise |
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| (pronounced kwahn-tuhm mehr-oo-wuht) Literally, as much as he deserves —an expression describing the extent of liability on a contract implied in law (quasi contract). An equitable doctrine based on the concept that one who benefits from another's labor and materials should not be unjustly enriched thereby but should be required to pay a reasonable amount for the benefits received, even absent a contract |
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| A contract that has been completely performed by both parties. |
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| A contract that has not as yet been fully performed |
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| A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. |
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| A contract that by law requires a specific form, such as being executed under seal, to be valid |
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| A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract). |
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| A contract that does not require a specified form or formality in order to be valid. |
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| objective theory of contracts |
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| A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party's own secret, subjective intentions. |
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| A fictional contract imposed on parties by a court in the interests of fairness and justice; usually, quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of another. |
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| A valid contract rendered unenforceable by some statute or law. |
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| A contract that results when an offer can only be accepted by the offeree's performance |
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| A contract that results when elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present. |
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| A contract having no legal force or binding effect |
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| A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties |
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| (1) In contract law, the offeree's notification to the offeror that the offeree agrees to be bound by the terms of the offeror's proposal. Although historically the terms of acceptance had to be the mirror image of the terms of the offer, the Uniform Commercial Code provides that even modified terms of the offer in a definite expression of acceptance constitute a contract. (2) In negotiable instruments law, the drawee's signed agreement to pay a draft when presented. |
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| A meeting of two or more minds in regard to the terms of a contract; usually broken down into two eventsan offer by one party to form a contract, and an acceptance of the offer by the person to whom the offer is made. |
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| An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer. |
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| To bar, impede, or preclude. |
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| A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in a mailbox), if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror. |
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| A common law rule that requires, for a valid contractual agreement, that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer. |
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| The element of agreement in the formation of a contract. The manifestation of contract parties' mutual assent to the same bargain is required to establish a contract. |
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| A promise or commitment to perform or refrain from performing some specified act in the future |
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| A contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer during this period without fear that the offer will be made to another person. The offeree must give consideration for the option (the irrevocable offer) to be enforceable. |
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| A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise. |
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| In contract law, the withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability. |
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| A standard-form contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms. |
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| The age at which an individual is considered legally capable of conducting himself or herself responsibly. A person of this age is entitled to the full rights of citizenship, including the right to vote in elections. In contract law, one who is no longer an infant and can no longer disaffirm a contract. |
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| State or local laws that prohibit the performance of certain types of commercial activities on Sunday |
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| The threshold mental capacity required by the law for a party who enters into a contract to be bound by that contract. |
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| scienter (pronounced sy-en-ter) |
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| Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive. |
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| innocent misrepresentation |
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| A false statement of fact or an act made in good faith that deceives and causes harm or injury to another |
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| negligent misrepresentation |
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| Any manifestation through words or conduct that amounts to an untrue statement of fact made in circumstances in which a reasonable and prudent person would not have done (or failed to do) that which led to the misrepresentation. A representation made with an honest belief in its truth may still be negligent due to (1) a lack of reasonable care in ascertaining the facts, (2) the manner of expression, or (3) the absence of the skill or competence required by a particular business or profession. |
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