Term
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Definition
| Contract formed by language, oral or written |
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Term
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Definition
| Contract formed by conduct |
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Term
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Definition
| Law requires some formality for formation e.g.; seal, notary signature, or a requirement of witnesses. Failure to meet requirements means no contract was formed |
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Definition
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Term
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Definition
| Not about complexity: a formal contract can be 1 page while a simple contract could be 200 pages |
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Term
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Definition
| Contract that has been performed |
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Term
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Definition
| Contract that has yet to be performed |
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Term
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Definition
Contract where two promises are exchanged
I promise you this if you promise that |
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Term
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Definition
Promise is exchanged for an act
I promise you this if you do that |
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Term
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Definition
| not a type of contract, a legal principle created by judges to try to undo injustice in the absence of a contract using contract law principles |
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Definition
| Mutual Assent, Consideration, Capacity, Legal Subject |
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Term
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Definition
Manifestation of present intent to
be bound to a contract |
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Term
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Definition
Creation of Offer, Termination of Offer
Acceptance |
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Term
| Exceptions to Offeror Revocation |
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Definition
Option K (deposit type stuff)
Reliance (offerree has relied on the offer in forming other contracts)
Unilateral K- offeree has begun performance (reasonable time has to be given) |
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