Term
A contract is enforceable only if the person entering into the contract has the capacity to enter the contract considering these factors:
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Definition
1. Contract is Lawful
2. No Duress
3. Age
4. Mentally Incompetence
5. Family
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Term
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Definition
1. Offer
2. Consideration
3. Mutual Assent
4. Acceptance |
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An exchange of promises between two or more people to take place in the future. |
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A direct and complete proposal, promise, commitment requesting willingness to enter a bargain including:
1. Specific Terms
2. A manifestation of present intent to be bound
3. Communication to the Offeree |
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A legally enforceable promise |
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Term
Criteria Used to determine whether communication is an offer includes: |
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Definition
1. Language
2. Surrounding Circumstances
3. Prior Practice/Relationship
4. Method of Communication
5. Industry Custom
6. Certainty and Definiteness of Terms
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Term
_____ is the master of the offeror. |
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Definition
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Terms provided by a merchant that indicates it will remain open, and it is not revocable for lack of consideration. |
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Definition
1. Manifestation of assent in a manner required by the offer
2.Complies with the place time and manner of acceptance required in the contract.
3. Must occur while offer is still open |
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Acceptance (Bilateral Contract) |
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Definition
Making the requested promise |
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Acceptance (Unilateral Contract)
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Legally binding acceptance once the mail is stamped and enters the mail box; does not have to be receieved by the offeree. |
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Definition
1. The offeree takes the benefits of offered services with reasonable opportunity to reject and reason to know there is expectation of compensation.
2. The offeror has understanding silence constitutes acceptance based on previous dealings.
3. Exercises dominion over goods
4. Offer states silence as a method of acceptance
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Any substituted bargain differing from the proposed original offer |
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Offer is accepted by showing lack of objection to the counter offer or last counter offer provided before the performance began |
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A manifestation of intention not to accept an offer |
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The Offeror Removes the offer and notifies offeree directly or indirectly |
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Offeree’s power of acceptance is terminated due to time |
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Unfair; affronting reasonableness |
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Mirror Image Rule (Common Law) |
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A purported acceptance that varies the terms of the offer is not an offer; it becomes a counter offer |
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Term
Mutual Assent (Objective) |
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Definition
Manifestation to reach a deal on the same bargain at the same time; evidence that shows there is an agreement to the apparent intention |
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Meeting of the Minds (Subjective) |
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Definition
Parties rely on actual intent rather than the conduct to determine the common understanding between both parties for binding a contract |
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Promise or performance that is bargained for, which motivates a person to do something. |
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1. The problem must induce a detriment to promisee OR
2. Occurrence of the condition would benefit the promisor.
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Services already performed |
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Acts on behalf of the principle, and may have the right to bind the contracts. |
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Principle communicates to the agent that they have the right to make decisions or bind the company. |
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A job title or anything that would reasonable allow someone to believe he is acting under authority
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Agent acts beyond his authority |
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You must be a party in the contract to have rights in the contract |
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Mutuality of Obligation (Re 79) |
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Definition
If both parties are not bound then neither are bound |
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A manifestation of intention to act or refrain from acting in a specified way |
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Performance is entirely optional, not a real promise |
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A definite and clear promise that the promisee reasonably relies on to his detriment and injustice cannot be avoided without enforcement of the promise |
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Charitiable Subscriptions |
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Definition
An oral or written promise to do certain acts for charity or for a charitable purpose.
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Term
Restitution/Unjust Enrichment |
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Definition
A situation in which someone has received something, and it would be unjust for him to retain it without paying for it |
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Definition
1. P has conferred a benefit on D
2. D has knowledge of the benefit
3. D has accepted or retained the benefit
4. The circumstances are such that it would be inequitable for D to retain the benefit without paying fair value for it.
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Definition
If a person receives a material benefit from another, other than gratuitously, a subsequent promise to compensate the person for rendering such benefits is enforceable |
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Any law that requires the contract to be in writing and signed for enforcement |
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Recovering any documents or papers that may be evidence of the existence of a contract |
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The process in which the court gives meaning to contractual language when the parties attach materially different meanings to the language |
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The admissibility of oral or written evidence, and may only apply to various types of written contracts |
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Term
Parol Evidence Guidelines |
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Definition
1. Does not apply to evidence offered to explain the meaning of the agreement.
2. Does not apply to agreements, whether oral or written, made after the execution of the writing.
3. Does not provide evidence to show the effectiveness of the agreement was subject to an oral condition precedent.
4. Does not apply to evidence offered to show that the agreement is invalid for any reason , such as fraud, duress, undue influence, mistake or illegality.
5. Does not apply to evidence that is offered to establish a right to an equitable remedy such as reformation of the contract.
6. Does not establish a collateral agreement between two parties. |
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Term
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Complete Integration - Final Contract, deals with all aspects of agreement
Partial Integration - Only some aspects of the agreement is in writing
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States a document is intended to be the final agreement, there are no agreements or promises outside of the document, not conclusive, but gives a strong presumption |
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