Term
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Definition
| A K is an agreement between 2 or more parties by which obligations are created, modified, or extinguished. |
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Term
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Definition
1. Capacity
2. Consent (established by offer and acceptance)
3. Lawful cause &
4. Lawful object |
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Term
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Definition
| Only 1 party to the K incurs an obligation |
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Term
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Definition
| Both parties bind themselves reciprocally |
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Term
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Definition
| Obligor binds himself to obtain a benefit for himself |
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Term
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Definition
| Reason obligor binds himself is to benefit the obligee |
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Term
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Definition
| K whose obligation is secured by an accessory K |
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Term
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Definition
| K was entered into to provide security for performance of an obligation |
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Term
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Definition
| Performance by one party is correlative to the performance by the other party |
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Term
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Definition
| One where performance or extent of performance of any party to K depends on an uncertain event |
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Term
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Definition
1. Unemancipated minors
2. Interdicts, and
3. Persons deprived of reason at time of King |
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Term
| When Minors have Contractual Capacity |
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Definition
If the other party reasonably relies on a minor's representation of majority, the K may not be rescinded
K made for something related to the minor's business or necessary for support or educatio may not be rescinded |
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Term
| When persons deprived of reason have contractual capacity |
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Definition
Not interdicted - obtain rescission by showing other party knew/shk of incapacity. H/e, a party lacking capacity may rescind a grat. K w/o showing the other party/s a/c knowledge
A K made by an interdicted person deprived of reason may be attacked after his death only when: i) K is gratuitous, ii) contract evidences lack of understanding, iii) the K is made within 30 days of death, or iv) application for interdiction was filed before death. |
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Term
| Effect of rescission for lack of capacity |
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Definition
| A K entered into by a party without contractual capacity is a relative nullity, but the K may be rescinded only by party lacking capacity. |
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Term
| Consent: No formalities generally required |
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Definition
| No formalities are required unless the law so prescibes or parties have agreed to a certain form. If certain form is required by law for a K, the same form is required for offer and acceptance. |
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Term
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Definition
| An acceptance not in accord with the terms of the offer is a counteroffer. |
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Term
| Offers of Reward to the Public |
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Definition
- Communication to offeree -- offer of reward is binding regardless of whether person who performs requested act knows of offer
- Revocability of Reward Offers -- are revocable before completion of performance but can be revoked only by same or equal means used to offer
- Performance by more than 1 person -- Reward goes to person who first gave notice to the offeror of completion
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Term
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Definition
Must be either: i) lawful cause, or
ii) detrimental reliance |
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Term
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Definition
| Cause is the reason why a person obligates himself. Not the same as consideration. |
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