Term
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Definition
| promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty |
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| restricts what an employee may do after leaving a company, of they often dictate where, when, and with whom an employee may work |
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| Agreement, Consideration, Contractual Capacity, Legal object |
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Term
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Definition
| Offeree agreed to the contract through improper means such as fraud, duress, influence, or misrepresentation |
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| Objective theory of contracts |
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Definition
| contracts exist through both parties intent and we interpret contracts based on how a reasonable person would interpret it |
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Definition
| Promise in exchange for a promise |
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Term
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Definition
Offeror wants the offeree to do something, not to promise to do something
i.e. promise to do somethingi.e. offering a reward if someone finds your dog
Once a performance is undertaken, the Offeror has to allow reasonable time for the offeree to complete it |
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Term
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Definition
| Clearly set forth in either written or spoken word |
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Definition
| A contract in which the consideration arises from the conduct of the parties (informal) |
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Definition
| Benefit is conferred by the plaintiff upon the defendant |
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Definition
| once all the terms of the contract were fully performed |
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Term
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Definition
| some of the terms of the contract have not yet been performed |
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Term
| 4 types of formal contracts |
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Definition
| contracts under seal, recognizances, letters of credit, negotiable instruments |
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Term
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Definition
| Acknowledgement in court that he or she will perform an act or pay a price |
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Term
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Definition
| Agreement by issuer to pay another party a sum of money on receipt |
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Term
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Definition
| unconditional written promises to pay the holder money on demand or at a certain time |
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Term
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Definition
| If writing appears to be plain and unambiguous on its face, we must determine its meaning from just “the four corners” of the document, without outside evidence |
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