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Definition
| Is a promise or set of promises, expressed or implied creating a legal obligation |
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Term
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| An agreement is an expressed offer on the part of one party accepted by another or conduct on the part of two or more parties implying an intent to effect legal contractual relations. An agreement can also be referred to as a manifestation of mutual assent. NON BINDING |
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| A bargained-for exchange between the parties and legal value given by each party. |
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| Arises from spoken or written words of the parties demonstrating an intention to be bound to a contract |
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| Arises from the conduct of the parties from which a reasonable inference can be drawn that the parties intended to be bound to a contract provisions of a contract may also be implied to fill in the details of an express contract. |
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| An obligation or contract imposed by law without the consent of the parties where unjust enrichment would otherwise result. |
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| When a promise is exchange for an act. I promise to pay you $40 to mow my lawn. |
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| When a promise is exchanged for a promise. I promise to pay you $40 if you promise to mow my lawn. |
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| Requires a particular form in order to be enforceable. Eg contracts of seal, no longer a part of our processes |
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| What we today would consider a contract. |
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| A contract in which each term is so closely related to every other term that no part of the contract may be separated from any other party without destroying the basic purposes of the parties |
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| Divisible or severable contract |
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| One or more parts may be separated. Is important in cases of legality and statute of frauds. |
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| A completely performed contract. |
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| Not yet completed contract. |
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| Has all essential elements of a contract |
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| Lacks one or more of the contact essentials and has no legal effect in reality it is not a contract. |
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| Binds one of the involved parties and not the other. The other party has the option of enforcing or not enforcing the contract. |
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| Is a contract that cannot be enforce because there exists a procedural obstacle or defense to it’s enforcement. |
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| Reasons a contract can be un enforceable |
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Definition
1.Rules of procedural law may make evidence inadmissible
2.A party suing on an oral contract as well as his or her witnesses may lack credibility
3.Bankruptcy, laches and the statute of limitations may bar the contract’s enforcement. |
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Term
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Definition
| Is a is a proposal made by a party with an intention to be bound to a contract with another party. |
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Definition
1. 1. Must be definite and certain.
a.Must be dac of what you are receiving
2.Contain sufficient terms such that a mere assent will afford a court a basis for enforcement
3.Must be given with intention to create a legal relationship.
4.Must be communicated1. Must be definite and certain. |
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| Party making the proposal |
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| Party receiving the proposal |
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| A manifestation of assent by the offeree to the terms of an offer. Must be absolute and unequivocal. Any rejection of the offer becomes a counteroffer. |
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| Can happen anytime before the offer becomes a contract. |
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| When an offeree has given something of value to the Offeror to have the offer held open for a certain period of time, the Offeror cannot revoke the offer during that time period |
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Definition
| Once performance has begun the offeree has a reasonable time to complete the performance before the Offeror can revoke the offer |
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Definition
| Under the u.c. c. in negotiations for the sale of goods, an offer by a merchant to buy or sell goods in a signed writing cannot be revoked during the period specified. |
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Definition
| Where the offeree uses the same medium of the communication for the transmission of the acceptance as the Offeror used for transmission of the offer, the acceptance becomes effective when it is out of the control of the offeree and on its way to the Offeror. |
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| Acceptance by expressed assent |
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Definition
| Actually verbally/writenlly accepting an offer |
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Definition
| Silence may constitute an acceptance where the offeree silently takes the benefit of offered services. |
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Definition
| Is a legal value exchanged for a performance or a promise of performance by another |
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| Occurs where the promise promises to do or does that which the promise is not legally bound to do or where the promise has a legal right to do |
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| Is the counterpart of a legal detriment. It is the performance of an act or forbearance by the promise that the promisor was not otherwise legally entitled to receive |
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| Adequacy of consideration |
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| Refers to the fairness of the ag5reement |
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| Sell part or all the output of some promises |
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| Percentage of requirement |
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| Exclusive dealing contract |
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Definition
| One person deals exclusively with another person |
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Definition
| The promisor’s promise must induce a detriment to the promise and the promisee’s detriment must have induced the promisor’s promise. Does not include promise to make a gift or moral obligation. |
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| States that something you were previously obligated to do and did not do cannot be done to suffice for a legal detriment unless something is added or varied. |
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| Is an equitable doctrine which the courts employ when a promisor makes a promise which the promisor should reasonably expect to induce action or forbearance of a definite and substantial character on the part of the promise or a third person |
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| The repudiation of an agreement |
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| When a minor reaches majority he/she can ratify the contract, thus making it nonvoidable |
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| Are the people who cannot make a contract. |
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Definition
| Is a loan or the forbearance of money at a rate of interest in excess of the statutory maximum |
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Definition
| Consists of giving consideration for the opportunity to participate in any game or scheme for the transfer of money or property dependent on the occurrence of an uncertain event. |
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| The requirement of certain trades businesses or professions to obtain a license |
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Term
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Definition
| A licensing statute that is primarily designed to raise revenue. An unlicensed person ins permitted to recover for the performance of services regulated by a revenue statute |
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| Is a licensing statute that is primarily designed to protect the public from un qualified persons by providing standards for trades, businesses or professions. Where a person performing services regulated by such a statute does not have the proper licenses, his or her own contract will be illegal and unenforceable. |
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| Contracts In Restraint of trade |
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Definition
| Are illegal because public policy favors competition. They are illegal because they do not allow competition |
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| Is a provision in a contract which releases one party of liability for the physical injury or monetary loss caused to the other party regardless of who is at fault |
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| Is an agreement in which the terms are so unfair and so unreasonably unfavorable and oppressive to one of the parties as to shock the conscience of the court. Not considering bad bargains. |
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| Both parties are legally at fault for a contract. |
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Definition
| Or a bilateral mistake occurs where both parties to the contract are mistaken as the value or quality of the subject matter. |
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Definition
| Occurs where one of the parties to the contract is mistaken about facts relation to the contract. |
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Definition
| Is an expressed or implied manifestation by one person to another which is not in accordance with the existing facts. |
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Definition
| Is an intentional misrepresentation by one party of a material fact which is justifiably relied upon by another to his or her detriment or injury. |
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Definition
| Is any unlawful threat force, restraint or other coercion which causes another to do something he or she would not otherwise do |
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Definition
| Consists of words or conduct which overpowers the will of another person and causes him or her to do that which he or she would not otherwise do. |
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| Requires certain contracts to be in writing. If a oral contract is covered in the statute of frauds than the document is unenforceable. |
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| Contracts included in the statute of frauds |
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Definition
1. Contracts involving an interest in real property 2. Sale of goods over 500 dollars 3. 3Contracts that cannot be performed within one year 4. 4 Contracts to answer for the debtor default of another 5. 5Contracts of the personal representative of an estate to pay the estate’s debts personally 6 Contracts made in consideration of marriage i.e. ill let you marry my son for that cow. |
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Definition
| Provides that where the parties to a contract have reduced their agreement to a writing with the intent that it be a comp0lete and final integration of their agreement, then any written or oral evidence of promises made prior to or contemporaneous with the written contract will not be admissible to vary or change any terms of the written contract |
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Term
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Definition
| Is the transfer of a benefit that one is entitled to under a contract to a third party |
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Term
| Third party beneficiary contract |
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Definition
| Is an agreement whereby one party promises to render performance to a third party, called the third party beneficiary rather than to the promise |
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Term
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Definition
| Is the party who is transferring his or her right to receive the performance of the obligor |
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Definition
| The third party whom the performance is being transferred too. |
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Term
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Definition
| Is the transfer of one’s duty to perform a contract to a third party. |
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Term
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Definition
| The third party contracted to receive a gift |
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Term
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Definition
| Is a person who may derive benefit for the performance of a contract but was not intended to benefit by the contract. I enter in a contract with my sister to take her out to eat some incidental beneficiaries would be all potential restaurants. |
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Definition
| A provision in a contract which creates, suspends, or terminates a duty of performance upon the occurrence or non occurrence of an uncertain event. |
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Definition
| A provision in a contract which requires that an event must occur before a party’s duty of performance arises. If event does not occur the contract does not have to be fulfilled |
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Definition
| Is a provision in a contract that will terminate a party’s duty of performance if an event occurs. |
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Definition
| Contractual provisions that require the performance of the parties simultaneously are referred to as concurrent conditions. |
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Definition
| Occurs where a party has fully or totally performed his or her contractual duties. |
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Definition
| Failed to substantially perform his or her contractual duties |
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Term
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Definition
| Or repudiation occurs where one of the parties to a contract indicates to the other party before the time when performance is due that he or she will not perform his or her contractual obligations aka moving away before assigned start time. |
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Definition
| Is a contract whereby the parties agree to terminate their duties under a prior contract |
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Definition
| Is a new contract which substitutes a new party and discharges one of the original parties to a contract |
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Definition
| Is a sum of money recoverable as a remedy for breach of contract or for tortuous acts. The damages that may be awarded include compensatory damages consequential damages punititive damages nominal damages `` |
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Term
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Definition
| Are designed to compensate the non-breaching party for the loss he or she sustained as a direct result of the breach of contract. |
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| Consequential (special) damages |
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Definition
| Are damages that result indirectly from the breach of contract. |
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| Punitive damages (exemplary) |
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Definition
| Are damages awarded by a court to punish\ the particular defendant |
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Definition
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| Are a specific amount stated in a contract to be paid by one party to another if the event of a breach |
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Definition
| Is a remedy that is available to a party for breach of contract whereby the court orders the breaching party to perform the contract or something similar |
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Definition
| Is a remedy whereby a court orders a person to refrain from engaging in a particular act or conduct |
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| Is a remedy in which a court restores a person to his or her original position before the breach of contract or injury occurred |
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| Is the voluntary relinquishment of a known legal right. |
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