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Definition
| a promise or a 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. A set of legally enforceable promises. |
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| 4 Elements for a valid contract: |
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Definition
Agreement:
Consideration-
Contractual Capacity
Legal Object |
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Definition
| to be enforceable, the contract cannot be either illegal or against public policy. |
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Definition
| the legal ability to enter into a binding agreement. Most adults over the age of majority have capacity, those who do not are people who are under (>18), people suffering from mental illness, and intoxicated persons. |
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Definition
| the bargained-for exchange or what each party gets in exchange. |
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Definition
| consists of an offer (from the offeror) and an acceptance (by the offeree) |
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Definition
| Sometimes the offeror secures acceptance of the contract through improper means, like fraud, duress, undue influence, or misrepresentation. |
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Term
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Definition
| typically means it lacks writing, but there are a lot of factors that go into that |
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Term
| Uniform Commercial Code (UCC) |
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Definition
| All contracts are governed by either the common law or the Uniform Commercial Code (UCC). If the contract is for the sale of a good, it falls under Article 2 of the UCC, if it is for anything else it falls under the common law. |
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Definition
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Definition
| A promise + a requested action |
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Term
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Definition
| contracts where the terms are clearly set forth in either written or spoken words. |
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Term
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Definition
where the contracts arise not form words but from the conduct of the parties.
3 things are needed: the plaintiff must provide some property or service to the defendant
the plaintiff expected to be paid for the property/service and a reasonable person in the position of the defendant would have paid for it
and the defendant had the opportunity to reject the property/service but did not. Terms are not there but still binding. EX: Getting a hair cut |
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Term
| Quasi-Contracts- (sometimes called implied-in-law contracts) |
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Definition
When there is no actual contract, but to prevent one party form being unjustly enriched, the court acts as if there was one. Recovery in these contracts can be obtained when:
1) a benefit is given to the plaintiff by the defendant
2) the defendant has knowledge of the benefit he is getting and
3) the defendant retains the benefit under circumstances where it would be unjust to do so without payment.
Ex: Juan looks outside and sees a resurfacing crew at the bottom of his driveway. He hears a ring of his doorbell but ignores it. Some hours later, he looks outside and sees that his driveway is resurfaced. The court would rule this as a quasi contract. |
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Term
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Definition
| one that contains all the necessary legal elements. |
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Definition
| when some law prohibits the contract from being enforced (statute of frauds) |
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Term
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Definition
| a contract is voidable if one or both parties have the ability to withdraw from the contract or to enforce it. |
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Term
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Definition
| A contract is void when either its object is illegal or it contains a defect so serious that it is not considered a contract |
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Term
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Definition
| a contract is considered executory when some elements of the contract have not yet been performed |
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Term
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Definition
| a contract is considered executed when all elements of the contract have been performed |
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Term
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Definition
| a contract that is sealed (w/ wax, nowadays it can be other stuff, as well as just say L.S. at the end) |
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Definition
| the vast majority of contacts are informal. They could be very complex, they are just called ‘simple’ because no formalities are required in making them. |
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Term
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Definition
| requires that if a writing, or a term in question, appears to be plain wording, we cannot use outside context to interpret them, only what is written on the contract. |
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