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
--legally enforceable promises |
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Definition
| bargained for exchange; what each party gets in exchange for his or her promise under the contract |
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Term
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Definition
| legal ability to enter into a binding agreement |
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| contract cannot be either illegal or against public policy |
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Term
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Definition
| offeror secures the acceptance of the agreement through improper means, such as fraud, duress, undue influence, or misrepresentation |
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| contract lacks proper form |
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Definition
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| objective theory of contracts |
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Definition
| existence and interpretation of a contract is based on the outward manifestations of intent by the parties |
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Term
| Uniform Commercial Code (UCC) |
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Definition
| set of commercial laws that could be applicable to all states |
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Term
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Definition
| governs contracts for the sale (exchange for a price) of goods (tangible, movable objects) |
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Term
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| party proposing the contract |
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| person agreeing to or accepting the contract |
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Definition
| a promise in exchange for a promise |
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Definition
| offeror wants a performance to form the contract; offeror wants the offeree to do something not promise to do something |
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Definition
| have all the terms clearly set forth in either written or spoken words |
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Definition
| arise not from words but from the conduct of the parties |
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Term
| 3 conditions that satisfy an implied-in-fact, contract |
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Definition
1. plaintiff provided some property or service to the defendant
2. plaintiff expected to be paid for such property or service, and a reasonable person in the position of the defendant would have expected to pay for such property or services
3. the defendant had an opportunity to reject the property or services |
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Term
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Definition
| "implied in law contracts"; in order to prevent one party from being unjustly enriched at the expense of another, the courts impose contractual obligations on one of the parties, as if that party had entered into a contract |
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Term
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Definition
| contains all the legal elements of a contract; one that will be enforced |
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Definition
| valid contract but there is some law that prohibits the courts from enforcing it |
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Definition
| not a contract at all, either its object is illegal or it has some defect that is so serious that it is not a contract |
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Term
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Definition
| one of both of the parties has the ability to either withdraw from the contract or enforce it |
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Term
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Definition
| once all of the terms of the contract have been fully performed |
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Term
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Definition
| some of the duties under the contract have not yet been performed |
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Term
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Definition
| those that have a special form or must be created in a specific manner |
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Term
| types of formal contracts |
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Definition
1. contracts under seal
2. recognizances
3. letters of credit
4. negotiable instruments |
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Term
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Definition
| comes from when contracts were literally sealed by a piece of soft wax into which an impression was made |
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Term
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Definition
| when a person acknowledges in court that he or she will perform some specified act or pay a price upon failure to do so; bond used as bail |
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Term
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| agreement by the person who issues the letter to pay a sum of money on a receipt of an invoice and other documents |
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Term
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Definition
| states that if a writing, or a term in question, appears to be plain and unambiguous on its face, its meaning must be determined from the four corners of the instrument, without resort to extrinsic evidence, with the words given their ordinary meaning |
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Term
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Definition
| written documents, signed by a party that makes an unconditional promise to pay a specific sum of money on demand or at a certain time to the holder of the instrument |
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Term
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Definition
| "simple contract", no formalities are required in making them |
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