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| a binding agreement between two or more parties that the courts will enforce |
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| most types of contracts are governed primarily by State common law, including contracts involving employment, services, insurance, real property, or intangible property |
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| Uniform Commercial Code (UCC) |
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Definition
| Contract law regarding the sale of goods is governed by the UCC, one of the few areas of contract law where statutory law has replaced common law almost completely |
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Definition
| the parties to a contract must show by words or conduct that they have agreed to enter into a contract; generally requires an offer and an acceptance |
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| Know the four core requirements to form a valid contract |
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Definition
Mutual Assent
Consideration
Legal Subject Matter
Capacity |
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| each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange |
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| the purpose of a contract must not be criminal, tortuous, or otherwise against public policy; legality of object |
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| the parties to a contract must have legal contractual capacity |
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| an agreement that is stated in words, either orally or in writing |
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| the agreement of the parties is inferred from their contract |
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| both parties exchange promises |
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| only one party makes a promise |
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| has been fully performed by all of the parties |
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| a contract that has yet to be fully performed |
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| one that meets all of the requirements of a binding contract |
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Definition
| no contract at all; without legal effect |
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| a contract capable of being made void |
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| a contract for the breach of which the law provides no remedy |
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Term
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Definition
a doctrine enforcing some noncontractual promises
o A promise made under circumstances that should lead the promisor reasonably to expect that the promise would induce the promisee to take definite and substantial action, and the promisee does take such action
o A court will enforce the promise to the extent necessary to avoid injustice |
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Term
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Definition
an obligation not based on contract that is imposed to avoid injustice
o A court will impose it when 1) the plaintiff confers a benefit upon the defendant, 2) the defendant knows or appreciates the benefit, and 3) the defendant’s retention of the benefit is inequitable
o The plaintiff recovers the reasonable value of the benefit she conferred upon the defendant |
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