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| A set of legally enforceable promises |
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| Restrict what an employee may do after leaving a company, often dictate, wherem when an dwith whom an employee may work |
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| An offer and an acceptance to the terms of the offer |
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| An acceptance of the terms of an offer |
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| The bargained for exchange or what each party gets in exchange for his or her promise under the contract. |
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| Capacity is the legal ability to enter into a binding agreement. Eg elderly, mentally challeneged , ill or intoxicated |
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| If the offeror forces the offeree into the agreement by, fraud, duress, under influence of misrepresentation the contract can be voidable |
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| A certain Critiera must be met for the contract to be valid. |
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| A set of commercial laws that could be applicable to all states. |
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| All contracts are governed by either common law or the Uniform Commercial Code. If the contract is for the sale of a good it falls under Article 2 of UCC. For a good It falls under common law |
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A promise for a promise
Contract is formed once the promises are made.
Important that both products are making a binding promise. |
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A promise for a requested action
The offeror wants the offeree to do something not to prmose to do something.
Offeror may revoke this before the performance is completed, but not after or else that is breach.Must be open for a reaonnsable time |
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| Terms are clearly set forth in either Written or spoken words. |
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| Arise from the conduct of the parties. EG emergency room, expected to pay for the services |
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| 3 Rules for Implied in Fact |
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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 would have expected to pay for it
3. Defendant had an opportunity to reject the property or service but did not. |
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Implied in Law Contracts
- To prevent one party from being unjustly enriched at the expense of another the courts impose contractual obligations |
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| Legal Prinicple: Quasi Contract |
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Definition
Recovery in quasi Contract may be obtained when
1. A benefit is conferred by the plaintiff upon the defendant
2. The defendant has knowledge of the beenfit that is being bestowed upon her
3. The defendant retains the benefit under circumstances in which it would be unjust to do so without payment |
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| One that contains all the legal elements |
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When a contract is Valid but law prohibits the courts from enforcing it.
Limits: Statute of limitations
Some Must be evidenced by writing before they can be enforced |
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| Either its object is illegal or it has some defect so serious that it is not a contract. |
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| If one or both parties has the ability to either withdraw from the contract or enforce it. If the parties Discover the contract is voidable after one or both have partially performed both parties must return anything they exchanged. |
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| The person being persecuted, intoxicated, child elderly. |
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| Once all of the terms have been fully performed |
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| As long as some of the terms have not yet been performed, the contract is executory |
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| Have a special form or must be created in a specific manner. |
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| 4 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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| Arise when a person acknowledges in court that he or she will perform some specified act or pay a price upon failures to due so. Eg Bail Bond |
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An agreement by the issuer to pay another party a sum of money on receipt of an invocie and other Documents .
Governed by UCC f |
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Definition
| Are unconditional written promises to pay the holder a specific sum of money on demand or at certain time. Checks, notes, drafts. Governed by UCC |
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| Informal (simple) Contract |
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Definition
| No formalities involved in making them, but still legally bindings. |
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Term
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Definition
| If a term in question appears to be plain and unambiguous on its face, we must determine its meaning from the document without outside evidence |
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Term
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| Multiple interpretations, Closest to law, against the one who drew it up, Hand writing Prevails |
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