Term
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Definition
| Are not true contracts but obligations imposed by law |
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Term
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Definition
| An agreement creating an obligation |
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Term
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Definition
1) An agreement
2) Between Competent Parties
3) Based on the genuine assent of the parties that is
4) Supported by consideration
5) Made for a lawful objective
6) required in for form of law |
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Term
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Definition
| The specific parties of a contract enter this |
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Term
T/F
Parties of a contract can be individuals, liability companies, corportations, or governments |
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Definition
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Term
T/F
Parties of a contract must have intent to enter into an agreement that is binding |
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Definition
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Term
T/F
The law requires parties to be fair, kind, or reasonable, or to share gains and losses equitably |
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Definition
| False, they do not need to be fair |
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Term
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Definition
| Are enforceable because the formality is considered sufficient that the parties intended to be bound |
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Term
| Qualities of formal contract |
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Definition
Contracts under seal where the signature is followed by (seal or LS)
and
occurred before a court of record
and
negotiable instruments |
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Term
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Definition
| All contracts that aren't formal. They are still enforceable because they represent the agreement of both parties |
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Term
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Definition
| Terms of the agreement are manifested by their words |
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Term
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Definition
| When agreement is shown not by words but by the actions acts and conducts of the parties |
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Term
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Definition
| Agreement that is binding and enforceable |
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Term
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Definition
| without legal effect, usually because the acts stipulated are illegal |
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Term
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Definition
| Has been completed, there is nothing left to do |
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Term
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Definition
| Something remains to be done by a party |
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Term
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Definition
| Both parties agree to execute something |
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Term
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Definition
When a party promises to perform an act only when someone else does something
(100 reward for finding dog) |
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Term
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Definition
When one party has the option to exercise the contract, while the other must do it if one demands it
(can buy a house if you make offer) |
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Term
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Definition
Requires
1) A benefit conferred on the defendant
2) The defendants knowledge of the benefit
3) Finding it would be unjust for the defendant to retain the benefit without payment
The burden of proof is on the plaintiff to prove the elements of this claim |
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