Term
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Definition
| A legally enforceable promise or set of promises. |
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Term
| Mutual Manifestation of Assent |
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Definition
1. Consists of: Offer and Acceptance
2. Viewed objectively not subjectively |
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Term
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Definition
1. Value given or detriment suffered in exchange for a promise allowing the promise to be enforceable
2. A bargained-for exchange; quid pro quo |
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Term
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Definition
| Minors, mentally incompetent persons and highly intoxicated persons may not enter a valid contract |
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Term
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Definition
| A contract involving illegality is void |
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Term
| Lack of reality of consent (assent) |
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Definition
| Where assent to a contract is not real or voluntary, the contract is void |
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Term
| Noncompliance with formalities |
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Definition
1. Some contracts must be formalized by a writing or witnessed writing to be enforceable
2. Example: contracts for sale of land must be in writing |
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Term
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Definition
1. A promise in exchange for a promise
2. Duties of offeror and offeree arise as on verbal acceptance |
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Term
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Definition
1. A promise in exchange for a completed act
2. "I'll pay you after you do this."
3. Offeree has no duty and example would be an award |
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Term
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Definition
| Created by the specific words of the parties (straight forward) |
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Term
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Definition
| created by the conduct parties (give money and expect something back) |
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Term
| Implied in law (quasi contract) |
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Definition
| Created by a court when one party unjustly enriches another party (medical services) |
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Term
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Definition
| Enforceable by all parties |
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Term
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Definition
| Enforceable by none of the parties (illegal) |
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Term
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Definition
| May be avoided by one or more parties (contracts procured through fraud) |
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Term
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Definition
| The four requirements for a valid contract are met, but the contract is not binding because of a statute |
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Term
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Definition
| A judge looks at the words and actions of the parties rather that what they were thinking |
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Term
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Definition
| Part of the performance is lacking |
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Term
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Definition
| All performance is complete |
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Term
| Rules of Construction: Plain meaning rule |
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Definition
| If the words of the contract are clear in their meaning, the courts will enforce the contract as written -> generally on extrinsic evidence allowed |
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Term
| Rules of Construction: Entire writing rule |
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Definition
| The court will do its best to enforce the entire contract when there is a potential conflict of terms |
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Term
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Definition
1. Ordinary words: dictionary definition
2. Legal terms: legal definition
3. Technical terms: technical meaning in the relevant trade |
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Term
| Priorities of terms when resolving conflict or ambiguity |
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Definition
1. Handwritten 1st
2. Typewritten 2nd
3. Pre-printed 3rd |
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Term
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Definition
| The way the parties performed the contract being interpreted |
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Term
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Definition
| The way the parties performed previous, similar contracts |
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Term
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Definition
| The way the issue in question is customarily dealt with in the type of business involved |
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