Term
|
Definition
Voluntary agreements between parties
- Must be mutual assent |
|
|
Term
| Objective Theory of Contracts |
|
Definition
| Intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties |
|
|
Term
| Classification of Contracts |
|
Definition
Express Contract
-expressed in writing
Implied in Fact Contract
Implied in-law Contract |
|
|
Term
| Classification of Contracts |
|
Definition
Voidable contract
-one or both parties can avoid contractual obligations
Unenforceable contract
-legal defense to the enforcement to the contract |
|
|
Term
| Classification of Contracts |
|
Definition
Formal Contracts
- require a special form or method of creation
Informal Contracts
- no special form |
|
|
Term
Common Law
- Contract law developed primarily by state courts |
|
Definition
Uniform Commercial Code
- comprehensive statutory scheme that includes laws that cover aspects of commercial transactions |
|
|
Term
| Four Basic Requirements of a contract |
|
Definition
1. Agreement
2. Lawful Object
3. Contractual Capacity
4. Consideration |
|
|
Term
|
Definition
| An offer cannot be accepted if it is not communicated to the offeree by the offeror or a representative or agent of the offeror |
|
|
Term
|
Definition
- a typical invitation to make an offer
- a specific advertisement is an offer |
|
|
Term
|
Definition
- unless expressly stated otherwise, an auction is an auction with reserve
- seller retains the right to refuse the highest bid and withdraw the goods from auction |
|
|
Term
|
Definition
| - An auction in which the seller expressly gives up his or her right to withdraw the goods from sale |
|
|
Term
| Termination of Offer by Act of Parties |
|
Definition
-Revocation
-Rejection
-Counteroffer |
|
|
Term
| Termination of Offer by Operation of law |
|
Definition
Destruction of the subject Matter
- through no fault of either party prior to its acceptance
Death or Incompetency
-of offeror or offeree
Supervening Illegality
Lapse of time |
|
|
Term
| Time and Mode of Acceptance |
|
Definition
-Mailbox Rule
-Proper Dispatch Rule
-Mode of Acceptance
^express authorization
^implied authorization |
|
|
Term
| Contracts Lacking Consideration |
|
Definition
1.Illegal Consideration
2.Illusory Promise
3.Moral Obligation
4.Preexisting Duty
5.Past Consideration |
|
|
Term
|
Definition
|
|
