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| an agreement that is enforcable by a court of law or equity. |
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| contract is bilateral if the offeror's promise is answered with the offeree's promise of acceptance. (a promise for a promise) |
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| Unilateral contract (def) |
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| if the offeror's offer can be accepted only by the performance of an act by the offeree. (a promise for an act) |
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| Tangible, movable, personal property. |
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| objective theory of contracts (def) |
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| states that the intent to enter into an express or implied-in-fact contractis judged by the reasonable person standard. (from a 3rd person point of view) |
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| An actual contract may be either... |
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| express or implied-in-fact |
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| stated in oral or written words. |
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| implied from the conduct of the parties |
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| 3 requirements to create an implied-in-fact contract |
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| P provided property or services to D, P expected to be paid by D, D was given opportunity to reject property or services from plaintiff but failed to do so. |
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| quasi-contract also known as |
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| court may provide money to P fro providing service to D even though no actual contract existed. (house painting story) To protect against unjust enrichment |
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| a quasi contract is imposed where |
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| (1) one person confers benefit of another, who retains the benefit, and (2) it would be unjust notto require that person to pay for the benefit recieved. |
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| a completed contract (one that has been fully performed by both sides) |
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| contracts that have been fully performed by one side but not the other. |
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| Required for a valid contract |
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| offer, acceptance, capacity, consideration, lawful purpose. |
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| no legal effect, never was a contract. (contract to commit a crime) |
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| At least one party has the option to void contractual obligations. |
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| contracts may be voided by |
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| minors, insane persons, intoxicated persons, persons acting under duress, undue influenct, or fraud, and cases involving mutual mistake. |
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| one where there is some legal defense to the enforcement of the contract. (if contract is required to be written but it is not) |
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| certain, serious offer, and communicated to offeree |
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| The intent to enter a contract is determined by... |
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| asking weather a reasonable person viewing the circumstances would conclude that the parties intended to be legally bound. |
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| an offer (and contract) must contain the following terms... |
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Definition
| identification of parties, identification of subject matter and quantity, consideration to be paid, time of performance. |
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| Note - offer must be communicated from offeror (or represenative or agent of offeror) to the offeree. |
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| the thing of value given in exchange for a promise. |
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| Consideration consists of 2 elements |
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| something of legal value must be given, and there must be a bargained-for exchange. |
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| A contract is considered supported by legal value if... |
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| the promise suffers a legal detriment or the promisor recieves a legal benefit. |
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| bargained for exchange (def) |
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| an exchange that parties engage in that leads to an enforcable contract. |
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| If one or more of the parties can choose not to perform their contractual obligations |
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| not enforcable due to lack of consideration. Except by a minority of states |
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| no consideration if person is already obligated to do something |
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| Competent partys duty of restitution |
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| If a minor cancels a contract, the other party must restore them to status quo (the position they were in before the entering the contract) |
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| Minors duty of restoration or restitution |
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| minor obligated to return goods or property he has recieved in the contidion it is in at the time of cancelling contract. |
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| minor must put adult in status quo if |
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Definition
| minor intentionally or grossly negligent conduct caused loss of value to the adults property or if minor represented his age. |
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| Contract is able to be enforced on a minor if |
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Definition
| he does not disaffirm (cancel) the contract during the period of minority or within a reasonable time after reaching the age of majority. |
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| minors are obligated to pay reasonable value for goods they contract for if they are |
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| contract is void, neither party can enforce. |
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| insane, but not adjudged insane (def) |
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| insane person can void, but not competent party. |
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| sets an upper limit on interest rates of loans |
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| contrary to public policy (def) |
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| a contract that has negative impact on society. not enforcable |
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| contracts that are contrary to public policy... |
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Definition
| immoral contracts, contracts in restraint of trade, certain covenants not to compete, and some exculpatory clauses. void contracts, have a negative impact on society |
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| contracts in restraint of trade example |
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Definition
| if all bakers in neighborhood decided to fix the prices of bread they sold the bakers contract would be void. |
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| noncompete clause is an agreement where |
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Definition
| person agreees not to engage in business against his current employer for a certain amount of time in the same geographical area |
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| real estate, service, intangible |
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| classical (up to 1860) modern law (1860 to present) |
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| what a reasonable person would believe |
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| minoe may get out of a contract |
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| minor may gratify contract after he is 18 which makes the contract no longer voidable. |
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| exceptions to covenants not to compete |
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| line of business protected, geographical area (reasonable), duration of restriction (max 5 years) |
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| noncompete clause are legit if are |
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| ancillary, if not they are void. |
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| relieves one or both parties to the contract from tort liability. (ordinary negligence, not fraud, recklessness, gross negligence, etc. |
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| void as against public policy |
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| woman killed husband after him getting life insurance policy |
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| life insurance policy was void based on public policy |
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| 3rd parties do not aquire any rights under other peoples contracts except for... |
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| assignees whom rights are transfered to, and intended 3rd party beneficiaries. |
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| transfer of contractual rights |
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| obligee (person owed something) transfers the right to recieve performance to an |
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