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Business Law (S and R) ed. 14
Chapter 9
24
Law
Graduate
05/02/2009

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Term
Contract Definition
Definition
binding agreement that the courts will enforce
Term
Common Law
Definition
most contracts are governed primarily by state common law, including contracts involoving employment, services, insurance, real property (land and anything attached to it), patents, and copyrights.
Term
Uniform Commercial Code
Definition
Article 2 of the UCC governs the sales of goods
Term
Sale
Definition
the transfer of title from seller to buyer
Term
Goods
Definition
tangible personal property (personal property is all property other than an interest in land)
Term
Requirements of a Contract
-Mutual Assent
Definition
the parties to a contract must manifest by words or conduct that they have agreed to eter into a contract
Term
Article 2 of UCC
Definition
governs sales in all states except Louisianna
Term
Requirements of a Contract
-Consideration
Definition
Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange.
Term
Requirements of a Contract
-Legality of Object
Definition
the purpose of a contract must not be criminal, tortious, or otherwise against public policy.
Term
Requirements of a contract
-capacity
Definition
the parties to a contract must have contractual capacity. Certain persons, such as those adjudicated (judicially declared) incompetent, have no legal capaity to contract, while others, such as minors incompetent persons, and intoxicated persons, have limited capacity to contract. All others have full contractual capacity.
Term
Classification
-express contract
Definition
an agreement that is stated in words, either orally or in writing
Term
Classification
-Implied in Fact Contract
Definition
a contract in which the agreement of the parties is inferred from their conduct
Term
Classification
-Bilateral contract
Definition
a contract in which both parties exchange promises
Term
Classification
-unilateral contract
Definition
a contract in which only one party makes a promise
Term
Classification
-valid contract
Definition
one that meets all of the requirements of a binding contract
Term
Classification
-Void Contract
Definition
no contract at all; without legal effect
Term
Classification
-Voidable Contract
Definition
capable of being made void
Term
Classification
-unenforcable contract
Definition
a contract for the breach of which the law provides no remedy
Term
Classification
-executed contract
Definition
fully performed by all of the parties
Term
Classification
-Executory Contract
Definition
yet to be fully performed
Term
Classification
-Formal Contract
Definition
agreement that is legally binding because of its particular form or mode of expression (checks, seals, acknowedgments of indebtedness made in court)
Term
Classification
-informal contracts
Definition
all non-formal contracts. do not depend upon formality for their legal validity.
Term
Promissory Estoppel Definition
Definition
doctrine enforcing some noncontractual promises/ requires detrimental and justifiable reliance; promise enforced to the etent necessary to avoid injustice
Term
Quasi Contract
Definition
Court imposes this to prevent injustice - I accidentaly give amy sara's money, sara has to return it
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