Term
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Definition
| binding agreement that the courts will enforce |
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Term
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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. |
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Term
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Definition
| Article 2 of the UCC governs the sales of goods |
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Term
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Definition
| the transfer of title from seller to buyer |
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Term
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Definition
| tangible personal property (personal property is all property other than an interest in land) |
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Term
Requirements of a Contract
-Mutual Assent |
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Definition
| the parties to a contract must manifest by words or conduct that they have agreed to eter into a contract |
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Definition
| governs sales in all states except Louisianna |
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Term
Requirements of a Contract
-Consideration |
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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. |
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Term
Requirements of a Contract
-Legality of Object |
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Definition
| the purpose of a contract must not be criminal, tortious, or otherwise against public policy. |
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Term
Requirements of a contract
-capacity |
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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. |
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Term
Classification
-express contract |
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Definition
| an agreement that is stated in words, either orally or in writing |
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Term
Classification
-Implied in Fact Contract |
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Definition
| a contract in which the agreement of the parties is inferred from their conduct |
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Term
Classification
-Bilateral contract |
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Definition
| a contract in which both parties exchange promises |
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Term
Classification
-unilateral contract |
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Definition
| a contract in which only one party makes a promise |
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Term
Classification
-valid contract |
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Definition
| one that meets all of the requirements of a binding contract |
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Term
Classification
-Void Contract |
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Definition
| no contract at all; without legal effect |
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Term
Classification
-Voidable Contract |
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Definition
| capable of being made void |
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Term
Classification
-unenforcable contract |
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Definition
| a contract for the breach of which the law provides no remedy |
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Term
Classification
-executed contract |
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Definition
| fully performed by all of the parties |
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Term
Classification
-Executory Contract |
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Definition
| yet to be fully performed |
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Term
Classification
-Formal Contract |
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Definition
| agreement that is legally binding because of its particular form or mode of expression (checks, seals, acknowedgments of indebtedness made in court) |
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Term
Classification
-informal contracts |
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Definition
| all non-formal contracts. do not depend upon formality for their legal validity. |
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Term
| Promissory Estoppel Definition |
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Definition
| doctrine enforcing some noncontractual promises/ requires detrimental and justifiable reliance; promise enforced to the etent necessary to avoid injustice |
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Term
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Definition
| Court imposes this to prevent injustice - I accidentaly give amy sara's money, sara has to return it |
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