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Commercial Law Exam
N/A
21
Law
Undergraduate 1
03/31/2014

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Cards

Term
Elements of a Contract
Definition
Agreement, Consideration, Contractual capacity.  Legality purpose of contract must be legal at the time.
Term
Contract Formation
Definition
type of contract after you find the 4 elements
Term
Bilateral
Definition
A promise for a promise
Term
Unilateral
Definition
A promise for an act
Term
Formal
Definition
requires a special form for creation
Term
informal
Definition
requires no special form for creation
Term
express
Definition
formed by words
Term
implied
Definition
formed by the conduct of the parties
Term
types of contracts
Definition
bilateral, unilateral,formal,informal
Term
Formal contracts
Definition
must be in writing to be enforceable
Term
Implied In Fact
Definition
conduct creates and defines the terms of the contract
Term
executed
Definition
a contract that has been fully performed on both sides
Term
executor
Definition
a contract that has not been fully performed on either side
Term
void contract
Definition
no contract exists
Term
quasi contracts
Definition
implied in law
Term
equitable remedy
Definition
created by courts and imposed on parties in the interest of fairness and justice
Term
agreement
Definition
offer and acceptance
Term
Mutual Assent
Definition
  • both parties have to agree on terms of the contract.¬†
  • big terms
  • material terms
  • need to be in agreement on money and action, what it is being contracted for
Term
requirements of the offer
Definition

offeror's serious intent(determined by deminor)

definteness of terms

communication to offeree. if offeree never receives the offer, then there is no contract

Term
These are not offers:
Definition
  • expression of opinion
  • statements of future intent
  • preliminary negotiations or invitations to negotiate
  • advertisements
  • auctions
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