Term
| TRADITIONAL UNILATERAL CONTRACT |
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Definition
| CONSISTS OF A SINGLE PROMISE MADE BY THE OFFEROR TO THE OFFEREE, WHICH SEEKS PERFORMANCE FRO THE OFFEREE RATHER THAN PROMISE OF PERFORMANCE. |
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Term
| TRADITIONAL BILATERAL CONTRACT |
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Definition
| CONSISTS OF A PROMISE GIVEN IN EXCHANGE FOR A PROMISE (MUTUAL PROMISES). UNDER BOTH THE UNIFORM CONMMERICIAL CODE (U.C.C.) AND THE RESTATEMENT (SECOND) OF CONTRACTS, HOWEVER, A BILATERAL CONTRACT MAY BE CREATED EITHER BY MUTUAL PROMISES OR BY THE START OF THE PERFORMANCE. |
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Term
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Definition
| IS ONE FORED BY SPECIFIC WORDS, EITHER ORAL OR WRITTEN |
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Term
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Definition
| IS ONE FORMED BY AN INDICATION OF ASSENT OTHER THAN SPECIFIC WORDS, SUCH AS BY CONDUCT. THIS SOMETIMES CALLED A CONTRACT "IMPLIED IN FACT. EX. USING WATER |
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Term
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Definition
| IS A LEGAL FICTION CREATED BY COURTS TO PREVENT UNJUST ENRICHMENT OF A DEFENDANT BY ALLOWING PLAINTIFF TO SEEK RESTITUTION OF BENEFIT CONFERRED UPON THE DEFENDANT. |
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Term
| VOID, VOIDABLE, OR UNENFORCEABLE CONTRACT |
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Definition
| A CONTRACT THAT HAS NO LEGAL EFFECT AND WAS INVALID FROM THE START. EX. AN AGREEMENT TO COMMIT MURDER - THIS IS AN ILLEGAL ACT, THEREFORE THE CONTRACT IS VOID |
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Term
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Definition
| IS ONE THAT ONE OR B OTH PARTIES MAY CHOOSE TO AVOID AR MAY RATIFY MOST CONTRACTS FOR MINORS ARE VOIDABLE. |
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Term
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Definition
| IS ONE THAT CANNOT BE ENFORCED BECUASE OF DEFENSES TO THE CONTRACT, NONE OF WHICH RELATED TO ITS FORMATION. EX. STATUTE OF FRAUDS, STATE OF LIMITATIONS, UNCOUSCIONABILITY, AND SO FORTH. |
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Term
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Definition
| IS ONE INE WHICH IN SOME OBLIGATION ORDUTY REAMINS TO BE DONE BY ONE OR MORE OF THE PARITES |
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Term
| 3 BASIC ELEMENTS OF A CONTRACT |
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Definition
1) EXISTENCE OF MUTUAL ASSET
2) EXISTENCE OF CONSIDERATION
3) ABSENCE OF DEFENSES THAT WOULD PREVENT ENFORCEMENT OF THE CONTRACT. |
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Term
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Definition
| IS CALLED MEETING OF THE MINDS, OR INTENT TO CONTRACT. MUTUAL ASSENT REQUIRES BOTH OFFER AND ACCEPTANCE. |
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Term
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Definition
| TO CREAT A POWER OF ACCEPTANCE IN THE OFFEREE, THE OFFER MUST BE AN OBJECT EXPRESSION OF A PROMISE, UNDERTAKING, OR COMMITMENT TO ENTER INTO A CONTRACT; THERMS OF THE OFFER MUST BE DEFINITE AND CERTAIN; AND THE OFFER MUST BE COMMUNICATED TO THE OFFEREE. |
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Term
| INDIVIDUALS MUST DISTINGUISH BETWEEN A PROMISE OR AN UDERTAKING THAT CAN FORM THE BASIS OF AN OFFER AND OTHER TYPES OF COMMUNICATION OR CONDUCT. |
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Definition
-STATEMENTS MADE IN CHEST;
-AN ADVERTISEMENT IS AN INVITIATION
-AN AUCTION IS A SOLICTATION FOR OFFERS |
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Term
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Definition
IDENTITY OF THE OFFEREE
SUBJECT MATTER
THE PRICE TO BE PAID
THE TIME OF PAYMENT,
DELIVERY OR PERFORMANCE,
THE QUANTITY INOLVED
NATURE OF THE WORK |
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Term
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Definition
| THERE MUST BE SOME STATEMENT THAT IDENTIFIES THE OFFEREE OR THE CLASS TO WHICH THE OFFEREE BELONGS INORDER TO SUBSTANTIATE THAT THE OFFEROR INTEND TO CREATE A POWER OF ACCEPTANCE. |
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Term
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Definition
| WHEN THE POWER OF ACCEPTANCE CREATED BY A VALID OFFER IS TERMINATED BEFORE ACEPTANCE, ACCEPTANCE CAN NO LONGER BE MADE. |
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Term
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Definition
| THE OFFEROR MAY TERMINATE AN OFFER BY COMMUNICATING REVOCATION TO THE OFFEREE BEFORE ACCEPTANCE HAS OCCURRED. THE REVOCATION MAY BE COMMUNICATED DIRECTLY TO THE OFFEREE BY THE OFFEROR OR MAY BE COMMUNICATED INDIRECTLY; WHERE ACTS OF THE OFFEROR, MADE KNOWN TO THE OFFEREE BY A RELIABLE SOURCE. |
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Term
| HOW CAN PUPLICATIONS OF AN OFFER BE REVOKED? |
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Definition
| A REVOCATION BECOMES EFFECTIVE WHEN IT IS RECEIVED BY THE OFFERE. IF THE REVOCATION IS MADE BY PUBLICTION, HOWEVER, IT BECOMES WHEN IT IS PUBLISHED. |
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