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Definition
| Promise or set of promises, for which if breached the law gives remedy. The performance of a contract is a legal duty. |
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| Performed by language, oral or written |
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| Formed by manifestation of assent other than oral or language, usually by action |
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| Not a contract at all. Created by the courts to avoid unjust enrichment |
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Term
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Definition
1. Was there mutual assent?
2. Was there consideration?
3. Are there defenses to the creation of the contract? |
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| Objective "meeting of the minds" |
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| Manifestation of intent to create a power of acceptance by the offer to enter into a contract based on the offered terms |
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Definition
| manifestation of assent to the terms of an offer - must mirror image the offer |
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Term
| How to determine an offer |
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Definition
1. Was there intent to enter into a contract?
2. Was there certainty and definiteness in the essential terms?
3. Was there communication to the offer? |
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Definition
| considered invitations to offer |
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Definition
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| both sides makes promises (bargain) |
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| acceptance at the mount it is sent out, not when it arrives |
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Definition
bargained for exchange, past consideration or moral consideration is not enough
Exceptions:
1. Debt barred by technical defense
2. Promise to pay arising out of past material benefit |
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Definition
| where only one person is bound - contracts require mutuality |
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Term
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Definition
No mutual assent
Lack of capacity |
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