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| : a promise for an act (completed act is acceptance) |
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- formed by words (oral, written, or both)
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| formed by the conduct of the parties. |
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| imposed by law to prevent unjust enrichment. |
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| required by law to be in special written form to be valid |
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| : No special form is required; may be oral or written |
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| the contract has the necessary contractual elements of offer, acceptance, consideration, parties with capacity, and a legal purpose. It can be enforced in court. |
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| a contract exists, but one party, by law, has a defense to avoid performing its contractual obligation. That party can elect to perform its obligation and can enforce the contract against the other party. |
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| a contract exists, but it cannot be enforced by either party in a court because of a legal defense. |
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| no contract exists. The agreement cannot be enforced in court. |
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| a fully performed contract |
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| a contract not fully performed by one or both parties. |
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| a promise that must be made by the offerer to the offeree |
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| the return promise or act. The offeree either makes a return promise or performs the act requested in the offer. The offer and acceptance constitute mutual assent. |
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| the main reason for entering the contract. Two elements form this. First, the promises must be bargained for and exchanged. Second, the promises have legal value. must be legally sufficient to support the offer and acceptance so the contract will be enforceable in court. |
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| The parties must have the legal ability to form a contract |
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| The subject matter of the contract must be legal for the contract to be enforceable in court. |
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| The subject matter of the contract must be legal for the contract to be enforceable in court. |
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| The subject matter of the contract must be legal for the contract to be enforceable in court. |
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| The offerer must have shown a serious, objective ______ to become bound by the offer. |
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| Unless the offer is irrevocable, it can be revoked by the offeror at any time before acceptance without liability. The revocation is effective when received by the offeree. Irrevocable offers are (i) option contracts, (ii) a merchant’s firm offer (UCC 2-205), or (iii) when an offer becomes irrevocable because of promissory estoppel. |
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| Accomplished by words or actions that demonstrate a clear intent not to accept or consider the offer further. A rejection is not effective until known by the offeror. |
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| A rejection of the original offer and new offer constitutes a______ |
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| The offer terminates (i) at the end of the time period specified in the offer or (ii) if no time period is stated in the offer, at the end of a reasonable time period. |
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| The offer terminates when the specific subject matter of the offer is destroyed. automatically terminates the offer. |
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| DEATH OR MENTAL INCOMPETENCE |
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| If either party dies or becomes incompetent, the offer is terminated, unless the offer states it is binding on the deceased or incompetent party’s heirs or the offer is irrevocable. |
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| If the court or a statute makes the subject matter of the offer legal after the offer has been made, that supervening illegality terminates the offer. |
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| Under the common law, terms of acceptance must be the same as terms of offer. |
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A definite acceptance of an offer is not a counteroffer, even if new terms modify the terms of the original offer (UCC 2-207). If either party is a nonmerchant, additional terms are proposals for addition to the contract but not part of it. Between merchants, the additional terms become a part of the contract, with these exceptions:
a. Offer limits acceptance to its terms (UCC 2-207(2)(a)).
b. New terms materially change offer (UCC 2-207(2)(b)).
c. New terms are rejected (UCC 2-207(2)(c)). |
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1. Misrepresentation of a material fact exists.
2. Contract is made with knowledge that the fact is false.
3. Contract is made with the intent to deceive.
4. Innocent party justifiably relies on the misrepresentation.
5. Innocent party is damaged. |
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| The elements in preceding items 2 and 3 are not required for the court to find Usually in these cases, the innocent party can rescind the contract but cannot seek damages. |
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| Generally, the mistaken party is bound by her mistake and the other party can enforce the contract unless the other party knows or should have recognized the mistake. |
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| When a mistake is made by both parties involved the identity or existence of the contract’s subject matter, either party can avoid performing the contract. |
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| defined as forcing a party to enter an agreement under fear induced by a threat (for example, the threat of violence or economic pressure). The party forced to enter the contract can rescind the agreement. |
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| arises from special relationships, such as fiduciary or confidential relationships, in which one party’s free will has been overcome by the undue influence exerted by the other party. Usually, the contract is voidable. |
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| To promisee, who promises to do (or refrain from doing); no prior legal duty to perform (or to refrain from performing). |
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| BARGAINED FOR AND LEGALLY SUFFICIENT |
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| The promisee’s performance or promises to perform must be given in exchange for the promisor’s promise. Adequacy of consideration relates to how much consideration is given and whether a fair bargain is reached. Courts inquire into the adequacy of consideration (if the consideration is legally sufficient) only when fraud, undue influence, or duress may be involved. |
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| 1. ACCORD AND SATISFACTION |
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| The agreement by one party to a contract to perform, and other party to accept, something different from that which was originally agreed, in satisfaction of the original contract. The agreement is the accord. The execution of the agreement is the satisfaction. |
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| An agreement not to sue on a present, valid, and enforceable claim. |
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| A valid contract that substitutes a new party for one of the original parties, thereby, discharging the original contract and the previous party |
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| certain universally accepted rights – given to man by god – moral situation. Denotes a system of moral and ethical principles that are inherent in human nature and that people can discover through the use of their natural intelligence, or reason. |
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| of legal though emphasizes the evolutionary process of law by concentrating on the origin and history of the legal system. Looks to the past to discover what the principles of law should be. |
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| whatever the law is that’s the law right or wrong. Believes there can be no higher law than a nation’s positive law. |
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| realistic about the law, society changes, as society changes we must be able to change the law to adopt to society.. shaped by social forces |
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| 1. Constitutions (State & Federal) |
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| is the law as expressed: According to Article VI of the _____ the supreme law of the land. |
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| law that is based on the us constitution and the constitutions of the various states. |
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| 3. Statutes (State & Federal) |
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Laws created by federal, state and local legislatures.
a. Also called ordinances, regulations and codes.
b. Often very detailed.
c. Many areas of law governed by statutes |
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| laws passed by a local governing unit, such as a municipality or a country. |
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