Term
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Definition
1. Agreement
2. Lawful Object
3. Consideration
4. Contractual Capacity |
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Term
| Requirements of an Agreement |
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Definition
1. Offer
2. Acceptence
4. Mutual Assent |
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Term
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Definition
| It is anything of value in the common sense, promised to another when making a contract. |
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Term
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Definition
| The legal ability to enter a contract. Minors, mental challenged, convicts and aliens do not have contractual capacity. |
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Term
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Definition
The object of the contract must be lawful.
Ex. A crack deal would not be a lawful object because crack is illegal. |
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Term
| Two special types of business contracts that allow "greater degree of uncertainty" concerning consideration |
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Definition
1. Output Contracts
2. Requirements Contracts |
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Term
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Definition
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Term
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Definition
| A promise to refrain from doing an illegal act, will not support a contract |
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Term
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Definition
| A contract where one or both parties can choose not to perform their obligations |
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Term
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Definition
| Honor lack consideration. This promise is unenforceable in most states. |
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Term
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Definition
| A promise that lacks consideration because the party is already obligated to do under contract |
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Term
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Definition
| Party contact promises to pay addition amount for work done in the past. |
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Term
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Definition
| The law promotes the voluntary settlement of disputed claims. |
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Term
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Definition
| Agreement where the parties agree to accept something different that was promised by contract. |
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Term
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Definition
| The performance of Accord. If it isn't satisfied, the party may sue to enforce the accord or original contract promise |
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Term
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Definition
| A doctrine that prevents the withdrawal of a promise by a promiser if it affects the promisee. |
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Term
| Elements of Promissory Estoppel |
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Definition
1. The promiser made a promise.
2. The promiser should have reasonably expected to induce the promisee to rely on the promise. |
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Term
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Definition
Females - 18
Males - 21
but most follow both male and female at 18 |
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Term
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Definition
| A doctrine that states a minor may cancel any contract made with an adult |
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Term
| Minor's Duty of Restoration |
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Definition
| Minor must return the goods or properties he or she has received from the adult in the time of a disaffirmance |
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Term
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Definition
| If the minor does not disaffirm a contract within a reasonable time, the contract is ratified (accepted), the minor is bound to the contract, the minor cannot disaffirm the contract again |
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Term
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Definition
| Minors are obligated to pay for: food, shelter, clothing, medical service. |
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Term
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Definition
| Parents are to provide food, clothing, shelter, and other needs to their minor. Parents are also liable for any of their minor's contracts |
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Term
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Definition
1. A person who is evaluated insane by the courts.
2. contract entered is voided
3. neither party can enforce the contract. |
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Term
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Definition
Not adjusted
The contract is generally voidable
the competent party cannot void the contract |
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Term
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Definition
Contracts can be voidable by that person.
The contract cannot be voidable by other party if they're contractual capicity. |
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Term
| Excepts of the general rule |
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Definition
1. innocent people who can prove ignorant of the law or fact that made the contract illegal.
2. A person who is forced into an illegal contract. |
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Term
| Doctrine of Unconscionability |
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Definition
| Contracts that are clearly unjust will not be enforced |
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Term
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Definition
| Agreement of the facts of the contract to make it enforceable |
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Term
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Definition
| When one or both parties have an erroneous belief about the subject matter, value or aspect of the agreement |
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Term
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Definition
| An Action to undo the contract. Able if there was a mistake. |
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Term
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Definition
| when one party is mistaken about a material fact regarding the subject matter of the contract. |
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Term
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Definition
| A mistake by both parties of the subject matter or the value. The contract remains enforced by both parties. |
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Term
| Fraudulent Misrepresentation |
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Definition
| Is used to induce another to enter a contract. The contract is voidable by the innocent party. |
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Term
| 4 Elements to Prove Fraud |
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Definition
1. the wrongdoer made a false rep. of material facts.
2. The wrongdoer intended to deceive the innocent party.
3. The innocent party relied on the misrepresentation.
4. The innocent party was injured. |
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Term
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Definition
| knowledge of the facts and disclosing it. |
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Term
| Innocent Misrepresentation |
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Definition
| Occurs when someone makes a statement of fact, honestly believing its true but in fact is not. Aggravated party cannot sue |
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Term
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Definition
| Occurs when one party threatens to do a wrongful act unless the other party enters into a contract. |
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Term
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Definition
One party refused to perform their part of the contract unless:
1. increase in price
2. enter 2nd contract with threatening party. |
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Term
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Definition
| When someone takes advantage of someone's mental, physical or emotional weakness to enter a contract. |
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Term
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Definition
| An executory contract cannot be performed by its own terms within a year, must be in writing. |
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Term
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Definition
| Usually longer than one year, so they must be written to be enforceable. |
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Term
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Definition
| Occurs where one person agrees to answer for debts or duties of another person. Must be under writing. |
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Term
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Definition
| The contract between the guarantor and the original creditor. |
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Term
| Contracts for sale of goods |
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Definition
| Contracts for sale of goods over $500 must be written to be enforced. |
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Term
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Definition
| Doctrine that permits enforcement of oral contracts that should have been written. |
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Term
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Definition
| The signatures of the person who is enforcing the contract is not needed. |
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Term
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Definition
| Any oral or written words outside the four corners of the written contract. |
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Term
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Definition
| Anything said before the oral or written contract may not be used in a dispute against the contract. |
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