Term
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Definition
| an agreement that is enforceable by court of law or equity |
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Term
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| the party who makes an offer. Either to do someting or refrain from doing something |
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| the party to whom the offer is made |
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| requires offer and acceptance. must be mutual assent |
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Definition
| a K must be supported by consideration that is legally sufficient such as money, personal property, real property, or services. |
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| 1)agreement 2) consideration 3) contractual capacity 4) a lawful object |
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| objective theory of contracts |
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Definition
| the intent to enter in to the contract is judged by the reasonable person standard and not the subjective intent of the parties |
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Term
| reasonable person standard |
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Definition
| asks whether a hypothetical person would conclude that the parties entered the contract after considering the words and conduct of the parties and other circumstances. |
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Term
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Definition
| a promise is answered with a promise |
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| in order to create a contract an offer must be accepted by an act of performance |
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Term
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Definition
| require special form or method of creation |
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Term
1) negotiable instruments: checks, drafts, notes, and certificate of deposit
2) letters of credit-agreement by issuer of letter to pay a sum of money on receipt of certain documents
3) recognizance-when a party promises in court to pay money after a certain duty is performed.
4) contracts under seal- no consideration is necessary if under seal. |
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Definition
| types of formal contracts |
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Term
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Definition
| no special form of method is required. fully enforceable. A majority of contracts entered in to by individuals and business are informal |
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Term
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Definition
| meets all essential elements, enforceable by atleast one party |
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Term
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Definition
| no legal effect, as if no contract existed. neither party is obligated and neither party can enforce. |
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Term
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Definition
| one party has option to avoid obligations. if avoided both parties are released from obligations. If party with option ratifies, both are obligated. |
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Term
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Definition
| contains legal defense against the enforcement of contract |
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Term
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Definition
| fully completed by both parties |
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| has not been completed by both sides, (neither have, or one has and one hasnt) |
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Term
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Term
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Definition
| agreement is implied from the conduct of parties, (people did things to show that a contract existed.) |
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Term
| requirements of an implied in fact K |
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Definition
a)plaintiff provided property or services to defendent
b)plaintiff expected pay from defendant and did not provide property or services gratuitously.
c) defendant was given an opportunity to reject the property/ services but failed to do so. |
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Term
| implied in law contract (Quasi-Contract) |
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Definition
| allows a court to award monetary damages to a plaintiff who provided a service when no contract was present. |
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Term
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Definition
| designed to punish the defendant for what is wrong. they are calculated to what it would cost to make them "hurt". meant to make an example of that person. |
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