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| a promise or set of promises for the breach of which law gives a remedy or the performance of which the law in some way recognizes a duty |
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| a party who makes an offer to enter into a contract |
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| a party to whom an offer is made |
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| a contract expressed in oral or written words |
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| a contract implied from the conduct of the parties |
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| a contract implied by law to prevent unjust enrichment and unjust detriment |
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| a contract that is fully performed on both sides |
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| a contract that is not fully performed by one or both parties |
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| meets all of the essential elements to establish a contract |
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| one or both parties have the option of voiding or enforcing the contract |
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| a contract that cannot be enforced because of a legal defense |
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Term
Elements of an Offer
OACCL
Only Addicts Crave Crack Lustfully!!! |
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Definition
AKA
Offer
Acceptance
Capacity
Consideration
Lawful Purpose |
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Definition
| manifestation by one party of a willingness to enter a contract |
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| certain contracts must be in writing in order to be enforceable -- only applies to executory conracts |
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By Action of Parties
1.Revocation
2. Rejection
3. Counter Offer |
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By Operation of Law
1. Lapse of time
2. Destruction of the subject matter
3. Death or Incompetency
4. Supervening Illegality |
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Definition
| manifestation of assent by the offeror to the offeree to the terms of the offer; acceptance of offer by the offeree creates a contract |
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| rule that states that in order for there to be an acceptance, the offeree must accept the terms as stated in the offer |
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| unless otherwise provided in the offer, acceptance is effective when it is dispatched by the offeree |
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| a thing of value given in exchange for a promise; may be tangible or intangible property, performance of service, forbearance of a legal right, or another thing of value |
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| Requirements of Consideration |
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Definition
1. Must be a thing of legal value
2. Must be obtained in bargain-for-exchange |
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Definition
| when offeror asks for something and gets it |
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| an exchange that parties engage that leads to an unenforceable contract |
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| a promise that is unenforceable because it lacks consideration on gratuitous promises |
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| promise to refrain from doing an illegal act-- this promise will not support a contract |
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| if one or both parties to a contract can choose not to perform their contractual duties |
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| prior act or performance, will not support a new contract, new consideration must be given-- act that has passed in time lacks consideration |
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| promise to perform an act or do something that a person is already under an obligation to do |
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| minors under age of majority(18) may cancel most contracts they have entered into with adults |
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Term
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Definition
| must occur before or with a reasonable time after the minor reaches 18 |
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| Competent party's duty of restitution |
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Definition
| if minor cancels a contract, the adult must place the minor in status quo by returning the value of consideration that the minor paid |
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Term
| Minors Duty of Restoration |
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Definition
| upon dissaffirmance of a contract, a minor owes a duty to return the consideration to the adult in whatever condition it is at the time of disaffirmance |
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| Minor's duty of Restitution |
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Definition
| minor's duty to place the adult in status quo by returning the value of the consideration paid by the adult at the time of contracting if the minor 1. misrepresenter his/her age or 2. intentionally or with gross negligence caused the loss to the adult's property |
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Definition
| if aminor does not disaffirm a contract during the period of minority or within a reasonable time after reacting the age of majority, the contract is ratified(accepted) |
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| minors are obligated to pay the reasonable value for necessaries of life ( food, clothing, shelter) |
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| minors are liable for contracts such as medical care, health and life insurance, eduactational loan agreements, and the like |
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| contracts by persons who have been adjudged insane are void. That is, the contract cannot be enforced by either the sane or the insane party |
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| Insane, but not adjudged insane |
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Definition
| contract by persons who are insane but have not been adjudged insane are voidable by the insane person but not by the competent party to the contract |
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| A person who has dealt with an insane person must place the insane person in status quo by returning the value of the consideration paid by the isane person at the time of contracting |
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| Insane persons are obligated to pay the reasonable value for necessaries of life |
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| contract to perform an illegal act cannot be enforced by either party |
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| certain types of gambling are illegal |
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| law that sets upper limit on the interest rate that can be charged on certain types of load "interest rates over legal limit" |
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| law that prohibits or limits the carrying on of certain secular activities on sundays |
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| requires person or business to obtain license from government prior to engaging a specified occupation or activity-- unlicensed persons can't recover pay because they have no license |
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| Contracts Contrary to Public Policy |
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Definition
| contracts that violate public policy are illegal, voidl, and unenforceable |
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| Contract in restraint of Trade |
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Definition
| contract that unreasonably restrains trade |
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Definition
| agreement whereby a person agrees not to engage in a specified business or occupation within a designated geographical area for a specified period of time following the sale- max. 5 years |
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| contractual provision that relieves one or both of the parties to the contract from tort liability for ordinary negligence |
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| contracts where objective is the commission of an act that is considered immoral by society are illegal - contract based on sexual favors--- judges look to practices/ beliefs of society when defining immoral conduct |
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| transfer of contractual rights by a party to a contract to a 3rd person |
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-contract party who assigns the contractual rights
- 3rd person to whom contract rights are assigned |
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| 3rd party who's not in privinity of contract but who has rights under the contract and can enforce the contract against the obligor |
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