Term
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Definition
| A promise for a promise (Offeree must only promise to perform) |
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Term
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Definition
| A promise for an act (Offeree can accept the offer only by completing the contract performance) |
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Term
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Definition
a. Agreement (Offer and Acceptance).
b. Consideration: bargained-for-exchange.
c. Contractual Capacity.
d. Legality: purpose of contract must be legal at the time of execution |
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Term
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Definition
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Term
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Definition
| Formed by the conduct of the parties |
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Term
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Definition
a. Not an actual contract
b. Implied in law
c. Equitable remedy created by courts, and imposed on parties in the interest of fairness and justice |
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Term
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Definition
| "reasonable value of services" |
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Term
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Definition
| if there are no legal defenses against it |
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Term
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Definition
| A contract exists, but it cannot be enforced because of a legal defense |
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Term
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Definition
i. Parties must show mutual assent to terms of contract
ii. Once an agreement is reached, if the other elements of a contract are present, a valid contract is formed
1. Requirements of the Offer
a. Offerers serious intention
b. Definiteness of Terms
c. Communication to Offeree |
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Term
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Definition
i. Acceptance—Voluntary act (expressed or implied)
ii. By the offeree that, shows sassent |
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Term
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Definition
| a. Acceptance is effective when offeree uses authorized means of acceptance. If U.S. Mail, acceptance upon dispatch. Does not apply to instantaneous communications. |
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Term
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Definition
a. Purpose of UETA is to remove barriers to forming electronic commerce
b. Only applies to e-records and e-signatures relating to a “transaction”
c. Does not apply to wills or testamentary trusts, unless each party has agreed to electronic transactions |
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Term
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Definition
| Ability to enter into a contract |
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Term
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Definition
| enforcable if reasonable and ancillary to contract, if geographic and temporal terms are reasonable |
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Term
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Definition
| Peoples formerly w/ no contractual capacity affirm contract once of capacity (sobering up, becoming of age |
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Term
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Definition
i. Bilateral Mistakes of Fact
ii. Unilateral Mistakes of Fact
iii. Voidable by Innocent Party
iv. Misrepresentation
v. Intent to deceive
vi. Undue Influence (lacks voluntary consent)
vii. Duress |
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Term
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Definition
| Oral representations or promises made prior to the contract’s formation or at the time the contract was created, may not be admitted in court. |
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Term
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Definition
A party may be discharged from a valid contract by
i. A condition occurring or not occurring
ii. Full performance or material breach
iii. Agreement of the parties
iv. Operation of law |
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Term
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Definition
a. Assignor: party assigning rights to third party.
b. Assignee: party receiving rights.
c. Obligee: person to whom a duty or obligation is owed.
d. Obligor: person who is obligated to perform the duty |
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Term
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Definition
a. Contractual duties in a bilateral contract that are delegated to a third party. Terminology:
b. Delegator: party making the delegation of duty.
c. Delegatee: party to whom the duty is owed |
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Term
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Definition
i. Compensatory.
ii. Consequential.
iii. Punitive.
iv. Nominal |
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Term
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Definition
a. When breach of contract occurs, the innocent injured party is held to a duty to reduce the damages that he or she suffered.
b. Duty owed depends on the nature of the contract |
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Term
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Definition
a. Equitable remedy allowing a contract to be reformed, or rewritten to reflect the parties true intentions.
b. Available when an agreement is imperfectly expressed in writing |
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Term
| liquidated damages clauses versus penalties |
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Definition
| a. Liquidated Damages: specific amount agreed to be paid as damages in the event of future breach |
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Term
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Definition
| Voluntary surrender of a right |
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Term
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Definition
| Legal impossibility arises when a person believes she is committing a crime, but the act is, in fact, lawful |
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Term
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Definition
| in the law of contracts, fulfillment of the obligations agreed to in a contract, with only slight variances from the exact terms and/or unimportant omissions or minor defects |
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Term
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Definition
| a breach of contract that is so substantial that it defeats the purpose of the parties in making the contract and gives the nonbreaching party the right to cancel the contract and sue for damages |
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