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17 Cards in this Set

  • Front
  • Back
Define:
1) Express Contract
2) Implied Contract
3) Quasi Contract
1) Express Contract - explicit oral or written agreement
2) Implied Contract - an agreement in which the parties' assent is inferred from their conduct
3) Quasi Contract - not a contract, but rather a remedy to prevent unjust enrichment
Name 3 elements necessary for an enforceable contract
1) an agreement made up of an offer & acceptance
2) exchange of consideration (of legal value)
3) a lack of defenses
Define "offer"
a promise, undertaking, or certain commitment with definite & certain terms communicated to offeree
-generally advertisements are not offers
How can an offer be terminated?
-revocation by offeror anytime before acceptance
-rejection by offeree
-operation of law (death or insanity)
Void Contract
an agreement which lacks one or more of the essential elements of a contract, therfore, does not creat any legal obligations
Voidable Contract
contract liable to be subsequently annulled or set aside through process of rescission.

Circumstances/features that make a contract voidable include (1) non-disclosure of one or more material facts, (2) misrepresentation, (3) mutual mistake, (4) lack of free will of a contracting party, or presence of one contracting party's undue influence over the other, and (5) a material breach of the terms of the contract.
What are 3 exceptions on the offeror's power to revoke?
-option contract where consideration is paid to keep offer open
-merchant's firm offer under UCC
-Beginning performance of a unilateral contract
What in an option?
A distinct contract in which the offeree gives consideration in exchange for the offeror keeping the offer open/
What is the mailbox rule?
An acceptance is effective to breate a contract at the time of dispatch if a reasonable means of communication is used
What are the 2 elements of consideration?
1) A bargained for exchange
2) of something of legal value
When does a conditional promise constitue consideration?
ALWAYS, unless the promisor is soley in control of the "condition"
Name 2 circumstances where a promise will be enforced without consideration
-detrimental reliance / promissory estoppel situation
-promise to pay a debt barred by the Statue of Limitations
Name some of the defenses available in determining whether a promise will be binding as a contract
-fraud - Duress - insanity
-innocent misrepresentation
-undue influence - illegality
-mutual mistake - minority
-unilateral mistake
-intoxication - novation
-unconscionability
-statue of limitations
-statue of frauds
-impossibility
-impracticability
-frustration of purpose
-accord & satisfaction
-substituted contract
-failure of conditions
Under what conditions can a contracting party establish the defense of fraud?
-defendant made a misrepresentation of material fact
-with intent to deceive plaintill of with reckless disregard for the truth (i.e, scienter)
-which does not deceive the plaintiff (the plaintff relies on the misrepresentation and
-causes the plaintiff damages
Under the statue of frauds what types of promises must be evidenced by a writing?
Marriage
Year
Land
Executor's promise
Goods $500 or more
Suretyship
What is the Parol Evidence Rule?
if parties have entered into fully integrated written contract, prior or contemoraneous oral statements and prior written statements cannot be admitted into evidence to vary the written terms of the contract.
In general, what is the goal of contract remedies?
Intended to put the nonbreaching party in as good a position as he or she would have been had the other party performed as promise