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22 Cards in this Set
- Front
- Back
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3 main things of contract (K elements)
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1. mutual assent
2. consideration 3. no contract defenses |
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what is mutal assent?
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offer acceptance or meeting of minds
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what is consideration?
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giving something or giving up something
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what does it mean to have NO CONTRACT DEFENSES?
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contracts can appear where you don't really want them
ex. marriage of a bro and sis |
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what do contracts do and who are involved? example also
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there is an offerer, offeree, and sometimes and agent (employee of comp. like McDonalds). Contract creates rights and duties that weren't there before. Ex. At McD's customer has right to meal but duty to pay while McD's has right to money but duty to give meal
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What are the 3 types of online contracts?
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1.B2B- Business to Business (Electornic Data change- when WalMart sells something it is immedietly recorded)
2.B2C- Business to Customer (Amazon.com) 3.C2C- Customer to Customer (Ebay) |
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What are the 9 different types/definitions of contract?
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1. Bilateral
2. Unilateral 3. Express 4. Implied 5. Quasi 6. Voidable Agreement 7. Voidable Contract 8.Unenforcable 9. Executed |
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What is Bilateral Contract?
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promises exchanged for another contract
*** most common contract |
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Unilateral Contract?
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promise on one side for exchange of an act or service or another.
Ex.- lost dog sign, promise of 500$ if find dog. Action can be done by anyone |
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Express vs. Implied Contract
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Express- all terms are displayed written or oral (gas station with cost of gas)
Implied- All terms come from conduct (order from McD's, they'll tell you how much everything costs) |
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Quasi Contract (Implied-in-law contract)?
***Look at book on this some more |
don't really have a contract but pretend to have one in court. Used when situation doesn't fit perfectly with Bilateral, Unilateral, Express or Implied
Ex.- storm and neighbor calls tree service and then 3000$ bill for you |
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What are the 4 things needed for a Quasi Contract (iii contract)?
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1. should have benefits from it
2. reasonable compensation 3. benefits have to come at consent of someone 4. ? whether there would be unjust enrichment for not paying |
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Void Agreement?
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Ex- contract to kill someone
Court isn't going to do anything with this and contract is void |
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Voidable Contract?
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Look up in book with minors and necessities.
If necessity- must pay back what you owe and can get out of contract If nonnecessity- must pay everything back and is out of contract |
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Unenforceable Contract?
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perfectly valid contract but not enforceable in court
Ex- sell car in exchange for 2500 but nothing is written, it's a valid contract but not enforceable |
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What 2 things happen why you "execute" a contract?
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1. you enter one
2. performed contract promises Executed Contract means all promises have been fulfilled |
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What is an executary contract?
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promises are there but haven't been met
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when is an acceptance effective?
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when it is sent, or dispatched
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when is the offer valid?
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once the offeree opens the letter or hears/ sees the offer
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when can offer end/die?
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-if offerrer dies (ex. landlord) but if you give money before he dies, contract is valid for at least a year and money goes to his estate
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With consideration, does both parties have to give something up?
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Yes, for a contract, both side have to give something or recieve somethin
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What qualifies for consideration?
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Benfit to the promisor OR legal detriment (loss) to promissee
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