Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
26 Cards in this Set
- Front
- Back
|
What are contracts?
|
the certainty of promises will be fullfilled enforceable by law
|
|
|
What did the twentieth century do to change contract law?
|
by limiting the absolute freedom of contract and, at the same time, by relaxing the requirements of contract formation.
|
|
|
What is common Law contracts?
|
Contracts are primarily governed by State law.
|
|
|
What is the Uniform Commercial Code?
|
It governs sales in all States except Louisiana.
|
|
|
What is a sale?
|
The passing of title to goods from a seller to a buyer for a price.
|
|
|
What is a contract of sale?
|
includes both a present sale of go defines goods as goods and a contract to sell goods at a future time. The Code essentially goods as movable personal property.
|
|
|
What is personal property?
|
any type of property other than an interest in real property.
|
|
|
What are contracts Outside the Code?
|
General contract law governs all contracts outside the scope of the code. i.e. empoyment, service, insurance contracts involving real property.
|
|
|
What is real property?
|
land and anything attached to it including buildings. and contracts for the sale of intangibles such as patents and copyrights. these transactions are govern by general contract law
|
|
|
What is an express contract?
|
the parties expressly agree regarding a transaction
|
|
|
What is implied in fact contract?
|
there is no express agreement but the conduct of the parties implies an agreement from which an obligation in contract exists.
|
|
|
what is an implied in law contract or quasi contract?
|
an n imposed by law for the obligation imposed by law for the purpose of bringing about justice and equity without reference to the intent or the agreement of the parties.
|
|
|
What does the Restatement defines a contract?
|
a promise or a set of promises for the breach of which the law gives a remedy, orthe performance of which the law in some way recognizes as a duty.
|
|
|
What is a promise?
|
a manifestation of the intention to act or refrain from acting in a specified way.
|
|
|
What is a breach
|
failure to perform properly of these promises.
|
|
|
What are the remedies of a breach of contract?
|
compensatory damages, equitable damages, and restitution.
|
|
|
what are the four basic requirements of a contract?
|
mutual assent: the parties to a contract must manifest by words or conduct
consideration: each party to a contract must intentionally exchange a legal benefit legality of object: must not be criminal, tortious, or against public policy capacity: must have contractual capacity, |
|
|
Are oral contracts enforceable?
|
yes if all the essentials are present, the promise is contractual and legally binding. if any is absent, however, the promise is noncontractual.
|
|
|
What are the standard classifications of contracts are?
|
express or implied contracts
unilateral or bilateral valid, void, voidable or unenforceable executed or executory contracts formal and informal contracts. |
|
|
What are express and implied contracts?
|
a contract may be express language or by conduct that implies willingness. by
entirely oral partly oral or y oral and partly written entirely written and partly implied from conduct wholly implied from the conduct of the parties. partl |
|
|
What is an express contract?
|
one in which the parties have man ifested their agreement by oral or written language or both
|
|
|
What is implied contract?
|
the parties conduct, not from spoken or written words.
|
|
|
What is a bilateral contract?
|
when both parties are promisor and a promisee
i.e. if one agrees to pay another $10 to mow a lawn; however, the lawn has to finished |
|
|
what is a valid contract?
|
one that meets all of the requirements of a minding contract
|
|
|
what is a void contract?
|
no contract at all: without legal effect
|
|
|
what is an unenforceable contract?
|
a contract for the breach of which the law provides no remedy.
|
