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37 Cards in this Set

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Contract
a binding agreement based on the genuine assent of the parties, made for a lawful object between comptetent parties in th form required by law, and genrall supported by consideration
promisor
person who makes a promise
promisee
person to whom a promise is made
obliger
promisor
obligee
promisee who can claim the benefit of th eobligation
privity
succession or chain of relationship to the sam thing or right, such as privity of contract privity of etate privity of possession
privity of contract
relationship between a promisor and the promisee
formal contract
written contracts or agreements whose formality signifies the parties intention to abide by the terms
contract under seal
contract executed by affixing a seal or making an impression on teh paper or on some ahearing substance such as wax attached to the document
recognizance
obligation entered into before a court to do some act, such as to appear at a later date for a hearing. Alsocalled a contract of record
informal contract
simple oral or written contract
express contract
agreement of the parties manifested by their words, whether spoken or written
implied contract
contract expressed by conduct or implied or deduced from the facts
offeror
person who makes an offer
offeree
person to whom an offer is made
valid contract
agreement that is binding and enforceable
voidable contract
agreement tyhat is otherwise binding and enforceable but may be rejected at the option of one of te parties as teh result of specific circumstances
void agreement
agreement that cannot be enforced
exectued cotnract
agreement that has been completely performed
executory contract
agreement by which somethign remains t be done by one or both parties
bilateral contract
agreement under which one promise is given in exchange for another
unilateral contract
contraaact under which only one party makes a promise
option contract
contract to hold an offer to make a contract open for a fixed period of time
right of first refusal
righ tof a prty to meet the terms of a proposed contract before it is executed, suc as a real estate purchase agreement
quasi contract
court-imposed obligation to prevent unjust enrichment in the absence of a contract
6 Elements of a Contract (WHITE BOARD)
1. Agreement
2. Competant Parties
3. Genuine Assent
4. Consideration
5. Legal Purpose/Object
6. Legal Form
3 Types of Formal Contracts
1. Contracts under seal
2. Negotiable Instruments
3. Recognisence
4 things of enforceability?
1. Valid
2. Voidable
3. Void (Ab initio)
4. Valid but unenforacable
Executory
If duties are left on either party
Executed
All that's left is payment
Non-Breaching Party elements (3)(WHITE BOARD)
Contract--Law--Damages
Restores you to status quo elements (3)(WHITE BOARD)
Quasi Contract--Equity--Remedy
3 Types of Contracts (WHITE BOARD)
1. Express Contract
2. Contract Implied in Fact
3. Contract Implied in Law
Express Contract involves what? (WHITE BOARD)
6 Elements
Contract Implied in Fact involves what? (WHITE BOARD)
6 elements
Contract implied in law is a what> (WHITE BOARD)
Quasi Conract
What does a Quasi Contract mean? (WHITE BOARD)
you get something unfairly