Business Law Chapter 12

Front 1

Contract

Back 1

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

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promisor

Back 2

person who makes a promise

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promisee

Back 3

person to whom a promise is made

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obliger

Back 4

promisor

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obligee

Back 5

promisee who can claim the benefit of th eobligation

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privity

Back 6

succession or chain of relationship to the sam thing or right, such as privity of contract privity of etate privity of possession

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privity of contract

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relationship between a promisor and the promisee

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formal contract

Back 8

written contracts or agreements whose formality signifies the parties intention to abide by the terms

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contract under seal

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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

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recognizance

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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

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informal contract

Back 11

simple oral or written contract

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express contract

Back 12

agreement of the parties manifested by their words, whether spoken or written

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implied contract

Back 13

contract expressed by conduct or implied or deduced from the facts

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offeror

Back 14

person who makes an offer

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offeree

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person to whom an offer is made

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valid contract

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agreement that is binding and enforceable

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voidable contract

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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

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void agreement

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agreement that cannot be enforced

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exectued cotnract

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agreement that has been completely performed

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executory contract

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agreement by which somethign remains t be done by one or both parties

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bilateral contract

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agreement under which one promise is given in exchange for another

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unilateral contract

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contraaact under which only one party makes a promise

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option contract

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contract to hold an offer to make a contract open for a fixed period of time

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right of first refusal

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righ tof a prty to meet the terms of a proposed contract before it is executed, suc as a real estate purchase agreement

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quasi contract

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court-imposed obligation to prevent unjust enrichment in the absence of a contract

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6 Elements of a Contract (WHITE BOARD)

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1. Agreement
2. Competant Parties
3. Genuine Assent
4. Consideration
5. Legal Purpose/Object
6. Legal Form

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3 Types of Formal Contracts

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1. Contracts under seal
2. Negotiable Instruments
3. Recognisence

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4 things of enforceability?

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1. Valid
2. Voidable
3. Void (Ab initio)
4. Valid but unenforacable

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Executory

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If duties are left on either party

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Executed

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All that's left is payment

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Non-Breaching Party elements (3)(WHITE BOARD)

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Contract--Law--Damages

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Restores you to status quo elements (3)(WHITE BOARD)

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Quasi Contract--Equity--Remedy

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3 Types of Contracts (WHITE BOARD)

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1. Express Contract
2. Contract Implied in Fact
3. Contract Implied in Law

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Express Contract involves what? (WHITE BOARD)

Back 34

6 Elements

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Contract Implied in Fact involves what? (WHITE BOARD)

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6 elements

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Contract implied in law is a what> (WHITE BOARD)

Back 36

Quasi Conract

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What does a Quasi Contract mean? (WHITE BOARD)

Back 37

you get something unfairly