Business Law Chapter 9

Front 1

Contract Law requires:

Back 1

Future performance

Front 2

What dollar amount requires a written contract?

Back 2

$500. Verbal contracts under $500 enforceable. UCC2 doesn't require a set price.

Front 3

Common Law of Contracts

Back 3

More restrictive; developed over years.

Front 4

Restatement:

Back 4

Written as guidance to bench+bar. No legal force but it is persuasive.

Front 5

UCC

Back 5

Created and adapted by every state but Louisiana. No legal force unless adopted by that state. UCC trumps common law. UCC implies a warranty.

Front 6

The Predominant Purpose:

Back 6

Article 2 governs transactions where goods and services are bundled if the 'predominant purpose was goods and services are incidental.'

Front 7

Real property is land.

Back 7

.

Front 8

Services (real estate, stocks, bonds, intangibles) fall under:

Back 8

Common Law

Front 9

Goods (tangible personal properties) fall under:

Back 9

UCC2.

Front 10

Unilateral Contract:

Back 10

Contains a promise for an act (like a lost pet poster).

Front 11

Bilateral Contract:

Back 11

Promise in exchange for a promise

Front 12

Executory Contract:

Back 12

Contract not yet fully performed.

Front 13

Executed Contract:

Back 13

Fully performed contract

Front 14

Express Contract:

Back 14

IE: Charlie offers Susie $100 for shoes.

Front 15

Implied Contract:

Back 15

IE: Charlie orders a value meal (offering the $6 implicitly.)

Front 16

Contracts require full performance, if not...

Back 16

the contract has not been accepted.

Front 17

Quasi Contract:

Back 17

Not a contract, but where justice requires ordering recovery.

Front 18

Elements of a Quasi Contract:

Back 18

Benefit conferred upon defendant by plaintiff; Appreciation by defendant of such benefit; Acceptance of benefit by defendant such that non-payment would be inequitable to the plaintiff.

Front 19

"Last Clear Chance"

Back 19

Last clear chance to remedy the situation by preventing the mistake or error that led to the conferral of the benefits.

Front 20

Minors have the right to ________ contracts.

Back 20

Disaffirm

Front 21

Promissory Estoppel

Back 21

A promise reasonably expected by the promisor to induce action of forebearance. Action or forebearance by the promisee in justifiable reliance on the promise ("detrimental reliance") and injustice can only be avoided through enforcement of the promise.