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15 Cards in this Set
- Front
- Back
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Contract |
-agreement that is enforceable by a court of law or equity. -A promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. |
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Four Requirements for Contract to be met |
1) Agreement 2) Lawful Object 3) Contractual Capacity 4) Consideration |
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Defenses to the enforcement of a Contract |
-writing and form -genuineness of assent. |
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Common Law of Contracts |
-major source of contract law -developed from early court decisions -larger and more prevalent body of common law has been developed from state court decisions. |
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Uniform Commercial Code |
-tries to create a uniform system of commercial law among the 50 states. |
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Objective Theory of Contracts |
-how we determine whether or not there was intent to commit to a contract -based on whether a reasonable person viewing the circumstances would conclude that the parties intended to be legally bound. |
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Formal Contracts |
-require a special form method of creation. -negotiable instruments -A letter of credit -recognizance -contracts under seal |
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Informal Contracts |
-no special form of creation -leases, sale contracts, and service contracts |
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Valid Contract |
-has agreement, contractual capacity, lawful object, and consideration. |
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Void Contract |
-no legal effect -as if no contract had ever been created. |
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Unenforceable Contract |
-some legal defense prevents the enforcement of the contract. |
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Executory Contracts |
-has not been fully performed by either or both sides. |
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Express Contract |
-stated in oral or written words. -most business and personal |
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Implied in Fact |
-implied from the conduct of the parties - |
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Implied in Law (Quasi Contract) |
-to prevent unjust enrichment and unjust detriment. -allows a court to award monetary damages to a plaintiff for providing work even if no contract existed. -one person confers a benefit on another -and it would unjust not to require that person to pay for the benefit received. |
