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35 Cards in this Set
- Front
- Back
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Function of contracts (2) |
1. Ensure compliance w/ a promise 2. Make sure innocent party can seek remedy |
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Freedom of/from contracts |
freedom to enter in a contract and limited circumstances courts may deem contracts voidable |
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Basic Requirements of Contracts (4) |
1. Agreement 2. Consideration 3. Capacity 4. Legality (Route A) |
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Objective Theory of Contracts |
"What would a reasonable person do?" |
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Types of Contracts (6) |
1. Bilateral & Unilateral 2. Express or Implied 3. Quasi contracts 4. Formal or Informal 5. Executed of Excutory 6.Valid Void Voidable Unvoidable |
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Bilateral Contracts |
Promise for a promise |
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Unilateral Contracts |
Promise for an act |
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Express Contracts |
Orally or Written terms |
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Implied Contracts |
Court imposes contracts (forget 4 elements - Route B) |
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Implied contract components (3) |
1. Plaintiff furnished goods/services 2. Plaintiff expected pay and defendant knew it 3. defendant had the opportunity to reject g/s |
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Quasi Contracts |
Unjust enrichment (brain surgeon ex) (Route C) |
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Informal contract |
everything thats not formal |
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Executed Contract |
Fully performed |
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Executory Contracts |
not fully performed |
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Valid Contract |
have all 4 elements (route A) |
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Void Contract |
No Contract Missing Element Use route B or C |
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Formal Contract |
very rare, special form/method that must be enforceable |
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Voidable contract |
all 4 elements present something else goes on and court says you can get out of it |
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Unenforceable Contract |
all 4 elements present law doesnt allow it |
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Laws that make contract unenforceable |
1. Statute of Limitations 2. Statute of Fraud |
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Offer of Agreement of Contracts |
Meeting of the minds |
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Requirements of the Offer (3) |
1. Intent 2. Definiteness 3. Communication |
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Things that aren't offers (Intent) |
Opinions, pre-lim negotiations, statements of future intentions, advertisements (general), auctions |
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Definetness |
reasonably definite terms in offer "what would a reasonable person think?"q |
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Communication |
can't accept something you don't know about |
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Termination of Offer (2) |
1. Parties Do something 2. Law does something |
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Termination via Rejection |
(Parties & 'buyer') receiver of offer denies offer. official upon receipt. |
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Termination via Counter Offer |
(Parties & 'buyer') rejection and simultaneously making a new offer |
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Mirror Image Rule |
acceptance must mirror offer... anything changes = counter offer |
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Termination via Revocation |
(Parties & 'seller') effective upon reciept. can revoke any time before acceptance |
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Partial Performance |
can revoke before acceptance on unilateral only, |
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Termination via Lapse of Time |
(Law) stated in contract or reasonable |
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Termination via Destruction of Subject Matter |
(Law) buyer doesn't have to go buy a new one for seller |
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Termination via Death |
(Law) offer dies when previous owner dies |
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Termination via 'Supervining Illegality of Proposed Contract' |
offer became illegal after offer but before acceptance. |
