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71 Cards in this Set

  • Front
  • Back
what is a contract
a ste of promises where the courts will hold each party accountable and if one party does not perform he will be in breach and the other party can sue for damages
where do we get contract law
common law and the ucc
what does the uccc deal with in terms of contracts
the sale of goods
if the ucc does not apply what does
common law
what is the only significance of the ucc
you have more proof
what 2 things do you have with the ucc
sale and contract for sale
what is a slaw
(present sale) passing of the title from the seller to the buyer for a price
what is contract for sale
a present sale plus the intent to sale goods in the future ie wal-mart)
with the sell og goods , real estate nd personal service is covered by what
common law
what is a promise
a person's intent to do or not to do somethin
what is breach
failure to perform properly
what are the five requirements for a valid contract
offer or promise, aceeptance, consideration, capacity, and legality of the subject matter
what is an offer or a promise
the offeror makes the offer, the promisor makes the promise
what is acceptance
the offeree accepts the offer the promisee acceptes the promise
when an offer or promise is combined with acceptance what do you have
mutual assent
what is consideration
something given in exchange ( every contract must have it and all parties to the contract must give it)
what is capacity
deals with if you are old enough , sane enough, and sober enough to enter into a contract
what is leglity of the subject matter
subject matter must be legel. if subject matter is not legal the contract doesn't exist
what is sometimes the sixth requirements for a vaslid contract
why does the ocntract have to be in writing sometimes
it staisfies the statue of fruads
are oral contracts as enforcable as written contracts
what are the classifications of a contract
expressed contract, implied contract, mutiality,
what is an expressed contract
one formed by language wheter oral or written
what is an implied contract
formed by the conduct of rge party, you look at the parties actions to see if there is a contract
what two types of contracts are covered under mutiality
bilateral or unilateral
what is a bialteral contract
a promise for a promise the a performance for a performace
whta is a unilateral
a promise for an action promise, performance, performace
a contest or reward
what is a valid contract
has all the requiremnts and is totally legals, binding, and enforcable
what is voidable contracts
it is enforcable by one party but not the the other party
who is the enofrcable party in a voidable contract
usually becase the contract has aminor defect that needs to be corrected and is enforceable by the person lacking capacity or taking advantage of
what is an unenforcable contract
one where the courts will not give a remedy
what two things consituties an uneforcable contract
statues of limitations and statur of frauds
what is state of limitations
time limit you have to go to court
what is the statue of frauds
types of contracts that must be in writing
what is the executory contract
it is only promises
what is partial executed
on party has perfromed and waiting on perfromance by the other party
what is a executed contract
both parties have perfromed
what is a formal contract
subject to statutory regulations
what are statutory regulations
laws governing these types of contracts
laws dealing with negotiable instruments ( ie checks, , promissory note) are what type of contracts
formal contracts
what are infromal contracts
all other contracts or simple contracts ( not subject to statitory regulations)
what is a promissory estopel
soetimes refered to as dedrimental review and is a consideration substatue. it keeps one of the parties from saying consideration is lacking in contract
what are the 3 requirments of promissory estopel
-have a too good to be true promise that would induce action

-reliance on that promise , actions taking on that promise

-injustice would result of we did not enforce contract
what is a quasi contract
not a type of contract but a remedy imposed by law
how do we enforce contrcts
by quasi contract
how do we dertermine if there was mutal assent
we use an objective standard
what is an objective standard
a reasonable person would have thought the parties would have agreed
what is an offer
an offer is the offerors willingess to enter into thr bargain
what are 3 essential elements in a valid offer
1. offer has to be communicated
2. intent
3. definitness
what is a public offer
offer made to a large group of people or the general public
what is significane fo public offer
it is how you revoke it . you can only revoke offer same wahy it was made. if the original mode is not avalable then you must use the next reasonable mode
can you accept an offer you did not know was being made
what is intent
offeror has to have intent to make the offer 9 advertisments are not valid offere they are invitatyions to negotiate)
the more specific an advertisment is the mare what
you can create a vlid offer
what is auction with reserve
the item can be taken back if they don't get the price they want
what is auction without reserve
auctioner cannot withdraw item regardless of price
what do we call auction without reserve
absolute auctions
what is definteness
offer must be clear enough that you know exactly what is being offered ( all terms are present
if terms are left out of a contract what do we say
the contract is do indefinate to be enforced
what doexs the ucc say about indefinate contracts
that they are not really fair
what does the ucc do for indefinate contracts
use gap fillers, they will fill in all missing terms except quantity
if quaintity is left out what will happen
the contract will be indefinate
what are the 2 exceptions for quanitty being missing
output quantity and the requierment contract
what is output contract
is where uyou agree to purchase all a manifacter can make or produce
what is a requirment contract
is where you agree to purchase all you would need for a specific time period
what are the seven ways to terminate an offer
1. lapse of time
2. revocation
3. rejection
4. counteroffer
5. death or incompetency
6. destruction of subject matter
7. subsquently illegality
what is lapse of time
time runs out
most offers are what in consideration to time
most offers are open-ended , if offer is open-ended it expires in a resonable time
what is revocation
only the offeror can revoke the offer. the offeroe can revoke anytime prior to acceptance
what is the rule dealing with revocation
revocation is not effective until recived by the offeree