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32 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Legal obligation enforceable in a court of law
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Contract
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Components of a legitimate contract
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offer/ acceptance
competent parties genuine assent supported by consideration made for lawful purposes in the form required by law |
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An agreement under which one promise is given in exchange for another promise. (sell ship deliver pay) majority of contracts
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Bilateral Contract
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A contract under which only one part is obligated to perform primarily used to motivate action.
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Unilateral Contract
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An agreement of the parties manifested by their words, whether written or spoken
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Express Contract
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A contract expressed by the conduct or implied or deduced from the facts surrounding the contract (lawyers fees)
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Implied in fact contract-
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A court imposed obligation to prevent unjust enrighment in the absence of a contract.
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Quasi Contract:
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An agreement that is binding and enforceable. It possesses all the required elements
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Valid Contract:
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An agreement that is otherwise binding and enforceable but may be rejected at the option of one of the parties as the result of specific circumstances.
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Voidable contract:
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An agreement that is without legal affect. AN agreement that contemplates the performance of an act prohibited by law is unenforceable and therefore void.
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Void Agreement:
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An agreement that has been completely performed.
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Executed Contracts:
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An agreement by which something remains to be done by one or both parties. (Progress payments)
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Executory Contracts:
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voluntary settlement of a breech in contract between the parties
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Negotiated Settlement:
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breech in contract
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Neutral 3rd party steps in
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Arbitration:
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breech in contract
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court awarded monetary damages to place plaintiff in the same pisions as prior to the breach
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Compensatory Damages:
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breech in contract
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Predetermined damages- actual damages difficult to determine
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Liquidated Damages:
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breech in contract
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Token awarded to the Plaintiff
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Nominal Damages:
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breech in contract
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Requires both parties to return their consideration
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Recission:
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breech in contract
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Court directed performance of the contract provisions
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Specific Performance:
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consequence of a breech in contract
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How do you show intent to accept an offer?
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The intent may be shown by conduct—like signing and sending a written contract to another party
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Name ways to terminate an offer.
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o Revocation
o Counter Offer o Rejection o Lapse of time o Death or disability o Subsequent illegality |
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What is the timeline in a contract?
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1.Preliminary Negotiation
2.Formal offer 3.Acceptance 4.Duty to perform 5.Performance Completed- contract executed 6.Remedy for Breach If Necessary |
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A proposal by an offeree to the offeror that changes the terms of, and thus rejects, the original offer.
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Counter-Offer
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A clear expression that the offeree agrees to be bound by the terms of the offer
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Acceptance of an offer:
(note: look at hint for additional information) |
Once an offer has been accepted, a binding agreement or contract is created. Neither Party can withdraw without the consent of the other.
An offer may be accepted only by the person to whom it is directed. |
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Factoring and tax refunds are examples of
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assigned contracts
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The Mirror Image Rule
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The acceptance must mirror the offer…if the acceptance contains difference terms than the offer…it is not considered an acceptance but rather a counter offer.
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An offer exists and/ or an acceptance is valid on the date a properly addressed and stamped letter is placed into the US postal service…. A revocation is only valid upon receipt
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Mail Box Rule
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Consideration
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Consideration may be in the form of an incentive or a detriment.
Must be bargained for otherwise considered a gift |
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The relationship between a promisor and the promise
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Privity of contract:
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Promissory Estoppel: Will prevent a party who has made a unilateral offer from withdrawing the offer after the requested work has begun.
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Promissory Estoppel:
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What would make a contract voidable?
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•FRAUD- misstatement of fact
•MISREPRESENTATION- misstatement without the intent to mislead •DURESS- a force or threat •UNDUE INFLUENCE- taken advantage of unfairly •MUTUAL MISTAKE •UNILATERAL MISTAKE |
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What kind of contracts must be in writing and signed?
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1.land
2.paying debt of another rperson 3.contracts that cannot be performed within 1 year 4.sale of goods >$500 |
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