Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Definition of Contract
|
a binding agreement that the courts will enforce
|
|
|
Common Law
|
most contracts are primarily governed by state common law, including contracts involving employment, services, insurance, real property (land and anything attached to it), patents, and copyrights
|
|
|
The Uniform Commercial Code Article 2
|
2 of the UCC governs the sales of goods
• Sale the transfer of title from seller to buyer • Goods tangible personal property (personal property is all property other than an interest in land) |
|
|
REQUIREMENTS OF A CONTRACT
|
Mutual Assent
Consideration Legality of Object Capacity |
|
|
Express and Implied Contracts
|
• Implied in Fact Contract contract where the agreement of the parties is inferred from their conduct
• Express Contract an agreement that is stated in words either orally or in writing |
|
|
Bilateral and Unilateral Contracts
|
• Bilateral Contract contract in which both parties exchange promises
• Unilateral Contract contract in which only one party makes a promise |
|
|
Valid, Void, Voidable, and Unenforceable Contracts
|
• Valid Contract one that meets all of the requirements of a binding contract
• Void Contract no contract at all; without legal effect • Voidable Contract contract capable of being made void • Unenforceable Contract contract for the breach of which the law provides no remedy |
|
|
Executed and Executory Contracts
|
• Executed Contract contract that has been fully performed by all of the parties
• Executory Contract contract that has yet to be fully performed |
|
|
PROMISSORY ESTOPPEL
|
Definition a doctrine enforcing some noncontractual promises
Requirements a promise made under circumstances that should lead the promisor reasonably to expect that the promise would induce the promisee to take definite and substantial action, and the promisee does take such action |
|
|
Remedy
|
a court will enforce the promise to the extent necessary to avoid injustice
|
|
|
QUASI CONTRACT
|
Definition an obligation not based upon contract that is imposed by law to avoid injustice; also called an implied in law contract
Requirements a court will impose a quasi contract when (1) the plaintiff confers a benefit upon the defendant, (2) the defendant knows or appreciates the benefit, and (3) the defendant’s retention of the benefit is inequitable Remedy the plaintiff recovers the reasonable value of the benefit she conferred upon the defendant |
|
|
Under UCC a good is defined as
|
1. thing
2. existing 3. movable 4. occuring simultaneously |
