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;
18 Cards in this Set
- Front
- Back
|
What are the Requirements to Form a Valid Contract?
|
Rule: To form a valid contract, 3 elements are required:
1) Offer 2) Acceptance 3) Consideration |
|
|
What area does the UCC govern?
|
The sale of goods.
(Not services) **Look for the dominant idea behind the transaction |
|
|
What is the Restatement of Contracts?
|
It is a textbook written by a group of legal scholars & based on judicial decisions that they feel other jurisdictions should follow.
|
|
|
What are the 3 types of Contracts?
|
Express Contracts (when parties enter into an agreement either orally or in writing)
Implied-in-fact contracts (when the parties actions imply the existence of a contract, although no words were written or spoken) Quasi-contracts (When there is no contract at all, but it would lead to unjust enrichment if one party received a benefit without compensating the other party) (also called Implied-in-law contracts) |
|
|
What is an offer?
|
A specific proposal with intent to enter into an agreement with another. (Must have intent)
|
|
|
Who is the offeror?
|
The person who proposed the bargain.
|
|
|
Who is the Offeree
|
The person who has the power to accept or reject the offer.
|
|
|
To be enforceable, what are the required terms of an Offer?
|
the parties
the subject the quantity the price |
|
|
What are examples of non-offers?
|
a promise to make a promise.
preliminary negotiations invitations to deal |
|
|
What is consideration?
|
something of value given by one party in return for the promises of the other party to a contract
|
|
|
List the Contracts Checklist
|
1) Formation
2) 3rd Party Beneficiary 3) Assignment & Delegation 4) Condition 5) Breach 6) Remedies |
|
|
What is common law acceptance?
|
The offeree must agree exactly to the terms of the offer (a mirror image)
|
|
|
What are defenses to formation of a contract?
|
Fraud
Mistake Statute of Frauds Parol Evidence Rule |
|
|
What is the Statute of Frauds?
|
It provides that certain categories of contracts are not enforceable unless they are in writing.
|
|
|
What is the Parol Evidence Rule?
|
The principle that a preexisting commitment cannot be used as evidence to contradict or in any way modify the terms of a written agreement.
|
|
|
What are conditions?
|
A condition is an act or event that must occur in order for the other side’s performance under the contract to become due.
|
|
|
What is an Express Condtion?
|
a condition that must be explicitly stated in the terms of the contract.
ie: satisfaction clause ie: time of the essence. |
|
|
What are Implied in Fact Condtions?
|
Conditions that aren't usually stated in the contract.
ie: work should be performed in a workman like manner. If the work is not performed in a workman like manner, the contract was breached. |
