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14 Cards in this Set
- Front
- Back
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The person to whom a promise is made |
The promisee |
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Promisor |
A declaration by a person to do or not do a certain act |
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Moral vs legal binding obligation |
Promising to take your friend out to lunch vs promise to pay phone bill |
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An agreement thst can be enforced in a court |
A contract |
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Freedom of contract |
Everyone's ability to enter freely or not to enter into contractual arrangements |
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Offeror |
Party making the offer |
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Offeree |
The party to whom the offer is made |
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Bilateral contract |
The oferee can accept simplt by promising to perform. "A promise for a promise" contract comes into existance at the moment the promises are exchanged |
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Unilateral Contract |
The oferee can accept only by completing the contract performance. "A promise for an act." the contract is formed not at the moment when promises are exchanged but rather ahen the contract is performed |
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Revocation of offers for unilateral contract. |
Problem arises in unilateral contract when the promisor attempts to revoke the offer sfter the promisee has begun performance. Once performance has been substantially undertaken, the offeror cannot revoke the offer. |
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Formal vs Informal Contracts |
Formal- require a special form or method of creation to be enforceable. Informal- does not require |
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Express vs. Implied Contractz |
Expressed contract- the terms of the agreement are fully and explicitly stated in words, oral, or written. Implied- implied from the conduct of the parties. The conduct rather that their words creates the contract. |
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Rewuirements for implied contract |
1. Plaintiff furnished some service or property 2. P expects to be paid for that service or property, defendsnt knew or should have known that payment was expectex. 3. D had a chance to reject service or property and did not |
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Executed vs executory contracy |
Completed and not completed |
