Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/22

Click to flip

22 Cards in this Set

  • Front
  • Back
What is an express contract?
formed by language, oral or written
What is an implied contract?
formed by conduct
What is a quasi contract?
not a contract, but rather a way to recover the reasonable value of the benefit conferred
-purpose is to prevent unjust enrichment
What are the three elements necessary for one to recover under quasi-contract?
(1) P has conferred a benefit on D
(2) P reasoanbly expected to be paid
AND
(3) D will be unjustly enriched if P is not compensated
What is a bilateral contract?
offer can be accepted in any reasonable way
What is a unilateral contract?
offer can only be accepted by FULL performance
What is a void contract?
contract without any legal effect from the beginning

ex: a contract to commit a crime
What is a voidable contract?
a contract that a party may elect to avoid or ratify

ex: a contract by a minor
What is an unenforceable contract?
a contract otherwise valid but for which some defense exists extraneous to formation

ex: violates Statute of Frauds
What are the three elements required for creation of a contract?
1. mutual assent (offfer + acceptance)
2. consideration or a substitute
3. no defenses to formation
What are the only two situations in which a unilateral contract may arise?
(1) offeror clearly indicates that performance is the ONLY manner of acceptance
(2) there is an offer to the public clearly contemplating acceptance by performance (reward offer)
What is the standard used to measure whether there is mutual assent?
objective standard: did the words or conduct manifest a present intention to enter into a contract?
- NOTE: actual subjective meeting of the minds is NOT necessary
What are the three requirements of an offer?
(1) an expression of promise, undertaking, or commitmennt to enter into a contract
(2) definite and certain in its terms
(3) communicated to the offeree
What criteria is used to determine whether a communication is an offer?
(1st element of an offer)
language
surrounding circumstances
prior practice and relationship of the parties
method of communication
industry custom
certainty and definiteness of terms
Is an advertisement considered an offer?
General Rule is NO but there is a narrow exception for ads that specifically state quantity etc.
example: "first come, first served"
What is the basic inquiry as to whether an offer is certain and definite in its terms?
whether enough of the essential terms have been provided so that a contract including them would be capable of being enforced
What are essential elements in an offer?
identity of the offeree and the subject matter; price to be paid; time of payment, delivery or performance; quantity involved; and nature of the work to be performed
What must an offer for a real estate transaction include?
requires identification of LAND and PRICE terms
What must an offer for a sale of goods contract include?
requires that the quantity be certain or capable of being made certain
What must an offer for an employment contract include?
duration of employment must be specified
When can missing terms in the offer be supplied by the court generally?
if they are consistent with the parties' intent (generally)
What missing terms in the offer can be supplied by the court under the UCC?
reasonable price term and reasonable time for performance