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22 Cards in this Set
- Front
- Back
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What is an express contract?
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formed by language, oral or written
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What is an implied contract?
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formed by conduct
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What is a quasi contract?
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not a contract, but rather a way to recover the reasonable value of the benefit conferred
-purpose is to prevent unjust enrichment |
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What are the three elements necessary for one to recover under quasi-contract?
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(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 |
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What is a bilateral contract?
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offer can be accepted in any reasonable way
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What is a unilateral contract?
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offer can only be accepted by FULL performance
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What is a void contract?
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contract without any legal effect from the beginning
ex: a contract to commit a crime |
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What is a voidable contract?
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a contract that a party may elect to avoid or ratify
ex: a contract by a minor |
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What is an unenforceable contract?
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a contract otherwise valid but for which some defense exists extraneous to formation
ex: violates Statute of Frauds |
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What are the three elements required for creation of a contract?
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1. mutual assent (offfer + acceptance)
2. consideration or a substitute 3. no defenses to formation |
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What are the only two situations in which a unilateral contract may arise?
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(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) |
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What is the standard used to measure whether there is mutual assent?
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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 |
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What are the three requirements of an offer?
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(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 |
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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 |
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Is an advertisement considered an offer?
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General Rule is NO but there is a narrow exception for ads that specifically state quantity etc.
example: "first come, first served" |
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What is the basic inquiry as to whether an offer is certain and definite in its terms?
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whether enough of the essential terms have been provided so that a contract including them would be capable of being enforced
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What are essential elements in an offer?
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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
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What must an offer for a real estate transaction include?
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requires identification of LAND and PRICE terms
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What must an offer for a sale of goods contract include?
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requires that the quantity be certain or capable of being made certain
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What must an offer for an employment contract include?
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duration of employment must be specified
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When can missing terms in the offer be supplied by the court generally?
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if they are consistent with the parties' intent (generally)
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What missing terms in the offer can be supplied by the court under the UCC?
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reasonable price term and reasonable time for performance
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