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10 Cards in this Set

  • Front
  • Back
What is a contract?
Promise or set of promises that the law will enforce by recognizing performance as a duty and providing a remedy for breach of that duty.
A valid contract requires:
Offer, acceptance, consideration, legal capacity and legal purpose.
Contract formation methods:
EXPRESS: Promises made by oral or written words
IMPLIED BY CONDUCT: Custom or Past Dealings make Intent Clear
IMPLIED BY LAW: Constructive
Bilateral Contract:
A contract is formed by mutual promises to perform under terms of the offer, each promise supplies the consideration for the return promise.
Unilateral Contract:
An offer made that can be accepted by performance of specific act done with knowledge of the offer at the time of the act.
Merchants under UCC:
Any person who deals in the sale of goods or who purports to have special knowledge in goods that are the subject matter of contracts.
The bargained for exchange of legal detriment that is the purpose for entering into a contract
OFFER: An offer is a commitment, communicated, to an identified offeree containing definite terms.
3 elements of an offer
Definite Terms
Determination of commitment:
1. Prior course of dealing between parties
2. Custom of the industry
3. Any other circumstances
4. Speakers actual words