Contracts

Front 1

What is a contract?

Back 1

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.

Front 2

A valid contract requires:

Back 2

Offer, acceptance, consideration, legal capacity and legal purpose.

Front 3

Contract formation methods:

Back 3

EXPRESS: Promises made by oral or written words
IMPLIED BY CONDUCT: Custom or Past Dealings make Intent Clear
IMPLIED BY LAW: Constructive

Front 4

Bilateral Contract:

Back 4

A contract is formed by mutual promises to perform under terms of the offer, each promise supplies the consideration for the return promise.

Front 5

Unilateral Contract:

Back 5

An offer made that can be accepted by performance of specific act done with knowledge of the offer at the time of the act.

Front 6

Merchants under UCC:

Back 6

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.

Front 7

Consideration

Back 7

The bargained for exchange of legal detriment that is the purpose for entering into a contract

Front 8

Offer

Back 8

OFFER: An offer is a commitment, communicated, to an identified offeree containing definite terms.

Front 9

3 elements of an offer

Back 9

Commitment
Communication
Definite Terms

Front 10

Determination of commitment:

Back 10

1. Prior course of dealing between parties
2. Custom of the industry
3. Any other circumstances
4. Speakers actual words