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8 Cards in this Set
- Front
- Back
What is a contract?
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A promise or set of promises for the breach of which the law grants a remedy or the performance of which the law recognizes a duty.
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What is a bilateral K?
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A promise for a promise.
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What is a unilateral K?
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A promise for performance.
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What are the elements of a K?
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1. Mutual Assent
2. Consideration 3. No defense to formation. |
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Article 2 of the UCC
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Goods.
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Types of Contracts
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Express- language orally/written
Implied-in fact: conduct and assent. Implied in law: to avoid injustice. |
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When is a promise legally enforceable?
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1. Bargain for valid-consideration.
2. Reasonably induced the promisee to rely to his detriment. 3. Enforceable by statute despite lack of consideration. |
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Breach
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Any non-performance of K'l duty.
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