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8 Cards in this Set

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