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7 Cards in this Set

  • Front
  • Back
4 elements of contract
1. Oral or written agreement bet. 2 or more persons.
2. an exchange relationship
3. at least 1 promise
4. Enforceability
what's statute of frauds
says that some types of contracts must be recorded in a signed writing to be enforceable.
definition of promise
an undertaking to act or refrain from acting in a specified way at some future time. Can be made in express words or implied.
how many promises need to be made for a contract to come into existence?
only one promise. No promise = no agreement.
bilateral contracts
where promises remain outstanding on both sides
unilateral contract
if one of the parties has already fully performed at the instant of contracting, and all that remains is a promise by the other.
specific performance
an order by the court directing the defendant to render the contractual performance as promised. It's an equitable remedy, and an exception available only where damages aren't an adequate remedy