Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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
|