Contracts Midterm (Udc-Dcsl) 1

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Contract

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A Contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty

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Option Contract

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An Option Contract is a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke the offer.

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Bilateral Contract

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A contract in which each party promises a performance, so that each party is an obligor on that party's own promise and an obligee on the other promise

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Promise

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A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promise in understanding that a commitment has been made.

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Illusory Promise

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An apparent promise that is so qualified, or in respect of which such wide discretion is reserved, that the apparent promisor actually makes no binding commitment at all

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Gratuitous Promise

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A promise made in exchange for nothing; a promise not supported by consideration

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Implied Promise

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A promise created by law to render a person liable on a contract so as to avoid fraud or unjust enrichment.

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Offer

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An Offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

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Acceptance

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Acceptance of an offer is manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.

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Consideration

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A consideration is something bargained for and received by a promisor from a promisee which motivates a person to do something.

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Nominal Consideration

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Nominal consideration is consideration that is so insignificant as to bear no relationship to the value of what is being exchanged.

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Illegal consideration

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Illegal consideration is consideration that is contrary to law or public policy or prejudicial to public interest.

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Adequate Consideration

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Consideration that is fair and reasonable under the circumstances of the agreement.

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Past Consideration

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Past consideration is an act done or a promise given by a promisee before making a promise sought to be enforced. It is not consideration for a new promise because it has not been given in exchange for this promise.

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Revocation

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A Revocation is the withdrawal of the offer by the offeror

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Shrink Wrap License

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Terms and conditions printed on the outside of a software package to advise the buyer that by opening the package, the buyer becomes legally bound to abide by the term of the license.

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At-Will Employment

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At-will employment is work for which one has been hired and is being paid by an employer, usually undertaken without a contract and may be terminated at any time by either employer ot employee without cause.

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Unjust Enrichment

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Unjust Enrichment is the retention of a benefit conferred by another, without offering compensation, in circumstances where compensation is reasonably expected.

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Promissory Estoppel

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Promissory Estoppel is the principle that a promise made without consideration may nonetheless be enforced to prevent injustice if the promisor should have reasonably expected the promisee did actually rely on the promise to his or her detriment

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Covenant

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A covenant is a formal agreement or a promise, usually in a contract.

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Sovereign Immunity

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Sovereign Immunity is exemption of a government from suit in its own courts without its consent.

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Fee Simple

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A Fee Simple is an interest in land that, being the broadest property interest allowed by law, endures until the current holder dies without heirs.

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Exculpatory Clause

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An exculpatory clause is a contractual provision relieving a party from liability resulting from a negligent or wrongful act.

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Pre-existing Duty Rule

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Pre-existing duty rule holds that the performance of or promise to perform an existing duty cannot qualify as consideration.

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Jurisprudence

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Jurisprudence is the study of knowledge about justice.

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Mirror Image rule

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Mirror image rule requires an acceptance to match the offer exactly, with no alteration or qualification. If the acceptance deviates from the offer in any way it does not qualify as an acceptance, but is a rejection and possibly a counteroffer.