Contracts Year 1

Front 1

What is a contract

Back 1

promise or a set of promises a breach of which, the law recognizes a remedy and duty to perform

Front 2

Contract vs executed agreement

Back 2

Contract is executory in nature promise that must be executed. Agreement to house is a contract - the actual sale of house is NOT.

Front 3

Freedom of Contract

Back 3

Pure freedom to contract has diminshed in modern times. Legislators have restricted contracts. Example- employment and insurance contracts. Contracts of ADHESION have become common place. Purchase car, cell phone service....

Front 4

Philosophy of Contract
1.Sovereignty of individual will
2.Sanctity of Promise
3.Private Autonomy
4.Reliance
5.Needs of trade

Back 4

1.Individual responsibility Promisors
2.Law upholds moral values
3.Freedom Private Sec w controls
4.Fairness to Promisees
5.Economic Efficiency

Front 5

Sources of Contract Law

Back 5

1.Article 2 of the UCC
2.Restatement of Contracts
3.legislators for a few specific contracts

Front 6

What is a Formal Contract?

Back 6

Today it means it a contract in writting signed by party
1.contracts under seal
2.recognizances
3.negotiable instruments and letters of credit

Front 7

What is Informal Contact?

Back 7

All other contracts - enforceable not because of form but substance

Front 8

What is an express Contract?

Back 8

Parties have written it or spoken it - expressed it.

Front 9

What is an Implied in Fact Contract?

Back 9

Conduct of one or both parties is necessary to show assent of contract

Front 10

What is an Implied in Law Contract? "Quasi"

Back 10

Consent imposed. Unconscious patient treated by doctor in ER.
Thus is not a contract at all, you are avoiding unjust enrichment

Front 11

When is a contract considered VOID?

Back 11

When it produces no legal obligation of the promisor
No contract has been created.

Front 12

When is contract Voidable?

Back 12

When a party has the power to avoid legal relations created in contract. Under aged signer or party induced to sign by fraudulent means.

Front 13

When is a contract unenforceable?

Back 13

Contract has some legal consequences, but may not be enforced in an action for damages or performance in face of legal defense such as Statue of limitations or Fraud

Front 14

Contract based on Governing Law
non movable objects (real estate service)

Back 14

Common Law

Front 15

Contract based in Governing Law
movable objects (tx of goods)

Back 15

UCC (Uniform Commercial Code)

Front 16

What is a Merchant?
According to UCC Article 2

Back 16

You are a Merchant if any of:
1.Deal in goods of that kind
2.Occupation- special skills knowledge in practices
3.Occupation special skills knowledge in goods
4.employs intermediary who has said skills

Front 17

Intent
Object Theory of Contracts

Back 17

What a reasonable person, standing in the shoes of the addressee, would understand them to mean.
What a reasonable person in the position of the respective parties would be led to believe by the words or conduct of the other party.

Front 18

Intent
Rational Expectation

Back 18

each contracting party must be able to rely on the other party's apparent intentions - not secret thoughts

Front 19

Intent
Sufficient Manifestation

Back 19

when a party volitionally engages in conduct (words or acts) that he knows, has reason to know, or should have reasonably known, the other party may interpret as an offer or acceptance

Front 20

When is there agreements between parties that are not contracts?

Back 20

The parties did not intend legal consequences.
No call no show to dinner date
Husband promise to wife - quit smoking

Front 21

Employee handbook

Back 21

May be considered a contract

Front 22

Are contracts of adhesion enforceable?

Back 22

Yes, courts resort to a variety legal doctrines to protect weaker parties, but only when challenged provision is unfair or unreasonable.

Front 23

OFFERS
What constitutes an offer?

Back 23

1.Manifestation contractual Intent by the offeror
2.Certainty and definiteness of Terms

Front 24

Can a (P) bring action using tort law and contract law for a single conduct of (d)?

Back 24

Yes, but only for malpractice by attorney.

Front 25

Offer vs Opinion
Can doctor be sued for breach of contract for apparent promise of a particular surgical outcome?

Back 25

Yes, If he crosses the boundary of opinion to get the case.

Front 26

Are Advertisements Offers to contract?

Back 26

General not, unless specific language. 3 available at $2 First come First Serve.

Front 27

Auction with reserve
Is Auction Notice an offer?

Back 27

No, at most it is an invitation to the public to make offers

Front 28

What is Mutual Assent?

Back 28

essential prerequisite for formation of contract
OFFER and ACCEPTANCE

Front 29

Auction with Reserve
Is putting goods on the block an Offer?

Back 29

no, an invitation for offer. Can remove item after bidding begins unless it is "hammered down"

Front 30

Auction with Reserve
Are bids by buyers offers?

Back 30

yes, but new bid eliminates previous
accepted by "hammering down"
Until "hammered down", item can be withdrawn

Front 31

Auction WITHOUT Reserve
Can item be withdrawn even if a bid is made in a reasonable time?

Back 31

NO, but bid can be withdrawn until hammer has struck.

Front 32

Under the UCC, can an auctioneer reopen bidding if the hammer is falling in acceptance of prior bid if another bid comes in?

Back 32

Yes, at his discretion

Front 33

Is a price quotation an offer?

Back 33

Usually not. A quote may be elevated to an offer if details are given indicated intent of offer

Front 34

If a communication is delivered to a party who knows or has reason to know that the person making communication does not intend an offer until further expression is given, Is there an offer?

Back 34

NO

Front 35

Statements of Intention, Hopes, Desires
A says I am going to sell my car for $500. B says here is the $500. Is this a Contract?

Back 35

If a reasonable person would in B's shoes would conclude A stated an intention there would be no offer and therefore no contract.

Front 36

Estimate - can it be construed as a contract?

Back 36

Yes, if the estimator claimed to be an expert, the estimate would be a factual representation and an offer

Front 37

Intent to memorialize agreement
General Rule
1.writing as evidentiary memorial
2.writing as consummation of agreement

Back 37

1. there is contract without further a due.
2. there is no contract until written agreement complete

Front 38

Intent to memorialize
Evidentiary considerations

Back 38

subject matter, quantity, time of performance , and price must be included to be considered a contract modern rule if parties intended to contract indefiniteness can be fixed by court fillinng gap

Front 39

Juries determine questions of?

Back 39

Fact

Front 40

Judges and Appellate courts determine questions of?

Back 40

Law

Front 41

A unilateral contract is?

Back 41

one party promise to other - promise for performance. I will give you $500 after you paint my house.

Front 42

A bilateral contract is?

Back 42

mutual promises only. I promise to sell you my car and you promise to buy it

Front 43

A public offering is?

Back 43

A unilateral contract. I will give you $500 for finding my watch.

Front 44

If a contract is ambiguous is it bilateral?

Back 44

Yes. It must say "you can accept only by completing job to be unilateral