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30 Cards in this Set
- Front
- Back
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Contract Definition
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A promise or set of promises that will be enforced by the courts
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Bilateral
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Involves 2 promises
Ex. "I will sell you my car for $2,000....OK" |
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Unilateral
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A promise for an act; 1 promise
Ex. "If you cut my lawn, I'll give you $50." |
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Express
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Stated in words, orally or in writing
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Implied-In-Fact
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A contract that is not expressed, but is created by the conduct of the parties.
Ex. Haircut, restaurant,etc. |
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Implied-In-Law (Quasi)
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Created by a court to avoid unjust enrichment
Ex. Driveway by mistake w/ homeowner watching; no pay if not watching |
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Void
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No contract at all; a court will not enforce it
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Voidable
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Contract that looks good, but one party can avoid it (get out of it)
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Unenforcable
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Contract that a court won't enforce because of a technical reason
Ex. Needs to be in writing |
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Requirements of an Offer
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Offer is made
-Must show intent to enter into a contract -Must be definite -Be communicated to the offeree |
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Termination of Offers-Revocation
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Taking the offer back before acceptance
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Termination of Offers-Counter Offer
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Bidding on a house back & forth
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Termination of Offers-Death
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An offer prior to acceptance
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Consideration Definition
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Reasons of a person to enter a contract
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Consideration Examples
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Gift, Flagpole, Car Sale, Firefighter, Smoking, Graduation, Preexisting Duty
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Contract Definition
|
A promise or set of promises that will be enforced by the courts
|
|
|
Bilateral
|
Involves 2 promises
Ex. "I will sell you my car for $2,000....OK" |
|
|
Unilateral
|
A promise for an act; 1 promise
Ex. "If you cut my lawn, I'll give you $50." |
|
|
Express
|
Stated in words, orally or in writing
|
|
|
Implied-In-Fact
|
A contract that is not expressed, but is created by the conduct of the parties.
Ex. Haircut, restaurant,etc. |
|
|
Implied-In-Law (Quasi)
|
Created by a court to avoid unjust enrichment
Ex. Driveway by mistake w/ homeowner watching; no pay if not watching |
|
|
Void
|
No contract at all; a court will not enforce it
|
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Voidable
|
Contract that looks good, but one party can avoid it (get out of it)
|
|
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Unenforcable
|
Contract that a court won't enforce because of a technical reason
Ex. Needs to be in writing |
|
|
Requirements of an Offer
|
Offer is made
-Must show intent to enter into a contract -Must be definite -Be communicated to the offeree |
|
|
Termination of Offers-Revocation
|
Taking the offer back before acceptance
|
|
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Termination of Offers-Counter Offer
|
Bidding on a house back & forth
|
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Termination of Offers-Death
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An offer prior to acceptance
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Consideration Definition
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Reasons of a person to enter a contract
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Consideration Examples
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Gift, Flagpole, Car Sale, Firefighter, Smoking, Graduation, Preexisting Duty
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