Introduction To Contracts

Front 1

Common Law

Back 1

Governs contracts for services, employment, real estate and certain other things.

Front 2

Uniform Commercial Code (UCC)

Back 2

Law that governs the sale of goods (anything that can be moved; except for money)

Front 3

Quasi-Contract

Back 3

The defendant receives benefit from the plaintiff but did not make a promise.

Front 4

Promissory Estoppel

Back 4

Where a defendant makes a promise that the plaintiff relied on.

Front 5

Void Agreement

Back 5

Purpose of the agreement is illegal.

Front 6

Voidable Contract

Back 6

When a party commits fraud or mis-interpretation.

Front 7

Un-Enforceable Contract

Back 7

Both parties agree but cannot because of some rule of law.

Front 8

Valid Contract

Back 8

One that satisfies all legal requirements.

Front 9

Implied Contract

Back 9

Created by conduct and/or words of both parties

Front 10

Express Contract

Back 10

Both parties state their explicit terms in the contract.

Front 11

Uni-Lateral Contract

Back 11

One party makes an offer; the other performs the action to make it a contract. (Reward...missing dog)

Front 12

Bi-Lateral Contract

Back 12

A binding contract where both parties have made a promise.

Front 13

4-Elements of a Contract

Back 13

1. Agreement
2. Consideration
3. Legality
4. Capacity

Front 14

Conditions

Back 14

An event that must occur before a party becomes obligated under a contract.

Front 15

Condition Precedent

Back 15

event must occur before a party is liable.

Front 16

Condition Subsequent

Back 16

liability occurs after the event.

Front 17

Concurrent Conditions

Back 17

Both parties agree to deliver on conditions.

Front 18

Performance

Back 18

substantial amount of duty was performed; contract is honored in court.

Front 19

Substantial

Back 19

full amount of work will be payed minus imperfections.

Front 20

Material Breach

Back 20

A breach that substantially harms the innocent party.

Front 21

Anticipitory Breach

Back 21

When it is un-mistakably clear that one party will not honor the contract.

Front 22

Statute of Limitations

Back 22

the time in which a party must files suit; differs from state to state.

Front 23

True Impossibility

Back 23

Catastrophic events prevent a party from performing. (Does not include financial events)

Front 24

Commercial Impracticability

Back 24

an event that neither party anticipated has made the deal extraordinarily difficult and unfair to one party.

Front 25

Frustration of purpose

Back 25

an event that occurs and eliminates the value for one of the parties.

Front 26

Remedy

Back 26

is a method in which courts use to compensate an injured party.

Front 27

Injunction (Preliminary and Permanent)

Back 27

Court order forcing someone to do something or refrain from doing something.

Front 28

Expectation Interest

Back 28

Court will give money based on what the injured party would have received if the contract was executed.

Front 29

Compensitory Interest

Back 29

losses that derive from the contract

Front 30

Consequential Interest

Back 30

can recover losses if one party can prove that the other party could have forseen losses before the contract was formed.

Front 31

Reliance Interest

Back 31

Time and money that the injured party spent performing their part in the agreement.

Front 32

Restitution Interest

Back 32

designed to return a benefit to the plaintiff that was received by the defendant.

Front 33

Specific Performance

Back 33

interest in the form of land or any other irreplaceable objects.

Front 34

Reformation

Back 34

court will rewrite a contract to ensure its accuracy of viability.

Front 35

Mitigation of Damages

Back 35

Each party has a responsibility to mitigate or decrease damages caused by a breach or ineveitable breach.

Front 36

Nominal Damages

Back 36

a token amount to those who cannot quantify damages.

Front 37

Liquidated Damages

Back 37

Damages that are agreed to in the contract. Enforced if damages are reasonable.