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21 Cards in this Set
- Front
- Back
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contract
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a binding agreement that the courts will enforce
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promise
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manifests or demonstrates the intention to act or to refrain from acting in a specified manner
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common law
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most contracts primarily governed by state common law (everything except sale of personal property)
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Uniform Commercial Code (UCC)
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article 2 of UCC governs sale of goods (transfer of title for any tangible personal property)
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4 requirements for a contract
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1. mutual assent
2. consideration 3. legality of object 4. capacity |
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mutual assent
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the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract
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consideration
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each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange
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legality of object
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the purpose of a contract must not be criminal, tortious, or otherwise against public policy
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capacity
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the parties to a contract must have contractual capacity to enter into a contract (not intoxicated, a minor, etc.)
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implied in fact contract
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contract where the agreement of the parties is inferred from their conduct
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express contract
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an agreement that is stated in words either orally or in writing
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bilateral contract
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contract in which both parties exchange promises
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unilateral contract
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contract in which only one party makes a promise
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valid contract
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one that meets all of the requirements of a binding contract
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void contract
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no contract at all; without legal effect
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voidable contract
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conract capable of being made void
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unenforceable contract
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contract for the breach of which the law provides no remedy
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executed contract
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contract that has been fully performed by all of the parties
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executory contract
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contract that has yet to be fully performed
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promissory estoppel
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a doctrine enforcing some noncontractual promises; must have been made under circumstances that lead promisor to expect promisee would take definite and substantial action induced by the promise
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quasi contract (also implied in law contract)
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obligation not based upon contract that is imposed by law to avoid injustice; plaintiff must confer a benefit upon the defendant that D knows about or appreciates
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