Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
42 Cards in this Set
- Front
- Back
|
law of contracts |
Agreement for two or more parties to do something or not Does not register social agreements |
|
|
objective theory of contracts |
"Intent" 1.What they said 2.How they acted 3.Circumstances |
|
|
Elements of a contract |
1.Agreement(offer;acceptance) 2.Consideration 3.Legal Capacity 4.Legal Subject Matter |
|
|
Type of contracts(8) |
•Bilateral- A promise for a promise •Unilateral- A promise for a action •Formal-Written •Informal-Oral •Expressed-Everything has been expressely stated •Implied-infact- a contract that is implied from the conduct of the parties •Quasi- •Quantum meriut- As much as he or she deserves |
|
|
Unjust enrichment |
obtaining something you did not work for |
|
|
Valid Contracts |
Fulfills the four requirements |
|
|
Voidable contracts |
was valid initially- something happened later that one party had to cancel |
|
|
Void contracts |
Contracts that was never a contract in the beginning |
|
|
offers has to be... |
serious |
|
|
offers(terminated) when... |
•Shelf life has ended •Revoked(must be before acceptance) |
|
|
offers(can't revoke) |
option |
|
|
promistory estoppel |
A person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery |
|
|
offeree can reject an offer(true or false) |
true |
|
|
offer can expire if an counter offer is made(true or false) |
true |
|
|
mirror image rule |
The terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer |
|
|
Termination by operation of law |
•lapse of time •Destruction of the specific subject matter of the offer •Death or imcompentence of the offeror or the offeree •Supervening illgality of the proposed contract |
|
|
Silence is not considered acceptance of an offer |
true |
|
|
Communication of acceptance |
Whether the offeror must be notified of the acceptance depends on the nature of the contract |
|
|
forbearance |
giving up something that you legally own |
|
|
recission |
To back out;cut off |
|
|
Accord and satisfaction |
Accord-Agreement Satisfaction- Performance(usually payment) that takes place after the accord is executed |
|
|
liquidated debts |
One whose amount has been ascertained, fixed, agreed on, settled, or exactly determined |
|
|
unliquidated debt |
The amount of the debt is NOT settled, fixed, agreed on, ascertained, or determined |
|
|
Release |
is a contract in which one party forfeits the right to pursue a legal claim against the other party |
|
|
Removing minority |
•Court of law •Renting an apartment or house •marriage •military |
|
|
Necessaries |
Items needed to survive |
|
|
Disaffirmance |
Legal avoidance, or setting aside, of a contractual obligation |
|
|
Privity of contracts |
only the original parties have a right to raise an issue |
|
|
Assignment |
Rights |
|
|
Delegations |
Duties |
|
|
Three types of conditions in a contract |
•precedent-before- Must be fulfilled before a party's promise becomes absolute •subsequent- after - If it occurs, operates to terminate a party's absolute promise to perform •Concurrent- During- Must be performed simultaneously |
|
|
Oral contracts not valid until writing(EXCEPTIONS 4) |
•Any contract that conveys property •Contracts that require more than one year to complete must be written •Oral contracts for another party •Promises made in consideration of marriage |
|
|
Anticipatory Repudiation |
Before either party to a contract has a duty to perform, one of the parties may refuse to carry out his or her a contractual obligations |
|
|
Discharge by agreement
|
mutually |
|
|
Discharge by performance |
Complete, Substantial-Good Faith, or Partial-half a job |
|
|
Discharge by novation |
Occurs when both of the parties to a contract agree to substitute a third party for one of the original parties |
|
|
Discharge by operation of law |
•Material alteration of the contract •Statues of limitations •Bankruptcy •Impossibility of Performance |
|
|
Frustration of purpose |
☆A contract will be discharged if supervening circumstances make it impossible to attain the purpose both parties had in mind when they made the contract Example:Buys concert ticket and then someone dies-You can get your money back |
|
|
Incidental Damages |
Expenses that are caused directly by a breach of contract |
|
|
Consequential Damages |
foreseeable damages that result from a party's breach of contract |
|
|
nominal damages |
when no actual damage or financial loss results from a breach of contract and only a technical injury is involved |
|
|
mitigation of damages |
A rule requiring a plaintive to have done whatever was reasonable to minimize the damages cons by the defendant |
