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27 Cards in this Set
- Front
- Back
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A legally enforceable exchange of promises or an exchange of a promise for an act.
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contract
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An exchange of oral or written promises between parties, which are enforceable in a court of law.
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Express contract
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One that is established by the conduct of a party rather than by the party's written or spoken words.
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Implied contract
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A set of commercial laws applicable to all states.
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Uniform commercial Code (UCC)
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an exchange of a promise for an act.
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Unilateral contract.
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The exchange of one promise for another promise.
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Bilateral contract
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One that at its formation has an illegal object of serious defects
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Void contract
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One that gives one of the parties the option of withdrawing.
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voidable contract
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One that meets all legal requirements for a fully enforceable contract.
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Valid contract
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One for which all the terms have been performed.
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Executed contract.
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A court-imposed agreement to prevent the unjust enrichment of one party when the parties had not really agreed to an enforceable contract.
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Quasi-contract
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An offer that shows objective intent to enter into the contract, is definite, and is communicated to the offeree.
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Legal offer
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3 'musts' of a legal offer..
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1. show objective intent to enter into the contract. 2. offer must be definite; showing quantity of items being offered, and price. 3. Communicated to the party (offeree) intended by the offeror.
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5 methods of termination
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1. lapse of time (30 days). 2. Death of either party. 3. Destruction of the subject matter.(cannot be contracted). 4. Rejection by the offeree. 5. REvocation by the offeror (if the offeror withdraws the offer before the offeree accepts it.)
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An acceptance that shows objective intent to enter into the contract that is communicated by proper means to the offeror and that mirrors the terms of the offer
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Legal acceptance.
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A bargained for exchange of promises in which a legal detriment is suffered by the promisee.
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Consideration
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Assent to a contract that is free of fraud, duress, undue influence, and mutual mistake.
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Genuine assent
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Misrepresentation of a material fact made with intent to decide the other party to a contract, who reasonably relied on the misrepresentation and was injured as a result.
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Fraud
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Any wrongful act or threat that prevents a party from exercising free will when executing a contract
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Duress
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Mental coercion exerted by one party over the other party to the contract
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Undue influence
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Error as to material fact. A bilateral mistake is one made by both parties; a unilateral mistake is one made by only one party to the contract.
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mistake
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A person's ability to understand the nature of the transaction and the consequences of entering into it at the time the contract was entered into.
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Competency
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Contract subject matter that is lawful under statutory and case law.
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Legal object (read)
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When parties have executed a written agreement that is complete on its face, oral agreements made before,or at the same time as, the written agreement that vary, alter, or contradict it are invalid.
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Parol evidence rule (read)
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One in which the promisee obtains a promise from the promisor to make a gift to a third party
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Donee-beneficiary contract
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One in which the promisee obtains a promise from the promisor to fulfill a legal obligation of the promisee to a third party.
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creditor-beneficiary contract. (read)
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The present transfer of an existing right
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Assignment
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