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33 Cards in this Set
- Front
- Back
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Legally Enforceable Contract |
- a contract in which if one party fails to perform as promised, the other party can use the court system to enforce the contract and recover damages or other remedy |
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Offerer |
- the party who makes an offer to enter into a contract |
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Offeree |
- the party to whom an offer to enter into a contract is made |
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Elements of a Contract (4) |
1. agreement 2. consideration 3. contractual capacity 4. lawful object |
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Agreement |
- requires an offer by the offeror and an acceptance of the offer by the offeree |
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Consideration |
- supports a promise - ex. money, personal property, real property, etc. qualify as considerations |
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Contractual Capacity |
- contracts cannot be enforced against parties who lacked contractual capacity when they entered into the contracts |
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Lawful Object |
- the object of a contract must be lawful - if not, the contract is void and won't be enforced |
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Defenses to the Enforcement of a Contract (2) |
1. genuineness of assent 2. writing and form |
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Genuineness of Assent |
- the consent of the parties to create a contract must be genuine - if it is obtained by duress, undue influence, or fraud, there is no real consent |
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Writing and Form |
- failure of such a contract to be in writing or to be in proper form may be raised against the enforcement of the contract |
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Common Law of Contracts |
- contract law developed primarily by state courts |
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Uniform Commercial Code (UCC) |
- a comprehensive statutory scheme that includes laws that cover aspects of commercial transactions |
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Restatement of the Law of Contracts |
- a compilation of model contract law principles drafted by legal scholars - it is not a law |
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Objective Theory of Contracts |
- a theory that says the intent to contract is judged by the reasonable person standard and no by the subjective intent of the parties |
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Electronic Commerce (E-Commerce) |
- the sale and lease of goods and services and other property and the licensing of software over the Internet or by other electric means |
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Electronic Contract (E-Contract) |
- a contract that is formed electronically |
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Uniform Computer Information Transactions Act (UCITA) |
- a model act that establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses |
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Bilateral Contract |
- a promise for a promise - ex. "if you promise to paint my store by july 1, I will pay you $3,000" followed by "i promise to do so" |
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Unilateral Contract |
- a promise for an act - ex. "if you promise to paint my store by july 1, I will pay you $3,000" followed by no acceptance, therefore it isn't possible to sue if the task hasn't been completed by july 1 |
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Formal Contract |
- a contract that requires a special form or method of creation |
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Informal Contract (Simple Contract) |
- a contract that is not formal - valid informal contracts are fully enforceable and may be sued upon if breached |
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Valid Contract |
- a contract that meets all the essential elements to establish a contract - a contract that is enforceable by at least one of the parties |
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Void Contract |
- a contact that has no legal effect |
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Voidable Contract |
- a contract in which one or both parties have the option to void their contractual obligations - if a contract is voided, both parties are released from their contractual obligations |
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Unenforceable Contract |
- a contract that cannot be enforced because of a legal defense |
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Executed Contract |
- a contract that has been fully performed on both sides; a completed contracted |
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Executory Contract |
- a contract that has not been fully performed by either or both sides |
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Express Contract |
- an agreement that is expressed in written or oral words - ex. a written agreement to buy an automobile from a dealership or an oral agreement to purchase a neighbor's bicycle |
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Implied-in-Fact Contract |
- a contract in which agreement between parties has been inferred from their conduct |
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Name of Implied-in-Fact Contract Case Example |
Wrench LLC v. Taco Bell Corporation |
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Quasi-Contract |
- an equitable contract whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed - ex. heather is in an automobile accident and needs surgery. after receiving the bill, she is responsible for necessary charges remaining after insurance coverage |
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Equity |
- a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law |
