Reading...
Play button
Play button
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;
11 Cards in this Set
- Front
- Back
|
COMMON LAW - ALL CONTRACTS EXCEPT SALES AND LEASES.
|
Uniform Commercial Code - UCC governs sales and lease contracts.
|
|
|
Promisor - person making promise
|
Promisee - person to whom promise is made.
|
|
|
Contract - A promise that, if breached, the law has a remedy for OR a performance that the law sees as a duty.
|
Objective Theory of Contracts-
1. What the party said when entering into the contract. 2. How the party acted (intent, in words or deeds) 3. The circumstances surrounding the transaction. |
|
|
VALID CONTRACT needs:
1. Agreement- offer and acceptance 2. Consideration- Something of value received or promised, such as money, to convince a person to make a deal. 3. Contractual capacity- Both parties must be legally competent to enter a contract 4. Contract must accomplish something LEGAL. |
DEFENSES FROM CONTRACT:
1. Voluntary consent- if contract is formed as a result of Fraud, Undue Influence, Mistake, or Duress, contract may be unenforceable. 2. Form- Some contracts must in writing etc. to e enforceable. |
|
|
TYPES OF CONTRACTS
|
Bilateral
Unilateral Formal Informal Express Implied |
|
|
Bilateral
|
promise for a promise - Formed at the moment promises are exchanged
|
|
|
Unilateral
|
promise for an act- Formed when act is performed - Offeror cannot revoke offer once offeree has begun performance.
|
|
|
Formal
|
requires a special form for creation- Special language is needed to create formal contract. i.e. checks, drafts, promissory notes, certificates of deposit.
|
|
|
Informal
|
requires no special form for creation.
|
|
|
Express
|
Formed by words
|
|
|
Implied
|
Formed by the conduct of the parties
|
