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4 Cards in this Set
- Front
- Back
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1305 |
A contract is the meeting of the minds between 2 persons whereby one binds himself with respect to the other, to give something or to render some service |
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Meaning of Contract |
1 meeting of the minds between two contracting parties which takes place when an offer by one party is accepted by the other 2 one or more persons bind himself or themselves with respect to another or reciprocally to the fulfillment of an obligation to give, to do, or not to do |
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Number of parties |
1 there must be at least two persons or parties - it is impossible for one to contract with himself
2 single person representing distinct interests |
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Termination or cancellation of pre-existing contract |
1 termination based on stipulation of parties
There must be some consideration (delivery of money or something else or rendering some act of forebearance) subject to stipulation of parties.
unilateral termination - violates mutuality of contract in 1308
may be superseded by compromise agreement that is not contrary to law, morals, good customs, public order or public policy
to be valid - merely required by law to be based on real claims and to be agreed upon in good faith
2 termination at option of 1 party - when fairly entered into will be enforced provided not contrary to equity and good conscience
3 termination by one party in conformity of the other
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