Blaw 2200 (Ch 11-15) Test 3

Front 1

The person making the promise

Back 1

Promisor

Front 2

The person to whom the promise is made

Back 2

Promisee

Front 3

The promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

Back 3

Contract

Hint 3

An agreement that can be enforced in court

Front 4

The four requirements for a valid contract

Back 4

1a) Offer

1b) Acceptance

2) Consideration

3) Contractual Capacity

4) Legality

*Note: professor categorizes the last two as "defense."

Front 5

The theory used to determine if a contract was formed

Back 5

The objective theory of contracts

Front 6

If the offeree can accept simply by promising to perform: a promise for a promise

Back 6

bilateral

Hint 6

Comes into existence the moment the promises are exchanged

Front 7

If the offer is phrased so that the offeree can accept the offer only by completing the contact performance

Back 7

Unilateral

Hint 7

Comes into existance not when the promises are made, but at the moment the when the contract is performed: Promise for and act

Front 8

Contracts that require a special form or method of creation (formation) to be enforceable.

Back 8

Formal contracts

Hint 8

Ex. Negotiable instruments, letters of credit, bills of lading.

Front 9

A contract that does not require a special form: all other types of contracts. Based on substance over their form

Back 9

Informal contracts

Front 10

A contract where the terms are explicitly stated in words, oral or written

Back 10

Express contract

Front 11

A contract that is implied from the conduct of the parties

Back 11

implied contract

Front 12

Requirement for implied contracts

Back 12

1) The plaintiff furnished some service or property

2) The plaintiff expected to be paid for the service or property, and the defendant knew or should have known that payment was expected.

3) The defendant had a chance to reject the services or property and did not

Front 13

A contract that has been fully performed on both sides

Back 13

Executed contract

Front 14

A contract that has not been fully performed by the parties is called an...

Back 14

executory contract

Front 15

A contract that is valid but can be avoided at the options of one or both of the parties

Back 15

Voidable contract

Front 16

What is it called when both parties are forced to perform their respective legal obligations

Back 16

ratify

Front 17

A contract the cannot be enforced because of certain legal defenses against it. Some statutory regulation against it.

Back 17

Unenforceable contract

Front 18

No contract at all

Back 18

Void contract

Front 19

Contracts implied in law: not an actual contract: imposed to avoid the unjust enrichment of one party at the expense of another.

Back 19

quasi contract

Hint 19

in Latin means "as if"

Front 20

What does quantum meruit mean

Back 20

" as much as he or she deserves"

Hint 20

used in quasi contract law

Front 21

Note: Quasi cannot be used if there is an actual contract that covers the matter in contraversy

Front 22

The primary Rule used to interpret written contracts

Back 22

The plain meaning rule

Front 23

Any evidence not contained in the document itself

Back 23

extrinsic evidence

Front 24

Terms given the most weight in contract

Back 24

1. Express terms

2. course of performance

3. course of dealing

4. custom and use of trade

Front 25

Facts observed by a reasonable person

Back 25

1. "Objective"

2. "manifestation"

3. of "intent" to

4. "bargain"

Front 26

AKA infair

Back 26

inequitable

Front 27

a promise or commitment to do or refrain from doing some specified action in the future.

Back 27

offer

Front 28

Requirements of the offer

Back 28

1. the offeror must have a serious intention to become bound by the offer

2. the terms of the offer must be reasonably certain, of definite, so that the parties and the court can ascertain the terms of the contract

3. The offer must be communicated to the offeree

Front 29

contracts must include the following terms

Back 29

1. Identification of the parties

2. Identification of the object or subject matter of the contract, including the work to be performed, with specific identification of such items as goods, services and land

3. the consideration to be paid

4. the time of payment, delivery, or performance

Front 30

An offer can be terminated by actions of the parties in any of three ways

Back 30

1. revocation

2. rejection

3. counteroffer

Front 31

The offeror's act of withdrawing (revoking) an offer is known as

Back 31

revocation

Front 32

A contract that holds an offer open for a specified period of time in return for a payment give by the offeree.

Back 32

option contract

Front 33

a rejection of the original offer and the simultaneous making of a new offer

Back 33

counter offer

Front 34

a voluntary act by the offeree that shows assent to the terms of an offer

Back 34

acceptance

Front 35

Methods by which an offer can be terminated (By operations of law)

Back 35

1. Lapse of time

2. destruction of the subject matter

3. death or incompetence of the offeror or offeree

4. supervening illegality

Front 36

Under this rule, if the authorized medium for communication is the mail, the acceptance becomes valid when it is dispatched, not when it is received by the offeror

Back 36

mailbox rule or "deposited acceptance rule"

Front 37

The terms of a contract are expressed inside the box in which the goods are packaged

Back 37

shrink-wrap agreement

Front 38

transactions conducted over the internet whereas the agreement is met

Back 38

browse-wrap terms

Front 39

an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record

Back 39

e-signiture

Front 40

The doctrine used to stop a offeror from revoking an offer if the offeree has justifiable reliance on the offer

Back 40

Detrimental reliance or promissory estoppel

Front 41

Examples of Termination of contract by action of the parties

Back 41

1. Revocation

2. irrevocable offers

3. Rejection

4. Counteroffer

Front 42

Examples of Termination of contract by operation of law

Back 42

1. Lapse of time

2. Destruction of the subject matter

3. death or incompetence of the offeror or offeree4

4. supervening illegality of the proposed contract