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46 Cards in this Set

  • Front
  • Back

Contract

Binding agreement that the courts will enforce

Uniform Commercial Code (UCC)

Governs the sales of goods

Sale

Transfer of title from buyer to seller

Goods

Tangible personal property

Breach

Failure to properly perform a contractual obligation

Mutual Assent

Parties to a contract must manifest by words that they have agreed to enter a contract

Capacity

Parties to a contract have a contractual policy

Implied Conract

Agreement of party is inferred from their conduct

Express Contract

Agreement stated in words, orally or written

Bilateral Contract

Both parties exchange a promise

Unilateral Contract

One party makes a promise

Valid

Meets all requirements of a binding contract

Void

No contract at all, no legal effect

Voidable

Capable of being void

Unenforcable

The law provides no remedy for breach

Executed Contract

Contract fully performed by all parties

Executory Contract

The Contract has not been fully performed yet

Promissory Estoppel

-Doctrine enforcing some non-contractual promises


-Requirements - a gratuitous promise


-Remedy - a court will enforce the promise to the extent necessary to avoid injustice


**Gift cannot be given back

Quasi Contract

An obligation based on an implied contract


Requirements - Plaintiff confers a benefit for the defendant


Remedy - recovers reasonable value of the benefit for the defendant


**Not a gift

Offer

Indication of willingness to enter into a contract

Intent

Determined by an objective standard of what a reasonable offeree would have believed

Revocation

An offer may be terminated at any time before it is accepted

Rejection

Refusal to accept an offer terminates power of acceptance

Counteroffer

Counter proposal that normally terminates the original offer

Death or Incompetency

Offer-er or offer-ee terminates the offer

Destruction of Subject Matter

Offer terminates the offer

Subsequent Illegality

Purpose or subject matter of the offer terminates the offer

Undue Influence

Taking unfair advantage of a person by reason of dominant position based on a confidential relationship

Duress

Wrongful act or threat that overcomes the free will of a party

Fraud

False statement of a material fact intentionally or recklessly made causing the other party to rely on his determinant

Misrepresentation

False Statement of a material fact causing other party to rely on determinant

Mutual Mistake

Parties from an untrue conclusion through no fault of another party or they don't have the same matter in mind (contract can be rescinded)


Unilateral Mistake

One person makes a mistake (normally no remedy)

Mutual Consideration

Each party to the contract must give consideration in some form (benefit or legal detriment)

Legal Benefit

Getting something that had no prior legal right

Legal Detriment

Doing an act one is not legally obligated to do

Illusory Promise

Specific enough that they are enforceable, it is a want or a wish. No obligation on the promisor

Output Contract

Agreement to sell all of one's production to a single buyer

Requirements Contract

Agreement to buy all of one's needs from a single buyer

Exclusive Dealing Contract

Exclusive dealing to ta specific franchisee or licensee

Conditional Contract

Operations are contingent upon the occurrence of a stated event

Accord and Satisfaction

Offer of a lesser sum as payment in full on a debt disputed in good faith. Acceptance of lesser sum discharges contract balance


MUST SAY "paid in full"

Disputed Debt

A lesser sum as payment in full is legally sufficient. Good faith factual dispute

Undisputed Debt

A lesser sum as payment in full is NOT legally sufficient. NO good faith factual dispute

Conditional Contract

Promise based on the condition (I will sing at your party if it is sunny out, sun controls)

Optional Contract

Promise based on your own option (you choose if I sing at your party)