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43 Cards in this Set
- Front
- Back
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Void contract |
A contract that never was |
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Unenforceable contract |
A contract, but cannot be carried out |
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Breach of contract |
A broken contract |
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Role of statute fraud |
The more serious and important informal contracts need to be in writing in order for them to be enforceable |
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Five contracts must be in writing in order to be enforceable |
When the executor agrees to pay for the estate debts |
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Five contracts must be in writing in order to be enforceable |
A guarantee for debt of another |
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Five contracts must be in writing in order to be enforceable |
A contract involving land |
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Five contracts must be in writing in order to be enforceable |
A contract that is to be performed more than 1 year |
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Five contracts must be in writing in order to be enforceable |
Certain sales of goods |
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The guarantor contract |
Must be in writing. The guarantor's obligation to pay only arises if the debtor does not pay. |
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What happens if the creditor and/or principal debtor alter agreement terms? |
The guarantor's guarantee is released. If conditions change without consent of the guarantor their guarantee is unenforceable. |
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What is the Doctrine of part performance? |
Rendering an unwritten contract for land enforceable |
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Contracts involving land |
Must be written |
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What does the term "in writing" mean? |
In written form, especially as proof of an agreement or grievance |
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What are the written requirements for these contracts? |
Includes the terms of the contract |
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What are the written requirements for these contracts? |
The names of the parties must be clear |
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What are the written requirements for these contracts? |
The "seller" does not, but the "purchaser" must sign the agreement |
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What are the written requirements for these contracts? |
No further terms can be added later |
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Parol evidence rule |
Can't go ahead and buy something later, cannot add, cannot change the contract. |
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Implied Terms |
Inclusion of an omitted term where implied by normal business practices |
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Collateral agreement |
An agreement that has its own consideration but supports another agreement |
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Agreement in principle |
Legally enforceable agreement between parties that identifies the fundamental terms that are intended to be or agreed upon |
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Mistake of Facts Contracts Mistake of subject matter |
If the subject of the contract does not exist, or exist in the form assumed, at the time when contract is made |
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Mistake of Facts Contracts Mistaken identity of the contracting parties |
If one of the parties' identify is other than first thought and it is of material importance to the contract |
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Mistake of Facts Contracts Mistake with regards to the true nature of the contract |
If the nature of the agreement or the document is not what the person thought it was |
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Unilateral Mistake |
Where one party is aware of a mistake but conceals the mistake, such contracts are generally unenforceable |
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Mutual mstake |
Where there is a mutual mistake. If a reasonable interpretation is possible it is usually enforceable |
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Contracts involving Misrepresentation Innocent misrepresentation |
When misrepresentation is unintention. There are no damages awarded and parties are put back to the original positions |
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Contracts involving Misrepresentation Fraudulent misrepresentation |
The intent to deceit by knowingly being misleading or through carelessness |
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Contracts involving Misrepresentation Misrepresentation through non-disclosure in contracts of good faith |
Where one party is dependent upon the other heavily to extent that it determines the completion of the contract |
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Contracts made under Undue influence |
Under the influence of someone else and the party doesn't make the decision on their own |
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Presumption of undue influence |
It is the onus is on the dominating party to prove that there is no undue influence |
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Contracts made under duress |
It is contracts made under the threat of violence, the the person are enforceable, provided that the plaintiff takes steps immediately |
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Privy of contract |
It means that a person cannot incur a liability under a contract to which he or she is not a party and only the person who gave consideration could be held to the contract |
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Exceptions to a privity of contract |
Partnerships |
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Exceptions to a privity of contract |
Life insurance beneficiaries |
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Exceptions to a privity of contract |
Novation |
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Exceptions to a privity of contract |
Vicarious performance |
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Exceptions to a privity of contract |
The equitable performance |
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Exceptions to a privity of contract Novation |
Through negotiation and agreement and through mutual consent the original agreement is cancelled and the party who was the third party will form a contract with once of the parties from the original contract. |
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Exceptions to a privity of contract Vicarious performance |
Most employees don't perform the work themselves, they assign it to employees |
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Exceptions to a privity of contract The equitable performance |
You decide to assign a job to a third party who is equally qualified to provide the product or service. |
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Expectations to reassignment |
Can't be reassigned, neither can the special service or personal service. The third party to the agreement can't perform any contract that requires the personal service or performance by a party to the contract |
