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24 Cards in this Set
- Front
- Back
Bilateral contract
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-comes into existence at the moment the promises are exchanged |
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Contract
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is a promise or a set of promises for the breach of which the law gives a remedy, or performance of which the law in some way recognizes as a duty. (simply put- is an agreement that can be enforced in court).
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Executed Contract
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A contract that has been fully performed on both sides |
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Executory contract
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A contract that has not been fully performed by the parties |
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Express Contract
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the terms of the agreement are fully and explicitly stated in words, oral or written. |
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Extrinsic evidence |
is any evidence not contained in the document itself - such as the testimony of parties and witnesses, additional agreements or communications, or other relevant information |
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Formal contract
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Implied contract
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-differs from an express contract in that the conduct of the parties, rather than their words, creates and defines the terms of the contract |
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informal contract
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-include all other (than formal) contracts -no special form is required (except for certain types of contracts that must be in writing), as the contracts are usually based on their substance rather than their form |
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Objective theory of contracts
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In determining whether a contract has been formed, the element of intent is of prime importance. intent is determined by the objective theory of contracts |
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Objective facts may include:
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1. what the party said when entering into the contract 2. how the party acted or appeared (intent may be manifested by conduct as well as by oral or written words). 3. The circumstances surrounding the transaction. |
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offeree
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is the party whom the offer is made |
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offeror
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is the party making the offer |
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promise
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is a declaration by a person (the promisor) to do or not to do a certain act. |
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promisor
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person making the promise |
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Promisee |
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quantum meruit |
- a Latin phrase meaning "as much as he or she deserves." -essentially describes the extent of compensation owed under a contract implied in law |
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quasi contract
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-or, contracts implied in law -are not actual contracts -Latin for "as if" -they do not arise from any agreement, express or implied, between the parties themselves -are fictional contracts that courts can impose on the parties "as if" the parties had entered into an actual contract. -are equitable rather than legal contracts |
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unenforceable contract
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-is a contract that cannot be enforced because of certain legal defenses against it -not unenforceable because a party failed to satisfy a legal requirement, but rendered unenforceable by law -for example, certain contracts must be in writing, if not, they are not enforceable (under certain circumstances) |
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unilateral contract |
- if the offer is phrased so that the offeree can accept the offer only by completing the contract performance -"a promise for an act" |
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valid contract
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Valid contract elements
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2. supported by legally sufficient consideration 3. made by parties who have legal capacity to enter into a contract 4. a legal purpose |
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Voidable Contract
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is a valid contract but one that can be avoided at the option of one or both of the parties |
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Void contract
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-[illegal contracts, mentally incompetent] -no parties have an legal obligations |