Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Contract
|
A legally enforcable exchange of promises
|
|
|
Detriment
|
Doing something that you're not legally obligated to do outside the contract
|
|
|
Four Elements of a Valid Contract
|
1) Mutual Agreement
2) Consideration 3) Legality of Object 4) CApacity of Party |
|
|
What do we look for to see whether there is valid consideration for a contract?
|
Was what was exchanged for equal or similar value
|
|
|
When does a court uphold the statute of frauds?
|
Unjust enrichment and promisory estoppel
|
