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Contracts FYLSE > Page 1 > Flashcards

Page 1 Flashcards

1
Q

What are the two types of governing law in contracts?

A

UCC and Common-Law

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2
Q

UCC articles 1 & 2 only apply to contracts that involve what?

A

Transactions for the sale of goods

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3
Q

What are the things that are involved in the sale of goods under the UCC?

A
  • anything that is movable

- plus crops or timber once they are severed from the land

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4
Q

What parts of contracts does Common Law apply to?

A
  • services
  • real property
  • intangible personal property
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5
Q

What is the order of things to discuss on a contracts essay?

A
  1. body of law
  2. formation
    - defenses to formation
    - conditions
  3. performance
  4. breach
  5. remedies
    - TPB
    - assignments
    - delegations
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6
Q

What are the things that need to be discussed in contract formation?

A
  • mutual agreement
  • consideration
  • no valid defenses
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7
Q

What is mutual agreement?

A

Parties have mutually agreed to certain basic terms

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8
Q

Mutual agreement basically involves what two things?

A

Offer and acceptance

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9
Q

What is the basic kind of consideration?

A

A bargain

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10
Q

What does “no valid defenses” mean?

A

There can’t be any defenses to the enforcement of the contract

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11
Q

What are the three major areas of contracts?

A
  • formation
  • performance
  • remedies
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12
Q

What is a contract?

A

A promise that is legally enforceable

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13
Q

Every contract has an implied promise to do what?

A

Negotiate in good faith

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14
Q

There can be no contract unless what initial thing has happened?

A

The minds of the parties have met and mutually agreed on some specific thing

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15
Q

A typical contract exam question involves what?

A

A broken promise

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16
Q

If an essay question has a broken promise, what should your discussion start with?

A

Whether the broken promise was legally enforceable

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17
Q

What is a promise?

A

Statement of intention coupled with commitment to act in accordance with that statement

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18
Q

What are contracts that are controlled by law?

A
  • employment
  • insurance
  • contracts of adhesion
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19
Q

How does the law control employment contracts?

A

Sets:

  • minimum wage
  • hours
  • working conditions
  • social insurance programs
20
Q

What is a contract of adhesion?

A

Standard form contract prepared by one party and signed by another in a weaker position who adheres to the contract with little choice about the terms

21
Q

Adhesion contracts essentially have no realistic opportunity to do what?

A

Negotiate

22
Q

Adhesion contracts should be interpreted to enforce only what provisions?

A

Those that a reasonable person signing the contract would anticipate.

Ones that can’t be anticipated or agreed with aren’t considered part of the bargain

23
Q

What are the three categories of classification of contracts?

A
  • formal and informal
  • void/voidable/unenforceable
  • express/implied/quasi-contracts
24
Q

What is a formal contract?

A

One that is not binding unless it includes formalities like a seal and is in writing and signed

25
Q

What is an informal contract?

A

All other kinds of contracts that aren’t formal

26
Q

What is a void contract?

A

One that produces no legal obligation

27
Q

What is a voidable contract?

A

When one or more of the parties has power to avoid the legal relations created by the contract

28
Q

What is an unenforceable contract?

A

One that has some legal consequences, but can’t be enforced in an action for damages or specific performance

29
Q

What is an express contract?

A

One where the parties show agreement by words that are either written or spoken

30
Q

What is an example of an express contract?

A

Saying that you will sell someone your car for $5000, and that person says they will buy it

31
Q

What is an implied in fact contract?

A

Show agreement by conduct

32
Q

What is an example of an implied in fact contract?

A

Walking into a store and paying for an item

33
Q

What is an implied in law contract?

A

Obligation imposed by law when the circumstances require it, even though no promise was made or intended

34
Q

What is an example of an implied in law contract?

A

Unconscious accident victim is saved by a surgeon at the hospital, so the law imposes a duty to pay to avoid unjust enrichment

35
Q

What is a unilateral contract?

A

A promise in exchange for complete performance

36
Q

What is an example of a unilateral contract?

A

Telling someone you will pay them $500 if they paint your house

37
Q

If you from a unilateral contract by telling someone you will pay them to paint your house, they can only accept by doing what?

A

Painting the house, and they have to complete the job to form the contract

38
Q

Who is under the obligation in a unilateral contract?

A

Only the offeror, but he has to give the offeree a reasonable time to complete

39
Q

If you make an offer to the public, is that a unilateral or bilateral contract?

A

Unilateral, since it can’t really involve a promise by the other party, so complete performance of the contract by one member of the public constitutes the promise

40
Q

What is a bilateral contract?

A

One that is formed by mutual promises only

41
Q

What is an example of a bilateral contract?

A

Promising to sell someone your car and they promise to buy it

42
Q

Bilateral contracts are formed based on what?

A

Promises, because each person promises something and no one has yet performed

43
Q

If someone makes an offer that doesn’t say what type of contract is involved, what should you always assume?

A

That it is bilateral

44
Q

What is an implied promise?

A

If one party starts to perform in the presence or knowledge of the offeror

45
Q

Can an implied promise work as a promise to create a bilateral contract?

A

Yes

46
Q

What is a reverse unilateral contract?

A

When an offeree makes the only promise

47
Q

What is an example of a reverse unilateral contract?

A

A homeowner pays $500 to an insurance company asking for their promise to pay $200,000 if his house burns down. He is the offeror but hasn’t made a promise

Contracts FYLSE (75 decks)

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