Flashcards in Bar Prep - Contracts: Key Definitions Deck (9)
What is the definition of a contract?
Legally enforceable agreement.
What is a unilateral contract?
Contract that requires performance as the only possible way of acceptance.
What is the definition of an option contract?
Contract that limits an offeror's power to terminate an offer. It is a distinct contract in which an offer gives consideration for a promise by the offeror not to revoke an outstanding offer.
What is an illusory promise?
Promise to choose one of several alternative means of performance = illusory, unless every option involves some sort of legal detriment.
What is ratification?
A new valid promise to perform a voidable obligation; ex. when an infant reaches the age of majority.
What is required for the valid formation of a contract?
Legally enforceable agreement requires offer, acceptance of bargained for exchange.
Contracts for the sale of real estate must contain what terms at minimum?
Terms must include PRICE and DESCRIPTION, at minimum.
Contracts for the sale of goods must contain what terms at minimum?
Terms must include QUANTITY of goods at minimum.