Bar Prep - Contracts: Key Definitions Flashcards Preview

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Flashcards in Bar Prep - Contracts: Key Definitions Deck (9)
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1

What is the definition of a contract?

Legally enforceable agreement.

2

What is a unilateral contract?

Contract that requires performance as the only possible way of acceptance.

3

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.

4

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.

5

What is ratification?

A new valid promise to perform a voidable obligation; ex. when an infant reaches the age of majority.

6

What is required for the valid formation of a contract?

Legally enforceable agreement requires offer, acceptance of bargained for exchange.

7

Contracts for the sale of real estate must contain what terms at minimum?

Terms must include PRICE and DESCRIPTION, at minimum.

8

Contracts for the sale of goods must contain what terms at minimum?

Terms must include QUANTITY of goods at minimum.

9

What is the effect of conditional acceptance on an offer under (i) CL, and (ii) UCC?

(i) Rejects offer and becomes a counter offer.
(ii) Terminates the offer.