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Flashcards in Chapter 8 Deck (14):
1

Contract

A promise that is made between two or more parties, and if the promise is broken, a judge can perform a legal remedy.

2

Do all contracts need to be in writing?

No

3

D: Objective Theory of Contracts

Did the person really intend to get into the contract they are in?
○ Did you actually know what the contract in tailed when you got into it?

4

What are the four requirements that must be in please for a contract to exist?

○ Agreement (Offer and Acceptance)
○ Consideration: bargained-for-exchange.
○ Contractual Capacity
§ Meeting of the minds
○ Legality: purpose of contract must be legal at the time of execution.
§ Your contract must be legal.

5

D: Bilateral

Offeree must promise to perform the promise.

6

D: Unilateral Contract

A contract that results when an offer can be accepted only by offeree's performance

7

D: Irrevocable

Offer cannot be revoked once substantial performance has begun.

8

D: Unjust indictment

when you get something for nothing

9

Express

When someone lets you know about the price and payment of the product before you are given it.

10

D: Implied (In Fact)

Conduct creates and defines the terms of the contest

11

What is an Executed contract?

A contract that has been fully performed on both sides.

12

What is an Executors contract?

A contract that has not been fully performed on either side.

13

D: Quasi-Contracts

an obligation of one party to another imposed by law independently of an agreement between the parties.
§ Example- If you die on the table and they medevac you to a hospital you still have to pay the bill because you were unjustly enriched.
□ There was something given to you that enriched your life.

14

What is the "Plain Meaning" Rule?

Contracts are interpreted as a whole