Chapter 9-Vocab Flashcards
(18 cards)
Judicial activism
A courts willingness to change or ignore a contract that it perceives as unjust.
Judicial restraint
A courts reluctance to interfere with the terms of a contract
Agreement
One party must make a valid offer, and the other party must accept it
Consideration
There has to be bargaining that leads to an exchange between parties
Legality
The contract must be for a lawful purpose
Capacity
The parties must be adults of sound mind
Noncompetition agreement
A contract in which one party agrees not to compete with another
Bilateral contract
A promise made in exchange for another promise
Express contract
An agreement with all important terms explicitly stated
Implied contract
The words and conduct of the parties indicate that they intended an agreement
Executory contract
An agreement in which one or more parties has not yet fulfilled its obligations
Executed contract
An agreement in which all parties have fulfilled their obligations
Valid contract
One that satisfies all of the laws requirements
Voidable contract
An agreement that may be terminated by one of the parties
Void agreement
A contract that neither party can enforce because the bargain is illegal or one of the parties had no legal authority to make it
Promissory estoppel
A possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show a promise, reasonable reliance, and injustice
Quasi-contract
A possible remedy for an injured plaintiff in a case with no valid contract where the plaintiff can show benefit to the defendant reasonable expectation of payment and unjust enrichment
Quantum meruit
“As much as he deserves”-the damages awarded in a quasi-contract case
