Contracts Flashcards
(15 cards)
What are the sources of contract law?
Common Law and Article 2 of the Uniform Commercial Code (UCC)
UCC Article 2
Codified in Statutory form. Requires less detail than Common Law. Applies to contracts that involve the sale of goods.
Common Law
Developed in judicial decisions. Requires more details and precision than UCC for formation, terms, and damages. Applies to service and real estate contracts.
Express Contract
a contract formed wholly by oral and/or written word
Implied or Implied-in-Fact Contract
A contract formed. at least in part, based on the conduct of the parties or based on the factual circumstances (going to a doctor for a checkup, a contract is formed)
Quasi-Contract or Implied-in-Law Contract
A contract imposed by the courts or by law when some performance has gone forward, even though there is no express or implied contracts (if you ask for a service you are expected to pay for it. A court will rule that there is a quasi-contract if there is no express or implied contract)
Bilateral Contract
Both sides make a promise. Most business contracts are bilateral contracts
Unilateral Contract
A contract in which one side makes a promise in exchange for an action or performance from the other side. The contract is formed when the action is performed.
Executed Contract
A contract that has been fully performed by both parties
Executory Contract
A contract that has been performed by one side but not the other
Partially Executed Contract
A contract that has been performed in part
Valid Contract
A contract that has been legally performed and meets all necessary requirements for formation
Void Contract
A contract that lacks a legal purpose or is in violation of the law
Voidable Contract
An otherwise valid contract that can be set aside because one party has protection under the law and the right, by choice, to be relieved of liability
Unenforceable Contract
An otherwise valid contract that cannot be enforced because of a statutory or other legal defense. Courts will not enforce it, but both parties can still proceed with performance.
