Contracts Flashcards
(12 cards)
Contract
A legally enforceable agreement with a special legal basis for enforcing the promise (e.g., bargained-for consideration)
Agreement (Acds)
Offer and acceptance will create a contract.
Offer (Acds)
A manifestation of a willingness to enter into an agreement by the offeror that creates a specific power of acceptance in the offeree. Measured by the parties’ objective intent.
(Caterpillar: once it is smashed, it is dead)
Elements of an Offer
QTIPS
Quantity (Only Req. for UCC)
Time for Performance
Identity of Parties
Price
Subject Matter
Conditions and Performance
The failure of a condition relieves a party from the obligation to preform. the failure of a party to perform constitutes a breach of K.
Ambiguity favors a promise over a condition.
Condition
a future event that must take place before a party’s contractual rights or obligations are created, destroyed, or enlarged.
Types of Conditions
Express Condition
Implied Condition (deemed part of the K)
Implied-in-fact Condition (nature of agreement suggests parties indented the conditions but did not express them).
Implied-in-Law Condition (constructive condition, supplied by court in reasonable circumstances).
Condition Precedent
precedes the obligation to perform
Condition Subsequent
Excuses a duty to perform after a particular event happens.
Concurrent Condition
requires performance by both parties at the same instant because each party’s duty to perform is conditioned on the other party’s duty to perform.
Promise
a party’s obligation to act or refrain from acting.
Expectation Damages
Intended to put the nonbreaching party in the same position as if the contract had been performed. AKA Bargain-for-Bargain Damages.
ExDmg=Loss in Value + other losses - costs avoided - loss avoided
