Contracts - General Flashcards
1
Q
What is a contract?
A
- a legally enforceable promise
2
Q
What makes it legally enforceable?
A
- was made as a part of a bargain for valid consideration
- reasonably induced promisee to rely on the promise to his detriment; or,
- is deemed enforceable by a statute despite consideration
3
Q
Types of Contracts - Express
A
- if mutual assent is manifested in oral or written words of agreement
4
Q
Types of Contracts - Implied-in-fact
A
- if the promises are inferred from their acts or conduct, can be implied
5
Q
Restatement 69
A
- acceptance by silence
- must not have anything referred to “how” it should be accepted
6
Q
Common Law
A
- usually case law
7
Q
Restatements
A
- no actual legal force, but provides highly persuasive authority
8
Q
UCC
A
- governing contracts of sale of goods
9
Q
Expectation Damages
A
- P is treated as if the contract had been performed
10
Q
Reliance Damages
A
- P is treated as if the contract had never been performed
11
Q
Restitution Damages
A
- takes form of money judgment for the value of the benefit
