Contracts1 Flashcards
Express contract
fromed by language. oral or written
implied in fact contract
formed by conduct (doctor visit)
implied in law contract or quasi contract
not a contract, a remmedy. allows plaintiff to recover a benefit unjustly conferred upon the defendant. a remedy to prevent unjust inrichment
-get ur downpayment pack
unilateral contract
on promise is given in exchange for performance (i promise caylee 5 dollars to wash my car)
when is a unilateral contract formed?
not formed until the performance is completed
bilateral contract
2 promises. a promise exchanged for a promise
when is a bilateral contract formed?
as soon as the promises are exchanged
what is common law derived from
the courts
what is typically goverened by common law?
contracts involving real estate, insurance, services, and employement (RISE)
Uniform Commercial Code (UCC) Sales Articles
Statutory law= governs contracts for the sale of goods (moveable things)
When is an advertisement an offer?
when it limits the scope of the persons who can accept (the first five customers can buy this thing for only $1)
an offer for the sale of goods generally only needs what type of terms
quantity
an offer to create a contract under common loq (RISE) must include what terms:
- identity of the offeree n sub matter
- price
- time of performance
- quantity involved
- nature of the work to be performed
Is an option contract terminated by the death of a party
no
is an offer assignable?
no
