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1

The two types of governing law in contracts?

UCC and common-law

2

UCC articles 1 & 2 only apply to contracts that involve what?

Transactions for the sale of goods

3

What are the Things that are involved in the sale of goods under the UCC?

Anything that is movable, and crops or timber once they are severed from the land

4

What parts of contracts does common law apply to?

Transactions involving services, sale of real property, or intangible personal property

5

What is The order of things to discuss on a contracts essay?

Body of law, formation, defenses to formation, conditions, performance, breach, remedies, TPB, assignments, delegations

6

What are the things that need to be discussed in contract formation?

Mutual agreement, consideration, no valid defenses

7

What is mutual agreement?

Parties have mutually agreed to certain basic terms

8

Mutual agreement basically involves what two things?

Offer and acceptance

9

What is the basic kind of consideration?

A bargain

10

What Does no valid defenses mean?

There can't be any defenses to the enforcement of the contract

11

What are the three major areas of contracts?

Formation, performance, remedies

12

What is a contract?

A promise that is legally enforceable

13

Every contract has an implied promise to do what?

Negotiate in good faith

14

There can be no contract unless what initial thing has happened?

The minds of the parties have met and mutually agreed on some specific thing

15

A Typical contract exam question involves what?

A Broken promise

16

If an essay question has a broken promise, what should your discussion start with?

Whether The broken promise was legally enforceable

17

What is a Promise?

Statement of intention coupled with commitment to act in accordance with that statement

18

What are contracts that are controlled by law?

Employment, insurance, and contracts of adhesion

19

How does the law control employment contracts?

Sets minimum wage, hours, working conditions, and social insurance programs

20

What is a contract of adhesion?

Standard form contract prepared by one party and signed by another in a weaker position who adheres to the contract with little choice about the terms

21

Adhesion contracts essentially have no realistic opportunity to do what?

Negotiate

22

Adhesion contracts should be interpreted to enforce only what provisions?

Those that a reasonable person signing the contract would anticipate, ones that can't be anticipated or agreed with aren't considered part of the bargain

23

What are the three categories of classification of contracts?

1. Formal and informal
2. Void/voidable/unenforceable
3. Express/implied/quasi-contracts

24

What is a formal contract?

One that is not binding unless it includes formalities like a seal and is in writing and signed

25

What Is an informal contract?

All other kinds of contracts that aren't formal

26

What is a Void contract?

One that produces no legal obligation

27

What is a voidable contract?

When one or more of the parties has power to avoid the legal relations created by the contract

28

What Is an unenforceable contract?

One that has some legal consequences, but can't be enforced in an action for damages or specific performance

29

What Is an express contract?

One where the parties show agreement by words that are either written or spoken

30

Example of an express contract?

Saying that you will sell someone your car for $5000, and that person says they will buy it

31

What Is an implied in fact contract?

Show agreement by conduct

32

What is an example of an implied in fact contract?

Walking into a store and paying for an item

33

What is an implied in law contract?

Obligation imposed by law when the circumstances require it, even though no promise was made or intended

34

What is an example of an implied in law contract?

Unconscious accident victim is saved by a surgeon at the hospital, so the law imposes a duty to pay to avoid unjust enrichment

35

What is a unilateral contract?

A promise in exchange for complete performance

36

What is an example of a unilateral contract?

Telling someone you will pay them $500 if they paint your house

37

If you from a unilateral contract by telling someone you will pay them to paint your house, they can only accept by doing what?

Painting the house, and they have to complete the job to form the contract

38

Who is under the obligation in a unilateral contract?

Only the offer, but he has to give the offeree a reasonable time to complete

39

If you make an offer to the public, is that a unilateral or bilateral contract?

Unilateral, since it can't really involve a promise by the other party, so complete performance of the contract by one member of the public constitutes the promise

40

What is a bilateral contract?

One that is formed by mutual promises only

41

Why is an example of a bilateral contract?

Promising to sell someone your car and they promise to buy it

42

Bilateral contracts are formed based on what?

Promises, because each person promises something and no one has yet performed

43

If Someone makes an indifferent offer that doesn't say what type of contract is involved, what should you always assume?

That it is bilateral

44

What is an implied promise?

If One party starts to perform in the presence or knowledge of the offeror

45

Can an implied promise work as a promise to create a bilateral contract?

Yes

46

What is a reverse unilateral contract?

When an offeree makes the only promise

47

What is example of a reverse unilateral contract?

Homeowner pays $500 to insurance asking for their promise to pay $200,000 if his house burns down. He is the offeror but hasn't made a promise