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Flashcards in week 2 Deck (88)
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1

a legally enforceable agreement

contract

2

a contract in which the parties express their intentions, either verbally or in writing; at the time of the agreement

express contract

3

one in which the terms of the contract are implied by act or conduct of the parties

implied contract

4

a contract created or implied by law to prevent unjust enrichment
-court creates the terms of the contract and requires the party to perform

quasi contract

5

a contract which consists of mutual promises to perform future acts
-a promise in exchange for a promise

bilateral contract

6

formation of contracts based on promises (2)

1. bilateral contract
2. unilateral contract

7

a contract is formed when an act is done in consideration for a promise
-1 promise in exchange for a performance

unilateral contract

8

contracts classified based on performance (2)

1. executed contract
2. executory contract

9

a contract in which the terms have already been fulfilled
-fully performed contract

executed contract

10

a contract in which the terms have not been completely executed or fulfilled
-performance still due

executory contract

11

contracts classified based on validity/enforceability (4)

1. valid contract
2. voidable contract
3. void contract
4. unenforceable contract

12

a contract which is legally enforceable
-all elements are present
-all enforceable

valid contract

13

a contract which would be an enforceable agreement but due to circumstances may be set aside by one of the parties
-cannot be void
-contract may be set aside by a party
-examples; minor, fraud

voidable contract

14

an agreement of no legal effect
-no legal effect (void ab initio)
-contract to commit crime

void contract

15

an agreement which at the current time is not enforceable by law
-(verbal)
-court will not provide remedy
-stateute of frauds

unenforceable contract

16

no legal effect

void ab initio

17

contract required to be in writing

statute of frauds

18

creation of agreement (4)

1. formation of contracts
2. law of offer and acceptance
3. offeror
4. offer

19

party who initiates or makes an offer

offeror

20

party to whom an offer is made

offeree

21

the offer (3)

1. serious intent
2. definite terms
3. communication to the offeree

22

objective manifestation
-not joking

serious intent

23

material terms: parties, subject matter consideration

definite terms

24

offeror/agent to particular offeree

communication to the offeree

25

not offers (5)

1 exception

advertisements
invitations to deal
price list
bids
estimates
etc

1. rewards

26

termination of offer (3)

1. terminated by offeror
- terms stated in offer
-revocation
2. terminated by offeree
-rejection
-counteroffer
3. termination of operation of law
-lapse of reasonable time
-death or insanity
-intervening illegality

27

inability to terminate offer

1. common law
-option contract
--agreement to keep offer open
--supported by consideration

28

occurs when the offeree communicates the acceptance to the offeror
ex: letter, email, phone call

acceptance

29

what if the offeror requires acceptance in a special form?
-examples: unilateral offer
-offer requires payment
-offer requires special signature proof of offeree

-Special rule 1
--offeror is the master of the offer and acceptance must conform to the terms in the offer

30

what is the offer does not specify the form of acceptance ; who bears the risk when the acceptance is sent by the offeree but never received by offeror?

-special rule 2
law imposes the "implied mode of acceptance rule"