CH 9 - Nature & Classification Flashcards
CONTRACT
- Legally binding agreement
- 2+ parties
- Creates rights and duties!
- Supported by consideration!
- Created by mutual assent
PROMISE
A declaration that binds a person (the promisor) to do or not to do a certain act
FORMAL
Certain format
INFORMAL
No specific format
EXECUTORY
Not yet finished
EXECUTED
Fully performed by both parties
UNILATERAL
Promise of an action
BILATERAL
Promise for a promise
VOID
Never good = illegal against public policy. Has no legal force or binding effect.
Example: Postal service worker
VOIDABLE
Can be terminated at option of the harmed innocent party
You have options
UNENFORCEABLE
No teeth, like the dogs
Example: fiancé
VALID
OK / Elements:
1) Agreement
2) Consideration
3) Legal purpose
4) Contractual capacity
DIVISIBLE
Can be devided into parts (individual items)
Example: Fence + Installation
NON - DIVISIBLE
Can NOT be devided (Package)
EXPRESS
Clearly stated, written
IMPLIED
Understood (tacita)
QUASI-K (Sort of)
Implied contract in law, imposed by law (court), in the absence of an agreement, to prevent unjust enrichment of one party
UCC = UNIFORM COMMERCIAL CODE
Uniform law across all these states
You need goods –> Moveable objects/ merchants
GOL = GENERAL OBLIGATIONS LAW
Services and Real state
Example: employment contract
COMMON LAW
Tradition, based on unfairness in the past
Example: painter finishing at 98% of the house
GENERAL INFORMATION (to take into account)
- Any vagueness is held against whoever made the contract
- Trade usage prior dealing
- Course of performance
OFFEROR
Person who makes an offer
OFFEREE
Person to whom the promise is made
