CH 9 - Nature & Classification

Question 0

CONTRACT

Answer 0

• Legally binding agreement
• 2+ parties
• Creates rights and duties!
• Supported by consideration!
• Created by mutual assent

Question 1

PROMISE

Answer 1

A declaration that binds a person (the promisor) to do or not to do a certain act

Question 2

FORMAL

Answer 2

Certain format

Question 3

INFORMAL

Answer 3

No specific format

Question 4

EXECUTORY

Answer 4

Not yet finished

Question 5

EXECUTED

Answer 5

Fully performed by both parties

Question 6

UNILATERAL

Answer 6

Promise of an action

Question 7

BILATERAL

Answer 7

Promise for a promise

Question 8

VOID

Answer 8

Never good = illegal against public policy. Has no legal force or binding effect.
Example: Postal service worker

Question 9

VOIDABLE

Answer 9

Can be terminated at option of the harmed innocent party

You have options

Question 10

UNENFORCEABLE

Answer 10

No teeth, like the dogs

Example: fiancé

Question 11

VALID

Answer 11

OK / Elements:

1) Agreement
2) Consideration
3) Legal purpose
4) Contractual capacity

Question 12

DIVISIBLE

Answer 12

Can be devided into parts (individual items)

Example: Fence + Installation

Question 13

NON - DIVISIBLE

Answer 13

Can NOT be devided (Package)

Question 14

EXPRESS

Answer 14

Clearly stated, written

Question 15

IMPLIED

Answer 15

Understood (tacita)

Question 16

QUASI-K (Sort of)

Answer 16

Implied contract in law, imposed by law (court), in the absence of an agreement, to prevent unjust enrichment of one party

Question 17

UCC = UNIFORM COMMERCIAL CODE

Answer 17

Uniform law across all these states

You need goods –> Moveable objects/ merchants

Question 18

GOL = GENERAL OBLIGATIONS LAW

Answer 18

Services and Real state

Example: employment contract

Question 19

COMMON LAW

Answer 19

Tradition, based on unfairness in the past

Example: painter finishing at 98% of the house

Question 20

GENERAL INFORMATION (to take into account)

Answer 20

• Any vagueness is held against whoever made the contract
• Trade usage prior dealing
• Course of performance

Question 21

OFFEROR

Answer 21

Person who makes an offer

Question 22

OFFEREE

Answer 22

Person to whom the promise is made