Chap. 7 Flashcards
Promisor
Person making the promise
Promise
A commitment or understanding that something will or will not happen in the future
Promisee
Person whom the promise is made
Contract
Promise or set of promises that if breached the law with give a remedy!!
Jointly liable
Each promisor undertakes the duty to render the same performance
Severally liable
Each party is liable individually
Joint and several
Promisors bind themselves jointly as one party and also severally as separate parties
Enforceable
Promise is enforceable as contract if it
- ) offer made by one party is accepted by the other
- ) consideration
Unenforceable
No contract remedy. Unenforceable example- performance is illegal
Void promise
A promise without legal force or effect
Voidable
Contract where one or more parties have the power by electing to avoid the legal relations created by the contract
Ratification
Extinguishes the persons power of avoidance and makes the contract enforceable against the person with the power to avoid the contract
Informal contract
Has the basic elements of an enforceable contract
Formal contract
Under seal, recognizance, negotiable
Contract under seal
Written promise with seal on it
Recognizance contract
Promise made by promisor to make a certain payment unless a specified event occurs
Negotiable contract
Instruments (checks)
Documents or titles (bills, lading, warehouse receipts)
Investment (stocks)
Unilateral
Promise (reward) in exchange for performance of an act
Bilateral
At least two promises in which both parties are a promisor and a Promisee
Express
Contract that is either oral or written
Implied in fact
Example- Having to pay the cab driving after he drops you off
Quasi- contract
Remedy of restitution (unjust enrichment)
Executed
Promise or contract has been completed
Executors
Yet to be performed
