Chapter 1 - Intro To Contracts Flashcards
What are the two types of contracts?
Enforceable and non-enforceable
What is the most basic concept of a contract?
A promise
What is the most common type of enforceable promise?
A contractual promise
What are nonenforceable promises called?
Donative or gratuitous promises
Who are the parties of a contract?
Promisor and promisee
Who is a promisor?
Person that promises to act or refrain from acting
Who is a promisee?
Person to whom a promise is made
What is a right?
When the promisee can enforce the promise by seeking legal remedy when there is a breach of duty
What is a duty?
One of the parties must perform the duty
What establishes right?
Duty
When would a contract be unenforceable?
If it was entered into during duress or fraud
When can the courts rescind a contract?
If the promisor is taking advantage of mental incapacitation or if fulfilling contract would result in a crime
What is manifestation of intention?
To make one’s intent know to others
What is forbearance?
The idea of abstaining from action
What is objective standard?
Words and actions have meaning that a reasonable person would ascribe to them unless otherwise specified
