Chapter 10 Flashcards
What is a K?
Contract
What is a UCC?
Uniform Commercial Code
What is a C/L?
Common Law
What are the five elements of a K?
Offer, Acceptance, Consideration, Capacity, Legality
What contracts are under the Common Law?
Real Estate, Sale of Land, Services (an employment contract)
What contracts are under the U.C.C. ?
Applies to the sale of goods
What are mixed contracts?
Some contracts are for the sale of goods and services
What rule apply when the k is both goods and services?
Whichever cost is greater will govern the K
What test is followed when the k is mixed?
The Predominant Test
How do you determine if the K is under UCC or Common Law?
Whatever is greater in value!
What are the three types of contracts?
Valid, Void, Voidable
What is a valid k?
The contract has all five elements
What is a void k?
IT IS MISSING ONE OR MORE ELEMENTS OF A K
What is a voidable k?
Can be avoided by one of the parties such as minors or the insane, because the law protects them
What is a bilateral k?
A promise for a promise
What is a unilateral k?
A promise for an act
When can an offeror revoke a unilateral or bilateral?
before the offeree can accept or performs the act
What is a formal contract?
Must be in a particular form, requirements for what must be contained in the contract
What is an informal contract?
No particular form to be enforceable
What is an executed contract?
Both have parties performed or did what they were supposed to do /said they would do under the K
What is an executory contracts?
Both parties have not fully performed under the contract.
What does discharged mean?
That once they performed, they have no further obligations
What are three contracts that must be in writing to be enforceable?
A k for the sale of land, A k that cannot be performed within a year and a K for the sale of goods greater than $500.
What is an implied-in-fact k?
It means the k is not oral or written, still has 5 elements, and can be done by gestures
What is an implied-in-law k?
There is a contract even though you are missing some of the elements
What is an unjust enrichment?
you can’t receive something for nothing, i.e. hospital treatment, you have to pay even if you were admitted unconsciously
Who are the parties to an offer?
Offeror and offeree
Who has the power of acceptance?
The offered has the power if acceptance because they decided if a k will be made
Language, Objective Test, Communication and End Result of an offer?
If an offer is definite and certain, looks like the parties meant to enter into a K, offer is communicated to the offeree it is a k
If talking about the three k’s that must be in writing to be enforceable, then we say these k’s are?
within the statute of frauds
What do you write if you can’t tell whether a k is bilateral or unilateral?
If the offeror is looking for a promise, then it is bilateral. If the offeror is looking for an act, then it is unilateral.
What does a sale mean?
The transfer of title from a seller to a buyer
What is a merchant?
A person who deals in goods of that kind
Who fall under the U.C.C?
Merchant and Non-Merchants
