Chapter 10 and 11 Flashcards
Five(six) parts of Julia Child’s Recipe
- offer(mutual agreement)
- acceptance(mutual agreement)
- mutual legal comsideration
- contractual capacity
- legal subject matter
- signed writing(statute of frauds)
- only six subjects need this
What are three conditions required for acceptance?
- absolute
- unconditional
- communicated
What are the three parts of an offer?
- serious intent
- reasonably complete
- communicated
What is Lucy vs zehmer about?
objective theory of contract
What do contracts make?
contracts are the way we and businesses make law
what is the definition of a contract?
- set of promises
- that the courts will enforce
- distinguish between prises that are moral and promises that are legally binding.
initiator
=”or” ending
person who initiates
recipient
“ee” ending
-person who receives
what is mutual agreement?
in case law refers to “meeting of the minds”
What is mutual legal consideration?
each party gives each other something often promises
what is contractual capacity
can make contracts
age capacity=18 years old
mental capacity=not crazy
marital property=have to have both spouses consent
What is legal subject matter?
“contract killings”: contracts to commit crimes, torts, against public policy
What is the statute of frauds?
-six subjects that have to be signed and in writing to be enforced.
What does bilateral mean?
promise for a promise
what does unilateral mean?
promise for an act
what does formal mean?
requires special form for creation
-writing, signed with a seal
what does informal mean?
requires no special form for creation: no seal
what does express mean?
formed by words (oral, written or a combination)
what does implied mean?
formed by the conduct of the parties
-accept benefit knowing that it wasn’t a gift
what does executed mean?
fully performed contract
what does void mean?
no contract exists
what does uenforceable mean?
a contract exists, but it cannot be enforced because of a legal defense.
what is a quasi contract?
get awarded quantum meruit
explain offers
- Have to be made with serious intent
- reasonably complete
- needs all ingredients offeror, offeree,mutual consideration, capacity
what is the uniform commercial code?
tries to modernize law of business
Explain Acceptance
- absolute
- unconditional(unequivacol)
- yes.(nothing else)
- any condition after yes, kills the offer.
- offer is terminated or there is new offer
- communicates
What is a statement of future intent?
- neither acceptance nor offers
- advertisements are not offers
- advertisements for rewards are offers
iWhat are the 9 items on the “Terminator List”
- revocation
- rejection
- counteroffer
- lapse of set time
- lapse of reasonable time
- destruction of subject matter
- death or incapacity of offeror or offeree
- illegality
- acceptance
explain objective theory of contracts.
party’s intention to wnter into legally binding contract judged by hiw party acted or appeared(written oral words) and the circumstances surrounding the transcation.
