Chapter 10- The Law Of Contract Flashcards
A contract that never existed at all is a ______ contract
Void
A contract which offends against public policy or against a particular statue is a _______ contract
Illegal
A _______ contract is one that one or both of the parties has the option to rescind (cancel)
Voidable
A ______ is a contract one which has the essentials of a valid contract but it cannot be sued upon for some procedural reason
Unenforceable
The term for the cancellation of an offer communicated by the offer or to the offered prior to acceptance is known as?
Revocation
If an “option agreement” is offered, can the party who made the offer revoke the offer before the time stated in the offer?
No.
If a counter offer is presented, can the offeree accept the previous offer if the counter offer is declined?
No, the counter offer voids the original offer
When a court rather than granting damages in lieu of performance orders that the terms of the contract be carried out by the part in default is defined as?
Specific Performance
When would a court typically grant specific performance as a remedy?
When the property is unique to the extent that its substitute would not be readily available
What are the remedies awarded by the courts in a contract law?
Damages, specific performance, injunction, and quantum merit
What is the only common law remedy availed for breach of contract?
Damages
Who is eligible to sue for damages?
Anyone who can prove that he or she has suffered loss as a result of a breach of contract
What is the only form of remedy in common law?
Damages
Define “ A court order which either restrains a party from doing something or requires a party to do something”
Injunction
What remedy can do the following?
1.) Stop a party from doing something (E.G selling a property to someone else when the vendor has contracted to sell to the plaintiff)
2.) Require a party do something
Injunction
Define “ To transfer over to another”
Assign
In a statutory assignment, who is required to be named as parties to the action
The original promiser and the assignee
Who must be named in an equitable assignment
All 3 parties
A false assertion of fact which, if accepted, leads one to an incorrect belief about a given situation is?
Misrepresentation
What are the 3 criteria’s required to determine misrepresentation?
- ) The statement must be false
- ) In must have induced the other party to enter into the contract
- ) Induced a reasonable person to enter into the contract
Any of these 3 items represent what?
- ) One arty announcing that he or she will not perform although the time for performance has not yet arrived
- ) by one of the parties making the performance of the contract impossible
- ) be failure of a party to preform at the time of the stipulated for performance
Breach of contract
When one party is mistaken about a fundamental term of a contract an the other party is aware of this mistake but does nothing to correct it it is known as?
An Unilateral Mistake
When both parties make a fundamental mistake about a contract but each makes a different mistake is known as
A mutual Mistake
When both parties to a contract have both made the same mistake about a fundamental term of the contract this is?
A common mistake
