Chapter 11 pt. 2 Flashcards
Unilateral contracts: Promisee can _______, promisor cannot. Offer cannot be revoked once performance has substantially _________. Action= _________.
Enforce, begun, acceptance.
What is the express aspect of contracts?
The terms (oral or written) explicitly stated.
What is the implied (in fact) aspect of contracts?
Conduct creates and defines the terms.
Contracts can be both ________ and ________.
Express and implied.
What are implied terms in contracts?
Implied covenant of good faith and fair dealing. Each party will perform their promises, not interfere with others performance.
What is the executed part of contract performance?
Fully performed by both parties.
What is an executory contract?
Not been fully performed by one or more parties.
Contract enforceability: valid—elements are in _____. Voidable—can be legally ________, avoided, or _______ by one of the parties.
ACCL, cancelable, annulled.
What is unenforceable in contracts?
Unenforceable by some statute or law. Violates statute of frauds, exceeds statute of limitations, unconscionable.
What is voidable in contracts?
A contract with no legal or binding effect, contract to do illegal shit.
What is a quasi contract?
Fictional contract, for fairness and justice, avoid unjust enrichment. No contract exists!
What are the limitations of quasi contracts?
Unjustly enriched party not liable in certain situations. If contracts exists no quasi contract.
What is the valid express bilateral executory contract method of interpretation?
Specifies what exactly is exchanged.
What is the plain meaning rule method of interpretation?
Enforced based on terms if clear and unequivocal.
What are ambiguities?
What they agreed to, and what offeror meant.
