chapter 4 vocabulary

Question 1

expressed contract

Answer 1

parties agree to terms via language, written or oral

Question 2

implied by fact contract

Answer 2

contract that becomes valid upon the actions or conduct of the parties involved - barber shop

Question 3

implied in law

Answer 3

quasi contract a missing element to a contract that is filed by a judge to stop unjust enrichment by one party

Question 4

quasi contract

Answer 4

implied by law contract

Question 5

conditional contract

Answer 5

duty to perform obligations under contract is based upon a condition being met within contract
buying ski package IF there is 50 inches of snow

Question 6

conditional precedent

Answer 6

an event must happen before the contractual obligation occurs for the parties involved

Question 7

conditional subsequent

Answer 7

if a certain event happens a contract can be put into effect or terminated

Question 8

conditional concurrent

Answer 8

the obligation for one party to perform relies on the there party to perform too
buying real estate

Question 9

bilaterial contract

Answer 9

promise for promise

Question 10

unilateral contract

Answer 10

promise is made by one party and the other party performs

Question 11

executory contract

Answer 11

neither party has performed their obligations for a contract

Question 12

partially executed contract

Answer 12

executory contract one party has performed their part the other has not

Question 13

executed contract

Answer 13

both parties have performed their obligations

Question 14

valid contract

Answer 14

all 5 elemets are present and all parties are under legal obligation to the other party

Question 15

void

Answer 15

no contract; no obligation by either party

Question 16

voidable

Answer 16

one party can avoid obligations without incurring legal liability (minor, drunk, insane)

Question 17

unenforceable

Answer 17

was once a valid contract but something happened ad it is no longer enforceable by law (death, law change, destroyed material)

Question 18

revocation

Answer 18

offer is terminated before the offeree agrees

“i take it back”

Question 19

rejection

Answer 19

offeree does not agree to the terms “no”

Question 20

counteroffer

Answer 20

offer made after rejection offeror becomes offeree vise versa

Question 21

consideration

Answer 21

idea that something of value is bargained for and exchanged between parties for another promise

Question 22

legal detriment

Answer 22

giving something up for a contract that you were not previously obligated to do by law
“18 y/o not smoking for 5k extra a year”

Question 23

illusory promise

Answer 23

promise made with no intent - party will not likely rely on it

Question 24

promissory estoppel

Answer 24

detrimental reliance - average person would rely on a promise it could serve s consideration to a contract due to loss

Question 25

detrimental reliance

Answer 25

promissory estoppel - an average person would rely on a promise it can be used as consideration to a contract due to loss

Question 26

capacity

Answer 26

legally understanding the nature of your actions and consequences when entering into a contract

Question 27

ratification

Answer 27

agreeing to a contract after full disclosure of all pertinent facts

Question 28

dissafirrmance

Answer 28

when someone who has the right to leave a contract does so through words or actions (adjudicated insane, drunk, minor)

Question 29

genuine and real assent

Answer 29

the ability to enter into a contract through you own free will

Question 30

duress

Answer 30

being forced into a contract against his or her will

Question 31

undue influence

Answer 31

taking control over a person, and taking over their will possibly due to persuasion (ie. nurse, tv evangelist)

Question 32

parole evidence rule

Answer 32

written contract prevails over all words said before | cannot use he said this when the contract says something else

Question 33

statue of fruads

Answer 33

some contracts must be in written form

Question 34

rescission

Answer 34

both parties before any of the have done their obligations agree to terminate the contract

Question 35

novation

Answer 35

parties agree to substitute one party for another party | not a sublease but basically

Question 36

accord and satisfaction

Answer 36

no one knows how much is actually owed to the other party so they have a settlement but not a settlement

Question 37

subjective impossibility

Answer 37

where one party says "i cant do this its too hard" does not let them out of their contract

Question 38

objective impossibility

Answer 38

one party says the job cannot be performed, obligations are elminated

Question 39

repudiation

Answer 39

one party says prior to performance they are not doing it after agreement was made (they flaked), innocent party can recover damages

Question 40

compensatory damages

Answer 40

one party breaches and has to pay compensatory damages to the other party

Question 41

consequential damages

Answer 41

special damages, foreseeable damages; damages that flow directly because of breach

Question 42

special damages

Answer 42

consequential damages, foreseeable damages; damages that flow directly because of breach

Question 43

foreseeable damages

Answer 43

consequential damages, special damages; damages that flow directly because of breach of contract

Question 44

liquidated damages

Answer 44

damages that are so foreseeable that they are written into a contract (usually in construction)

Question 45

reformation

Answer 45

correct unintentional problems to contract like typos, mathematical errors, or small illegalities