Chapter 7 Flashcards

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1
Q

contracts

A

an agreement between 2 or more parties to perform

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2
Q

utilateral

A

a promise is exchanged ONLY for the offerees performance.

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3
Q

bilateral

A

a promise is GIVEN in exchange for a promise.
FUTURE
FUTURE
FUTURE

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4
Q

elements

A

offeree

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5
Q

courts dont care about practicality just consideration

A

just know it

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6
Q

implied in law

A

quasi contracts can just

fictional contract imposed on parties by a court

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7
Q

implied in fact

A

actions of parties

BASED ON CONDUCT

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8
Q

how contracts are entered in?

A
agreement (offer + acceptance)
consideration
competent parties
lawful purpose
genuine assent
legal form
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9
Q

acceptances (2)

A

mail box rule-an acceptance becomes effective upon being placed in the mailbox by the offer.

Counter offer?

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10
Q

counter offer rule…

A

no such things as a counter offer that does NOT reject original offer

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11
Q

Consideration

A

why cant be?
Things in the past
appeals more a legal duty to do

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12
Q

Legal consideration

A

promising to do something that the promisor has no prior legal duty to do
refraining from exercisingn a legal right which promisor is entitled to

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13
Q

PAST consideration

A

promises made in return for acts or events that have already taken place
(PUPPY EXAMPLE)

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14
Q

Insuffienct consideration

A

PRE EXISTING LEGAL DUTy

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