Chapter 7 Flashcards
contracts
an agreement between 2 or more parties to perform
utilateral
a promise is exchanged ONLY for the offerees performance.
bilateral
a promise is GIVEN in exchange for a promise.
FUTURE
FUTURE
FUTURE
elements
offeree
courts dont care about practicality just consideration
just know it
implied in law
quasi contracts can just
fictional contract imposed on parties by a court
implied in fact
actions of parties
BASED ON CONDUCT
how contracts are entered in?
agreement (offer + acceptance) consideration competent parties lawful purpose genuine assent legal form
acceptances (2)
mail box rule-an acceptance becomes effective upon being placed in the mailbox by the offer.
Counter offer?
counter offer rule…
no such things as a counter offer that does NOT reject original offer
Consideration
why cant be?
Things in the past
appeals more a legal duty to do
Legal consideration
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
PAST consideration
promises made in return for acts or events that have already taken place
(PUPPY EXAMPLE)
Insuffienct consideration
PRE EXISTING LEGAL DUTy
