Chapter 8 Flashcards
Contract
A promise that is made between two or more parties, and if the promise is broken, a judge can perform a legal remedy.
Do all contracts need to be in writing?
No
D: Objective Theory of Contracts
Did the person really intend to get into the contract they are in?
○ Did you actually know what the contract in tailed when you got into it?
What are the four requirements that must be in please for a contract to exist?
○ Agreement (Offer and Acceptance)
○ Consideration: bargained-for-exchange.
○ Contractual Capacity
§ Meeting of the minds
○ Legality: purpose of contract must be legal at the time of execution.
§ Your contract must be legal.
D: Bilateral
Offeree must promise to perform the promise.
D: Unilateral Contract
A contract that results when an offer can be accepted only by offeree’s performance
D: Irrevocable
Offer cannot be revoked once substantial performance has begun.
D: Unjust indictment
when you get something for nothing
Express
When someone lets you know about the price and payment of the product before you are given it.
D: Implied (In Fact)
Conduct creates and defines the terms of the contest
What is an Executed contract?
A contract that has been fully performed on both sides.
What is an Executors contract?
A contract that has not been fully performed on either side.
D: Quasi-Contracts
an obligation of one party to another imposed by law independently of an agreement between the parties.
§ Example- If you die on the table and they medevac you to a hospital you still have to pay the bill because you were unjustly enriched.
□ There was something given to you that enriched your life.
What is the “Plain Meaning” Rule?
Contracts are interpreted as a whole
