chapter 9 Flashcards
Clasification of contracts
express / implied, bilateral / unilateral, formal / informal, void / voidable, executed/ exectory
Promissory estoppel
relates to a fact scenario involving a promise that does not meet the requirement of a contract. Promise can enforced to avoid injustice (out of fairness)
Quasi contracts
avoid injustice, NO contract at all, but someone receives something for nothing (unjustly enriched). Courts can create something like a contractual obligation and make a party liable for the reasonable value of the befit received
Common law
state common law.
*business-to-business contracts (commercial contract)
*business-to-consumer contracts (consumer contracts)
Sale
transfer goods from seller to buyer for a price, includes both a present sale of goods and a contract to sell goods at a future time
Personal property
other than an interest in real property (land)
Goods
tangible personal property
Contract
binding agreement than the courts will enforce. “promise or a set of them for the breach of which law gives a remedy or recognizes as a duty”
Requirements of a contract
-mutual assets
-consideration
-legality of object
-capacity
Breach
wrongful failure to perform the terms of a contract
Express and implied
may indicate their assent **by express language or by conduct **that implies such willingness
Implied contract
inferred from the parties conduct, not from spoken or written words
Bilateral contract
by exchange of promises, parties are under a duty to the other (promisor and promisee)
Unilateral contract
**only one party **made a promise
Valid contract
enforceable promise or agreement
