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
Void contract
**does not meet the requirements **(no legal effect)
Voidable contract
**law permits one or more of parties to avoid legal duties the contract creates **(if it avoided, both parties relieved of legal duties)
Unenforceable contract
one for the breach of which the law provides
Executory contract
are as yet underperformed
Executed contract
fully perform by all parties
Formal contract
depends a form, made of expression
Informal contract
do not depend upon formality for their legal validity
