Chapter 9- Contracts

Question 0

Mutual Assent

Answer 0

• a valid offer and a valid acceptance

- the parties to a contract must actually say in words or in conduct that they agree to enter into the contract

Question 1

5 Basic Requirements of Contracts

Answer 1

1) Mutual Assent
2) Consideration
3) Legality of Object
4) Capacity
5) Writing

Question 2

Consideration

Answer 2

Each party must intentionally exchange a legal benefit, or incur a legal detriment.

Question 3

Legality of Object

Answer 3

Purpose must not be criminal, tortious, or otherwise against public policy

Question 4

Capacity

Answer 4

Parties to a contract must have capacity and power

Question 5

Writing

Answer 5

Statue of Fraud

Question 6

Exceptions: No need for a contract

Answer 6

• Promissory Estoppel

- Unjust Enrichment

Question 7

Promissory Estoppel

Answer 7

Promissory Estoppel= Detrimental Reliance

• A Doctrine enforcing some non-contractual promises in order to avoid injustice
• A Court will enforce the promise to the extent necessary to avoid injustice
• Fairness Doctrine- Provides relief and damages

Question 8

5 Elements of Promissory Estoppel

Answer 8

1) Non-contractual Promise
2) Defendant induced or could have foreseen that plaintiff would rely on promise
3) Plaintiff reasonably relied on the promise
4) Plaintiff was either harmed or gave something up
5) Unfair

Question 9

Quasi Contract

Answer 9

Unjust Enrichment

Not based on an actual contract but enforced by courts as an ‘implied contract’

Question 10

A Court will Impose a Quasi Contract When…

Answer 10

1) the plaintiff confers a benefit upon the defendant
2) the defendant knows or appreciates the befenit
3) the defendants retention of the benefit is unequitable

Question 11

Elements of a Quasi Contract

Answer 11

Benefits,
the defendant knowingly accepts the benefits and fails to stop receipts
- Unfair and Unjust