Chapter 9 - Nature and Classification Flashcards
The promisee has a right to expect or demand what?
The something either will or will not happen in the future
Sources of contract law
Common Law
Statute Law
Administrative Agency regulations
UCC (sale and lease of goods)
Designed to provide stability and predictability for both buyers and sellers
Contract Law
Objective facts judged by the
Reasonable person Standard
List the objective facts of contracts
What the party said when entering the contract
How the party acted or appeared
The circumstances surrounding the transaction
A freedom protected in the constitution that recognizes everyone’s ability to enter freely into contractual arrangements
Freedom OF contract
For person who may have been pressured into making contracts unfavorable to their interests
Freedom FROM contract
Requirements of a valid contract
Agreement
Consideration
Contractual Capacity
Legality
An agreement consists of
Offer and Acceptance
Defenses to the enforceability of a contract include
Voluntary Consent
Form
How are contracts classified?
How and when a contract is formed
The offeree can accept simply by promising to perform
Bi-Lateral Contract
The offeree can accept only by completing the contract performance
Unilateral Contract
Contract comes into existence at the moment the promises are exchanged
Bi-Lateral Contract
The contract is formed when the contract is performed
Unilateral Contract
These offers are normally revocable
Unilateral Contracts
Negotiable instruments, like checks, are what kind of contract
Formal
List the requirements for Implied Contracts
PL furnished some service or property
PL expected to be paid and the DEF knew or should have known that payment was expected
DEF had a chance to reject the services or property and did not
Contracts implied in law are known as
Quasi Contracts
Do not arise from any agreement because they are not true contracts
Quasi Contracts
As much as he or she deserves
Quantum meruit
Imposed to avoid the unjust enrichment of one party
Quantum meruit
Regulates legal writing and eliminate legalese
Plain Language Laws
Apply to consumer contracts made primarily for personal, family, or household purposes
Plain Language Laws
The meaning of the terms must be determined from the face of the instrument (the written document alone)
Plain Meaning Rule
Intent of the parties cannot be determined
Ambiguity
Lack provision on a disputed issue
Ambiguity
Term is susceptible to more than one interpretation
Ambiguity
Uncertainty about a provision
Ambiguity
List the situations under which the court will consider a contract to be ambiguous
Intent of the parties cannot be determined
Lack provision on a disputed issues
Term is susceptible to more than one interpretation
Uncertainty about a provision
Any evidence not contained in the document itself
Extrinsic Evidence
May include testimony of parties, additional agreements or communications, or other information relevant to determining the parties intent
Extrinsic Evidence
_______________, ____________, and __________ meaning to all of the contract’s terms
Reasonable, lawful, and effective
Contract will be interpreted as a
Whole
Terms subject to separate negotiation will be given
Greater consideration
A word will be given what meaning
its ordinary, commonly accepted
_____ and _____ wording will be given greater consideration than general language
Specific and exact wording
________ and ______ terms prevail over preprinted terms
Written or typewritten
A party that uses ______________ is held responsible for the ambiguities
Ambiguous Expressions
Evidence of ________, ___________, and _______ may be admitted to clarify
Trade usage, prior dealing, performance
