Contract Law Flashcards

1
Q

What is a Contract

A

Any exchange of mutual reciprocal promises, met with certain requirements

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2
Q

What type of law governs contracts

A

State common law, made through judicial opinions

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3
Q

What are the the essential components of a contract

A

Offer
Acceptance
Consideration

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4
Q

What are the secondary elements of importance for a contract

A

Consideration,
Mutuality
Capacity to Contract
Intent to contract
lawful subject matter

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5
Q

what is an “offer”

A

a promise of action of forbearance on the part of one individual of entity

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6
Q

What is “acceptance”

A

Unambiguous assent to an offer made by another

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7
Q

what is “consideration”

A

the lawful surrender of something of value

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8
Q

what is “mutuality”

A

a meeting of the minds - evidence of reciprocal assent to the substance of the agreement between or Among the parties

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9
Q

what is “capacity to contract”

A

the state of being legally competent to enter into a legally valid agreement

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10
Q

Intent to contract

A

the objective to create a legally binding and enforceable agreement, which may be/often is presumed in agreements entered into in a businesss contact

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11
Q

what is “Lawful subject matter”

A

terms and provisions that do not violate law

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12
Q

How do you challenge the existence of a valid contract?

A

rebut proof of any element of a contract

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13
Q

what are the two types of internet contracts?

A

Click Wrap - “click to accept”

Browse Wrap - assumed by use

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14
Q

What must a contract have to be valid

A

the required components
Must be Valid
Must be Binding in Nature
Must be enforceable

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15
Q

What is validity for a contract

A

Mutuality - no fraud, duress, unequal bargaining power

no incompetence / incapacity

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16
Q

what could make a contract voidable

A

reason for contract ceases to exist

impossibility of performance

Impracticability of performance

17
Q

what is force majure

A

excuses a party for extra ordinary circumstances

18
Q

what makes a contract enforceable

A

complying with legal formalities

performance is adequate

it’s reasonable to public policy

19
Q

what are the components of breeching a contract?

A

it’s an enforceable contract

nonperformance exists

damages caused by breech

20
Q

what are considered damages

A

compensatory

nominal

pecuniary

21
Q

what are compensatory damages

A

expectation - specific to transaction

consequential - related to the transaction

22
Q

what is nominal damages

A

no real loss occures

23
Q

what is pecuniary damages

A

money, generally

24
Q

what are contract remedies

A

specific performance
injunction
restitution
recession
reformation

25
what is specific performance
compels compliance with terms
26
what is injunction
prohibits breeching party from taking action
27
what is restitution
restores pre-contract status
28
what is recission
sets the contract aside
29
what is reformation
rewrites contract terms
30
are good faith and fair dealing fiduciary duties?
no. they are obligations owed by certain business entity constituents to others
31
between corporate shareholders and general partners, who has limited liability?
Corporate Share holders