Contract Law Flashcards
Contract
an agreement between two or more persons creating legally recognized rights and obligations that are enforceable at law
Contract Law
provides the rules that guide our voluntary relationships
Enforcement
an action for a damage of breach of contract
Bilateral Contract
where promises are made by each of the parties to the other, which both perform
Unilateral Contract
one party promises to do something in exchange for the act of the other party
Subsidary Promise
an implied promise that the offerer cannot revoke once individual begins looking, in good faith, and continues to perform
Written Contract
contracts do not need to be in writing however it makes good evidence of the agreement
Standard Form Contract
written beforehand and have standardized clauses and conditions where clients have no room to negotiate
Consensus
forms foundation upon which an agreement is based
considered a meeting of the minds by both parties involved
Reasonable Persons Test (Contract Law)
What would a reasonable person who was careful in their dealings have understood the contract to be?
Offer (Element of Consensus)
promise or statement of willingness by one party to enter into a contract with another party on certain terms and conditions
Ways to Terminate an Offer
Refusal Lapse of Time Lapse of Reasonable Time Failure of a Condition Revocation Counteroffer
Acceptance (Element of Consensus)
indicates expressed terms and conditions are acceptable and individual is willing to be bound by them
Communication (Element of Consensus)
contract must be communicated to the other party either orally, in writing, or in conduct in order to be valid
Consideration
tool used by the courts to see if they should enforce a promise
