Contract Law Flashcards
An agreement creating obligations enforceable by law
Contract
Assent to terms of an offer
Acceptance
An intentional approval of known facts that are offered by another for acceptance, agreement, consent
Assent
Something bargained for and received by a promisee
Consideration
real or personal property, a return promisee, some act, or a forbearance are all common types of what?
Consideration
Monetary compensation to the harmed party
Damages
Damages that arise directly and inevitably from a breach of contract
General Contract damages
Damages awarded when a party breaches a contract that are intended to put the injured party in as good of a position as if the breaching party fully performed its contractual duties
Expectation Damages
Agreement by both parties to a contract
Mutual Assent
How is mutual assent established?
By showing an offer and acceptance
A promise to do or refrain from doing something in exchange for something else
Offer
The doctrine allowing recovery on a promise made without consideration when the reliance on the promise was reasonable, and the promisee relied to his or her detriment
Promissory Estoppel
A statute requiring certain contracts to be in writing and signed be the parties bound by contract
Statute of Frauds
Most common contracts that statute of frauds applies to
sale or transfer of land, and contracts that cannot be completed within a year.
