Contracts Flashcards
Commutative justice
The fairness of exchange (heart of contract law)
Elements of a contract
1.agreement
2. Between competent parties
3.based genuine assent between parties
4. Supported consideration
5. Made for a lawful objective
6. In legal form
Privity of contract
Relationship between promisor and promisee
Contract
Legally binding agreement
Distributive justice
What the community owes its members
Legal justice
What we owe the community
Formal Contracts
1.contracts under seal
2. Negotiable instruments(checks ect)
3. Recognizance (promise to show up in court.
UCC
Fills in missing terms to complete contract
Valid contract
Both sides are legally bound
Voidable contract
One side can get out of contract
Void contract
No legal binding
Valid but unenforceable contracts
Valid but No written agreements
Executed contract
Completed
Executory contract
Duties of performance remain
Bilateral contract
A promise for a promise
Unilateral contract
Offer is accepted upon performance finding dog
A contract to support another contract. Holding a deal
Option contracts
Governed by equity, breach gives equitable remedies
Quasi-Contract
Contracts stated in writing or words enforced by law
Express Contract
Contract implied by fact
Contract shown by acts between parties that is enforced by laws
Contract implied by law
Quasi contract settled by equity upon beach
