Contracts Flashcards
What is a manifestation of intention to act or refrain from acting in a specified way, to justify the other party in understanding that a commitment has been made?
A promise
What is a gratuitous promise?
A promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
What is a promise or set of principles for the breach of which the law gives a remedy, or the performance of whic the law in some way recognizes as a duty?
A contract
What is a bilateral contract?
A promise by both sides that the seller can plan and rely on the legally enforceable promise.
What is a unilateral contract?
Promise made by only one side - acceptance by performance
Party’s interest in having the benefits of his bargain by being put in as good of a position as he would have been in had the contract been performed.
Expectation interest
Interest in being reimbursed for loss caused by relying on the contract by being put in as good a possition as he would have been if the contract were not made.
Reliance interest
Interest in having restored to him any benefit that he has confered on the other party.
Restitution interest
When does an offeree’s power of acceptance expire?
At the time specified in the offer or, if no time is specified, at the end of a reasonable time.
What is an implied-in-face contract?
Agreed by non-verabal conduct, rather than explicit words
What are the conditions in which the court will intervene in bargained-for-exchanges?
- Existence of a promise
- Court must have sufficient legal reasons to enforce the promise
- Enforcing the promise that reflect public interest
What is consideration?
Performance or return promise that is bargained-for-exchange for the promise sought to be informed
What is the autonomy principle?
Allows parties to put whatever value on something that they would like.
What is a quasi contract?
When plaintiff confers a measurable benefit that enriches the defendant even though the defendant doesn’t seek that benefit.
What is a volunteer who assists and/or benefits another without contractual responsibility or legal duty to do so, but nevertheless wants compensation for his actions.
Officious intermeddler
