contracts (exam 2) Flashcards
unilateral contract
contract where one person is making a promise that calls for action
bilateral contract
contract based on both parties making promises to another
express contract
contract is communicated in writing, orally, or both
implied contract
court creates the contract, based on circumstances, to avoid unjust enrichment
unjust enrichment
when one party receives a benefit at the expense of another
valid contract
enforceable in court
voidable contract
one party can get out the contract under certain circumstances
void contract
unenforceable in court due to illegal purpose
executory contract
contract isn’t fully performed yet
written contract
contract is in writing (recommended)
oral contract
contract made orally can be valid, but can have interpretation or enforcement problems
electronic contract
contract made online
offeror
party who makes offer
offeree
party who are recipients of offer
what’s another word for contract?
agreement
elements required for a contract/agreement
offer, acceptance, consideration
surrounding circumstances
previous relationships or dealings
the parties subsequent conduct
a partys conduct after the contract was made consistent with what they’re claiming in the contract
offer
a proposal/invitation by offeror to enter a contract
acceptance
one of the offers terms
counteroffer
an acceptance that changes an offers terms
mutual assent
offeror’s offer+ offerees acceptance of that offer
traditional inquiry
did the parties agree to the same thing
fraud
misinterpretation or deceit
duress
use or threat of harm to health, financial status, or reputation
undue influence
abuse of authority, power, or position
consideration
required each party to give-up something of legal value
damages
money
equitable
non-monetary judgement, but may have great economic value
compensatory
math calculation based on value of contract; less value of defendants performance
consequential
loss based on consequences of defendants performance
liquidated
exact amount of damages stated in the contract
specific performances
plaintiff wants judgement which orders defendant to perform the contract as agreed
reformation
plaintiff seeks judgement which orders change to written contract to correct mistake
rescission and restitution
plaintiff requests judgement which requires both parties return any benefit they may have received if voidable contract
capacity (voidable contracts)
defendant lacks legal ability to enter into contract
legality (void contract)
contract must have a legal purpose otherwise it is unenforceable
unclean hands
no one can take advantage of his/her own wrong
mitigation of damages
plaintiff has obligation to make reasonable efforts to reduce damages
discharge
no further performance required by one or both parties to the contract
