Contracts, Wills, Torts Flashcards
What is a contract?
an agreement that is enforceable by a court of law. A legally enforceable agreement.
Every contract involves at least two parties: (parties?)
- the offeror - the party who makes an offer to enter into a contract;
and - the offeree - the party to whom the offer is made
Four basic elements of an enforceable contract:
- Agreement
- Consideration
- Capacity
- Lawful object
What does agreement require?
requires offer and acceptance
Offer is the first half of the
Agreement
What is the second half of an agreement?
Acceptance
The __ sets forth the terms under which the offeror is willing to enter into the contract.
offer
The ___ has the power to create an agreement by accepting the offer.
offeree
For the offer to be effective:
- offer must objectively intend to be bound by the offer
- terms must be definite & reasonably certain
- must be communicated to the offeree
A valid offer gives the offeree the power to accept the offer, creating a ____.
contract
The offeror may revoke (withdraw) an offer at ____.
any time prior to acceptance
What is the mirror image rule?
If acceptance is not a mirror image of the offer, it is not acceptance.
It is a counter offer.
The power to accept the offer, creating a contract, does not continue ____.
indefinitely.
The offer is also terminated if the offeree ____.
rejects it.
A ___ terminates the old offer and creates a new offer.
counter offer
Name 3 ways for Termination of the Offer
- offeror may revoke (withdraw) an offer at any time prior to acceptance.
- if the offeree rejects it
- a counteroffer terminates the oldoffer and creates a new offer.
___ is assent by the offeree to the terms of the offer.
Acceptance
Only the ___ has the legal power to accept an offer and create a contract.
offeree
Performance can constitute ___
acceptance
What is acceptance?
assent by the offeree to the terms of the offer
Name 2 Contract types
- Express Contracts
2. Implied Contracts
What is an Express Contract?
contract in oral or written words
What is consideration?
the thing of value given in exchange for a promise or something tangible
What are the most common types of consideration?
Tangible payment
and
performance of act
A ___ is an agreement that is enforceable by a court of law. A legally enforceable agreement.
contract
What is a bargained-for-exchange?
consideration
Gift promises are also called ____.
gratuitous promises
Minors generally _____ have the capacity to contract.
do NOT
Capacity of a business to contract _____.
does not look at individual signer
Being under the influence
is generally not a defense. Must be so drunk you can’t understand anything.
Lawful object
you must contract for something legal
A contract to perform an illegal act is an ___.
illegal contract
What are the elements of a contract?
- Agreement (which requires offer and acceptance)
- Consideration
- Capacity
- Lawful object
A contract to perform an illegal act is an illegal contract. Illegal contracts are ____.
void
Agreement, consideration, capacity, and lawful object are the 4 elements of what?
an enforceable contract
ratification rules
not necessarily enforceable contract, but then continue to do it, you have ratified it
What is the contract’s single greatest myth?
that you have days after you sign it to cancel
Statute of Frauds requires what kinds of contracts to be in writing?
- contract for land
- contract that cannot be fulfilled in one year
- contract for goods over $500
- contract to pay the debts of another
Breach of contract
failure to perform
The offeree has the power to create an agreement by ____.
accepting the offer
The offeror may revoke (withdraw) at any time ___.
prior to acceptance
What is an Implied Contract?
Implied from the conduct of parties & must have 3 elements:
- Plf provided prop or svcs to deft
- Plf expected to be pd by deft and did not provide prop or service for free
- Deft had chance to reject the property or service provided by plf, but failed to do so.
___ is the thing of value given in exchange for a promise or something tangible.
consideration
bargained-for-exchange
What you bargain for-something given on both sides. Promise and performance mutually inductive.
Are gift promises enforceable? Why or why not?
Gift promises are NOT enforceable because they lack consideration.
Mentally incompetent persons ___ have the capacity to contract.
do NOT
Businesses ___ have the capacity to contract.
DO
PICTURES:
San Antonio Mayor
Julian Castro
PICTURES:
Secretary of Housing and Urban Development
Joaquin Castro
What is one of the quotes that Jac loves?
Regarding Bilingual education in public schools:
If the King’s English was good enough for the Lord Jesus Christ, it was good enough for the children of Texas. (obviously Jesus didn’t speak English)
PICTURES:
Secretary of the Treasury
Jack Lew
PICTURES:
Supreme Court Justices
Elena Kegan (newest member)
Samuel Alito
Stephen Breyer
PICTURES:
Head of the CIA
John Brennan
PICTURES:
US Ambassador to the United Nations
Susan Rice
PICTURES:
President of Mexico
Enrique Nieto
PICTURES:
Attorney General of the US
Loretta Lynch
PICTURES: US Senator (oldest member)
Harry Reid
PICTURES: Texas Senator (one of two)
John Cornyn
PICTURES:
Head of the Federal Reserve
Janet Yellen
PICTURES:
Woman Republican 2016 Presidential Candidate
Carly Fiorina
