D Chapter 10 Flashcards
Promise
Declaration by someone to not do something.
Promisor
One making the promise
Promisee
One receiving the promise
Offeror
One making the offer
Offerree
One receiving the offer
Objective Theory of Contracts
Contracting parties bound by terms that can be objectively inferred from promises made
How many types of contracts. You will name them.
Unilateral Contract Bilateral Contract Formal Contract Informal Contract Express Contract Implied Contract Implied in Law (Quasi) Contract Mixed Contract UCC (Uniform Commercial Code) Contract Merchants Contract Divisible Contract Executory Contract Executed Contract Valid Contract Void Contract Voidable Contract Unenforceable Contract
Unilateral Contract
A promise for performance. E.g. Ass promises to pay Bitch $2 to mow the lawn
Bilateral Contract
A promise for a promise. E.g. Ass promises to paint Bitches house next month if Bitch promises to pay Ass $2
Formal Contract
Must be in a certain format. E.g. Will
Informal Contract
No particular format required
Express Contract
Clearly stated
Implied Contract
Understood from situation and facts
Implied in Law (Quasi) Contract
An obligation or contract imposed by law in the absence of an agreement, to prevent unjust enrichment
Mixed Contract
One with express and written parts. Or UCC and GOL parts
UCC Contract
Uniform Commercial Code. Involves goods and often includes merchants.
Merchants
Commercial experts in a field. They are held to a higher standard
Divisible Contract
Can be divided into parts. E.g.Monthly rental agreement. GOL vs UCC part, Labor or parts, two separate items for sale.
Executory Contract
One not yet finished
Executed Contract
One that is finished
Valid Contract
One that is in all ways acceptable and legal.
Void Contract
One that is not acceptable nor legal and is not a contract at all. E.g. Involving an insane person.
Voidable Contract
Is a a valid contract but can be voided at the behest of any party of it. E.g. A defective dog
Unenforceable Contract
Valid but has no teeth. E.g. Has to be in writing
How are Contract Interpreted
Express over implied where possible.
