deck_2929217

Question 1

contract formed by language, oral or written

Answer 1

express contract

Question 2

contract formed by conduct

Answer 2

implied-in-fact contract

Question 3

not a contract, remedy to recover benefit unjustly conferred

Answer 3

implied-in-law contract

Question 4

one promise given in exchange for performance; contract not formed until performed

Answer 4

unilateral contract

Question 5

promise exchanged for promise; contract formed as soon as promises are exchanged

Answer 5

bilateral contract

Question 6

duties yet to be performed under contract

Answer 6

executory contract

Question 7

all duties have been performed under contract

Answer 7

executed contract

Question 8

law that governs contracts involving real estate, insurance, services, and employment

Answer 8

common law

Question 9

law that governs contracts for sale of goods

Answer 9

UCC

Question 10

elements of a contract

Answer 10

1) offer and acceptance2) exchange of consideration3) lack of defenses

Question 11

what is an offer?

Answer 11

express (oral or written) or implied (conduct)creates reasonable expectationintent, certainty, communication

Question 12

what is definition of intent?

Answer 12

sufficient evidence for a reasonable person to assume offer was serious

Question 13

what is definition of certainty?

Answer 13

UCC (quantity) and RISE (all terms)includes the following:1) identity of offeree and subject matter2) price to be paid3) time of performance4) quantity involved5) nature of work

Question 14

communication of offer

Answer 14

no knowledge, no acceptance

Question 15

termination of offer

Answer 15

offer must be accepted before it’s terminated by act of either party or by operation of law- revoke- reject- when

Question 16

revocation

Answer 16

can be done by offeror anytime before acceptance through:- direct/indirect communication- publication- when communication receivedUNLESS:- offeree “buys” time- unilateral contract- certain written offers from merchants under UCC sales

Question 17

rejection

Answer 17

once rejected, CANNOT be acceptedeffective when received or there’s been a lapse of reasonable time

Question 18

counteroffer

Answer 18

rejection and an offer, but not a mere inquiry

Question 19

termination by operation of law

Answer 19

by death or incompetency, by destruction of subject matter, by illegality

Question 20

who may accept the offer?

Answer 20

only the person to whom the offer was made may accept

Question 21

method of acceptance

Answer 21

any manner reasonable. unless specified

Question 22

mirror image rule

Answer 22

requires an acceptance to mirror the offer to be effective

Question 23

mailbox rule

Answer 23

acceptance generally effective when DISPATCHED if properly addressed; irrelevant if properly addressed acceptance is lost or delayedexception: opt-out of rule by stating acceptances must be RECEIVED (before termination) to be effective

Question 24

consideration

Answer 24

something must be given in exchange for a promise for it to be enforceable- something of legal value- bargained for exchange

Question 25

legal value

Answer 25

- detriment to promisee OR- benefit to promisorno monetary value required, need not flow to other party, fairness not usually required so long as it's not unconscionable and it is arm's length

Question 26

pre-existing legal duties

Answer 26

promise to perform existing duty is not sufficient consideration

Question 27

modification to agreement

Answer 27

UCC - good faith (no need to pay)RISE - give consideration/pay

Question 28

gift (consideration)

Answer 28

no exchange, unenforceable

Question 29

past or moral consideration

Answer 29

if already given or performed before promise was made, no consideration

Question 30

detrimental reliance / promissory estoppel

Answer 30

when promise is detrimentally relied on by another party, can be enforced without consideration

Question 31

defenses

Answer 31

makes contract unenforceable

Question 32

fraud

Answer 32

MAIDS- misrepresentation of material fact- actual reliance (reasonable)- induce victim to rely- damages (liable to everyone who suffered loss, rescind contract or sue for money damages)- scienter (intent to deceive/reckless disregard for truth)

Question 33

fraud in execution

Answer 33

party is deceived into signing something, contract becomes void

Question 34

fraud in inducement

Answer 34

terms are materially misrepresented, contract becomes voidable

Question 35

innocent misrepresentation

Answer 35

all elements of fraud except scienter, no punitive damages

Question 36

duress

Answer 36

arises when party's free will to contract is overcome by unlawful use of threat/harm, contract becomes voidcontract becomes voidable when threat is economic/social (embarrass)

Question 37

undue influence

Answer 37

abuse of position or trust or confidence; not arm's length, so fairness is required

Question 38

mutual mistake

Answer 38

both parties make a mistake- no existence of subject matter, contract void (stolen/destroyed)

Question 39

unilateral mistake

Answer 39

NOT a defense UNLESS other party knew or should have known of the mistake

Question 40

illegality

Answer 40

contract generally void, unenforceable