Doctrines and Elements Flashcards
Consideration
bargain for exchange shown by a promise for a promise or promise for performance
Promise
manifestation of an intent to act or refrain from acting.
Performance
act or forbearance
Consideration need an ______
exchange
Mutuality of obligations
For a contract to bind either party, both must have assumed some legal obligations
Promissory Estoppel elements
A promise, foreseeable inducement of action or forbearance, reliance, injustice
Expanded bargain theory:
The parties would have bargained for it, but they didn’t.
Past consideration elements
Promise, benefit previously received, injustice
Past consideration is usually _______
unenforceable
Quasi contract elements
Benefit conferred, appreciation, acceptance and retention of benefit as to create unfairness
Mutual Assent requires:
Offer and acceptance
Contract requires
Consideration and mutual assent
Mutual assent is an ______ and consideration is a ______: promise/offer
Offer/promise
Objective Theory of Assent
If it looks like they intended to have a meeting of the minds, the court is going to uphold it.
Definition of Offer:
Occurs when another person is justified in understanding that they can accept.
An offer must be an expression of will or ______
intent
What party wants to be the accepting partry?
The business. They want customers to offer.
Acceptance defined:
Acceptance can be by the terms laid out by offeror in a manner invited or required by the offer.
Accept by promise
K formation occurs at the time of the promise.
Bilateral K:
As soon as performance begins, it means you accept the promise
Unilateral K
K formation occurs when performance is complete
Match cases to doctrine: Retirement cases, Life/death cases, Horse cases
Retirement: Prom Estoppel Life/death: Past Cons- Quasi: Horses
Prom Case topics:
Retirement
Quasi cases:
Horse
Past Consd cases:
Life/death
