Elements of a Contract Flashcards
Contract of Hire
contract for goods or services with payment being for temporary use
Divisible Contract
on completion of each “job” payment would be due
Contract of Employment
or Contract of Service
btw employer and employee
Open Contract
sale of land (real estate)
contract only contains fundamental details
Unilateral Contract
promise to pay for performance
performance of the act is considered to imply consent to the terms of the contract
Entire Contract
entire contract must be performed (parts can not be separated)
Contract for Services
employment of independent contractors
Bilateral Contract
promise for promise
Implied Contract
agreement created but is not expressed
ex. buy a refrigerator expect it to stay cool
Contract under Seal
do not require consideration
needs witness of third party
ex. gift
Consensus ad idem
consent to the same thing
letter of intent
indication of an intention by a party to enter a contract; should state very clearly that the document is not be considered a binding contract
Quasi Contracts
only come into existence as a result of a courts interpretation of a particular situation
Gratuitous Promise
even if someone promises to do something they cannot be legally enforced to do so
claimant
person making the claim
