Exam 2 Flashcards
a promise or set of promises for the breach of which the law provides remedies
contract
three elements of a contract and what they are affected by
offer, acceptance, consideration affected by capacity and legality
manifest agreement orally or in writing
Express Contract
parties don’t write anything down is established by conduct
Implied Contract
one party makes a promise and the other party performs
Unilateral Contract
both parties make promise and the other performs
Bilateral Contract
uniform set of laws that is passed in identical form in every state except Louisiana - this stands if done in a reasonable period of time
Uniform Commercial Codes
side note Louisiana has Napoleonic code
if the object of the contract is illegal then the contract is VOID
legality of a contract
this is voidable if the 2 parties of the contract understand the nature and consequences of actions
capacity of a contract
if person is involved in contract do to this then their portion of the contract is voidable
defects in capacity
defect in capacity where if you are under they are under 18 years old this can be extend to the minor if within a reasonable amount of time - this is NON-VOIDABLE if the person is emancipated
Infancy
type of defect in capacity where the person doesn’t have the mental facilities to decide whether or not to enter the contract this could be due some kind of mental illness also becomes more complicated to to the person having good days and bad days
Incapacity
this defect in capacity only occurs when you don’t know what you are doing an example of this would being blackout drunk where you loose whole periods of time
Intoxication
part of a contract that needs to be made in clear unambiguous language contained in definite terms about material items should contain lots of specificity and be COMMUNICATED
Offer
manifestation of assent to the terms of the offer in the manner required of the offer
Acceptance