final Flashcards
common law in contracts
common law governs all in contracts except when it come sot the UCC or administrative agency, or when a it has been modify or alter by a law or a statue
examples of common law contract
relating to service, real state employment, insurance
UCC governs what aspects of contracts
it governs lease of goods and sales
whats the propose of common law
provide stability and future security among buyers and sellers. also it enforces contract.
promisor
the one making the offer
promisee
the person whom the offer is been made
Contract
a promise or promises for the performance if which the law provides remedy or performance that the law recognizes as duty
how are contracts judge in the law
they are judge base in a objective theory
basis for objective theory
outward, what was said in entering the contract, how the party acted, circumstances surrounding the transaction. how a normal person would of interpret the contract
requirements for a valid contract
agreement, consideration, contractual capacity, legality
requirements needed to enforce a contract
voluntary consent, form ( the form a contract must be done in)
type of contracts
bilateral, unilateral, formal, informal, express, implied.
bilateral
a promise for a promise ( give you 2 for ur pencil)q
unilateral
a promise for an act
formal
requires a special form for creation (checks)
informal
requires no special form is base on substance
express
form by words ( signed lease)
implied
formed by the conduct of the parties
executed contract
a contract that has been fully performed by both parties
executory contract
if only one of the parties perform the action
contract enforceability
violable contract unenforceable
voidable
a contract that is valid but can be voidable by the option of one or both of the parties
unenforceable
can not be enforce due to some legal bondings. some contract require to be in a written form if not they can not be enforce
void contract
a contract that is not a contract no duties to neither of the parties
