law Flashcards
Offer and Acceptance
There must be an agreement composed of an offer and an acceptance upon which to base the contract
Offeror
makes the offer
Offeree
to whom the offer is made
Genuine Assent
The agreement must not be based on one party’s deceiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer or acceptance.
Legality
What the parties agree to must be legal
Consideration
What the promisor demands and generally must receive in order to make his/her promise legally enforceable against him/her. (Something bargained for and received by a promisor from a promisee)
Capacity
The parties must have the legal ability to contract for themselves. Age is a aspect of capacity. In most states, parties to a contract must be 18 in order to form a legally binding contract.
Proper Form
Some agreements must be put in writing to be fully enforceable
Executed contract
contract that has been fully performed
Executory contract
contract that HAS NOT been fully performed
Express contract
all terms are expressly stated either orally or in writing
Implied-in-Fact contract
DOES NOT have the terms expressly stated but they can be inferred from the parties acts/conduct
Implied-at-Law Contract (quasi)
not really a contract but instead a fiction created by the law to allow the enforcement of a contractual remedy where justice alone warrants such a remedy. court-imposed document designed to prevent one party from unfairly benefiting at another party’s expense, even though no contract exists
between them
Unilateral Contract
the offeror promises something in return for the offeree’s performance and dictates that his performance is the way acceptance is to be made
Bilateral Contract
formed by mutual exchange of legally binding promises.
