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LEGL 2700 > LEGL 2700 Chapter 8 > Flashcards

LEGL 2700 Chapter 8 Flashcards

1
Q

what is a contract?

A

legally enforceable promise or exchange of promises

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2
Q

why do we perform under contracts?

A

to build a good reputation as well as for promise of compensation

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3
Q

what are the sources of contract law?

A

legislation and contract law

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4
Q

what is legislation?

A

contract for goods (Uniform Commercial Code)

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5
Q

what is common law?

A

all other contracts (judges decision)

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6
Q

what are the contract types?

A

bilateral v unilateral
express v implied
implied in law
executed v executory

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7
Q

what are bilateral contracts?

A

an agreement of mutual promises, both parties have a duty to perform when the contract is formed

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8
Q

what are unilateral contracts?

A

an agreement with one promise, only one party is obligated to perform

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9
Q

what happens it the party completing the actions does not sign any agreement but they complete the action within the contract for a unilateral contract?

A

the are owed what was in the contract for their services

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10
Q

what is an express contract?

A

the parties show their agreement in words, written or oral

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11
Q

what are implied in fact contracts?

A

arise from the conduct of the parties

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12
Q

what is an example of implied in fact?

A

if you order food, and you never said you would pay for it, but it is implied that once you eat the food you must then pay for it

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13
Q

what are implied in law/ quasi contracts?

A

judicial remedy to prevent party from receiving unjust enrichment.

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14
Q

when does the remedy apply in implied in law/ quasi contracts?

A

when no actual contract exists to cover the dispute

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15
Q

what are executed contracts?

A

the parties have performed all their promises

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16
Q

what are executory contracts?

A

the parties have not yet performed their promises

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17
Q

what are the terms of contracts?

A

valid
enforceable
unenforceable
void
voidable

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18
Q

what does valid mean?

A

all required elements are met

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19
Q

what does enforceable mean?

A

agreement will be held up in court

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20
Q

what does unenforceable mean?

A

a party has a justifiable reason for not performing

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21
Q

what does void mean?

A

agreement lacks an essential element

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22
Q

what does voidable mean?

A

at least one party can withdraw

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23
Q

what are the elements of an enforceable contract?

A

offer
acceptance
timing
consideration
capacity

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24
Q

what is an offer?

A

contains a specific promise and specific demand

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25
Q

what must the offerer intend to make to the offer?

A

the offer by making a commitment

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26
Q

the contractual terms must be what in order to make it enforceable?

A

specific and definite

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27
Q

what is the exception to requirement for definite terms (sale of goods)?

A

the parties may leave open a non-quantity terms to be determined later

28
Q

what is under termination of an offer?

A

revocation
rejection
counteroffer
lapse of time
destruction of subject matter
offerors death of insanity

29
Q

what is revocation?

A

the person that offers to buy the good/service off the other person decides to take back the offer before it was accepted

30
Q

what is rejection?

A

terminates the buyers offer by the offer rejecting the offer

31
Q

what is counteroffer?

A

new offer to sell or new offer to buy the good/service after the original offer

32
Q

what is lapse of time?

A

if there is a designated amount of time for an offer and either person does not respond after this amount of time, it is void

33
Q

what is destruction of subject matter?

A

if there is an offer on an object and then this object is destroyed

34
Q

what is offerors death or insanity?

A

if the person make the offer dies or goes insane

35
Q

when is a bilateral contract accepted?

A

when offeree has made the required promise

36
Q

when is a unilateral contract accepted?

A

by performing requested act

37
Q

what is the mirror image rule under acceptance?

A

acceptance must match the offer exactly to create a binding contract otherwise it is a counteroffer

38
Q

what is the exceptions to the mirror image rule?

A

sale of goods, both parties are merchants and additional terms are treated as additions to the contract

39
Q

what is timing?

A

when the offeree communicates the acceptance, that is when the acceptance is effective

40
Q

when what is received timing is effective?

A

revocation

41
Q

what happens when an offer is accepted under timing?

A

you can no longer revoke the acceptance

42
Q

what is consideration ?

A

receipt of a legal benefit or the suffering of a legal detriment

43
Q

what are examples of consideration?

A

promise to pay
promise to deliver goods or perform services
an agreement not to sue
a promise to keep an offer open

44
Q

what is not consideration?

A

preexisting obligation
past consideration
promise to make a gift

45
Q

what does preexisting obligation mean?

A

a contractor demanding more money for the same work

46
Q

what does past consideration mean?

A

a company promises a retired employee a car

47
Q

what does promise to make a gift mean?

A

a grandparent promises to give a grandchild a car on their bday

48
Q

what are the exceptions to consideration ?

A

promissory estoppel

49
Q

what is promissory estoppel?

A

a party who reasonably relies on gratuitous promise can ask a judge to award compensation for that reliance

50
Q

when is promissory estoppel applicable?

A

when a party justifiably relies on a promise that is not supported by consideration

51
Q

what is capacity?

A

a person’s ability to be legally bound by a contract

52
Q

what are the general rules for capacity ?

A

minors cannot be bound and a contract is voidable at the minor’s option and
intoxicated and mentally incompetent persons cannot be bound and a contracts that they enter are voidable at their option

53
Q

what is the exception to minors no being bound and it being voidable at the minor’s option?

A

contracts for necessaries

54
Q

how does the court determine competence?

A

test: whether the adult was capable of understanding the nature and the purpose of the contract

55
Q

what is legality ?

A

contracts that require commission of a crime or tor or violate accepted standards of behavior are void

56
Q

what are the defenses to contract enforcement?

A

fraud or innocent misrepresentation
mistake
duress
undue influence

57
Q

what is fraud?

A

a misrepresentation of fact with the intent to deceive that a party justifiably relies on and results in injury

58
Q

what is the remedy for fraud?

A

the defrauded party has the option to void the contract and may enforce the contract and sue for damages (including punitive)

59
Q

what is innocent misrepresentation?

A

a misrepresentation of fact without intent to deceive that a party justifiably relies on and results in injury

60
Q

what is the remedy for innocent misrepresentation?

A

the injured party has the option to void the contract

61
Q

what is a mutual mistake?

A

the parties reach an agreement based on an incorrect assumption of both parties

62
Q

what is the remedy for mutual mistake?

A

rescission by either party

63
Q

what is a unilateral mistake?

A

one of the parties to a contract is wrong about a material fact

64
Q

what is the remedy for unilateral mistake?

A

usually none

65
Q

what is duress?

A

action that compels another to do what he or she would not otherwise do

66
Q

for duress the threat can be…

A

physical or economic

67
Q

what is undue influence?

A

when one is take advantage of unfairly by a party who misuses a position of relationship or legal confidence

LEGL 2700 (18 decks)

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