Part 1 Flashcards
Valid Contract
Satisfies all the law requirements. It’s forceable
Elements of a contract
- Offer
- Acceptance
- Consideration
- Legality
- Capacity
- Consent
- Writing
Unenforceable Agreement
Parties intend to form a valid bargain but court says that some rule of law prevents enforcing it
Voidable contract
Law permits one party to terminate the agreement. Party has the power to step out of agreement
Void Agreement
Neither party can enforce. Dead on arrival. Never was enforceable
Bilateral contract
Both parties make a promise. Contract is binding
-“I’ll give you $2 mil if you star in my movie” “its a deal”
Unilateral contract
One party makes a promise that the other party can accept only by actually doing something
-$100 if someone finds my dog
Executory contract
Contract is made but one or more parties has not yet fulfilled its obligations. Contract is done.
-movie begin film in 3 months
Executed contract
A contract when all parties have fulfilled their obligations
-the movie is done being filmed and the producer has paid her
Express contract
Parties explicitly state important terms of their agreement
Implied contract
The words and conduct of the parties indicate that they intended an agreement
Promissory estoppel
No valid contract but the defendant made a promise that the plaintiff relied on.
Promissory: someone makes offer “promise”
Estoppel: you can’t do that “stop”
What elements must plaintiff show to use promissory estoppel
- defendant made a promise knowing plaintiff would rely on it
- plaintiff did rely on it
- the only way to avoid injustice is to enforce the promise
What elements must the plaintiff show to use quasi-contract
- plaintiff gave some benefit to the defendant
- plaintiff reasonably expected to be paid for the benefit & defendant knew this
- the defendant would be unjustly enriched if he didn’t pay
Quasi-contract
The defendant received benefit from the plaintiff. contract implied in law
