Week 1 - Test 1 Flashcards
Set of legally enforceable principles, entered into by two or more parties, to make their dealings predictable and to allocate risk
Contract
law applicable to injuries to people or property
Torts
Help lawyers prepare employee contracts, shareholder agreements, financial reports, etc. Monitor government regulations
corporate paralegals
maintain documents received from clients, conduct research for lawyers, retrieve and organize evidence for use at depositions and trials
litigation paralegals
4 requirements for a promise to be a contract
- agreement (manifestation of mutual assent)
- consideration
- capacity
- legality
“meeting of the minds”
agreement
appearance that an agreement has been reached
manifestation of mutual assent
the give and take that distinguishes a contract from a gift
consideration
ability, as determined by age and mental competence, to enter into a contract
capacity
an element of an enforceable contract
legality
contract with significant terms stated orally or in writing
express contract
contract formed without express statement of terms, by words and actions
implied contract
contract in which both parties make promises
bilateral
contract in which obligatiosn have not been fulfilled
executory
contract in which all obligations have been fulfilled (not revokable)
executed
formed when one party acts in respose to another party’s promise (revokable before action taken)
unlitateral contract
irrevokable promise by a buyer’s bank to pay the seller when conditions are met
letter of credit
a contract required to be in a particular form
formal contract
contract for which no particular form is required
informal contract
agreement with no legal effect
void
one party has the power to invalidate a contract
voidable
a contract, otherwise valid, that cannot be enforced in court
unenforceable
time limit on bringing lawsuit, based on statue of limitations
limitations period
documentation of the receipt of goods for shipment, issued by a party in the business of transporting goods
bill of lading
completed transfer of property without consideration (from donor to donee)
gift
3 things that make a gift irrevokable
- donor with capacity
- voluntary transfer
- accepted by the donee
theory under which a promise can be enforced, despite lack of consideration, because of reliance on that promise and knowledge of that reliance (only way a promise of a gift can be upheld)
primissory estoppel
3 conditions for promissory estoppel to be enforced
- defendant knew plaintiff would rely on the promise
- plaintiff did reply on the promise
- enforcement is necessary to avoid injustice
dictates types of contracts that must be written (though even when oral contracts count, the problem of proof comes up)
statute of frauds
based on fairness and individual circumstances (e.g., estoppel is equitable)
equitable
short summary of facts, issues, holdings and reasoning of a judicial decision
case brief
theory for avoiding unjust enrichment in situations in which a contract did not actually form (the missing element is agreement)
quasi-contract
4 conditions for quasi-contract
- plaintiff gave some benefit to the defendant
- plaintiff expected to be paid
- defendant had knowledge of plaintiff’s actions and expectations
- defendant would be unjustly enriched if not required to pay
an equitable theory for determining how to make the plaitiff “whole” where there is no contract dictating the emount to which a party is “legally” entitled; “as much as is deserved” to avoid unjust enrichment. This can involve payment of money, but is not the same as a legal award of damages
quantum meruit
ethical issue; legal professional’s loyalties divided
conflict of interest
Contract law deals with (1) exchanges. It regulates (2) and enforces (3).
- economic
- how people deal with each other
- commercial obligations
2 questions asked by the Law of Contracts
- What promises does society enforce? (inc. resources to allocate to enforcing?)
- Why does it choose to enforce them?
There is no (1) contract law; instead, it is relegated to (2) unless it is in violation of a (3).
- federal law on contracts
- states
- federal law
4-part definition of contract
- Oral or written agreement between 2 or more persons
- that is an exchange relationship
- involving at least one promise
- that is legally enforceable
An “exchange relationship” means the people are (1) for the purpose of (2). The central purpose is to (3), and the relationship must be (4) and (5).
- bound together
- fulfilling the contract
- exchange
- voluntary
- consensual
an undertaking to act or refrain from acting in a specified way at some future time
promise
A promise can be (1) or (2), and not all parties need to make one!
- implied
2. express
A bilateral contract is an exchange of (1), while a unilateral contract is an exchange of a (2) for an (3)
- two promises
- promise
- act
pay money to purchase the option to buy something–unilateral because buyer makes a choice
option contract
A consignment is a (1) contract
- bilateral (promise to supply goods, promise to display)
A legally enforceable contract means (1)
- the court will uphold it
An informal contract still requires (1). The (2) should never be alone on a page!
- the elements of the contract
2. signature line
no agreement, no legal effect (illegal, against public policy, etc.)
void
valid contract, but, for example, the statute of limitations has run (sometimes can be reactivated)
unenforceable
one party may choose to enforce or not (e.g., Vegas wedding)
voidable
not used often now because of Internet banking. An example is Traveler’s Checks.
Letters of credit
(1) logic moves from a general premise to a more specific conclusion. Often used in closing arguments.
deductive reasoning
Label the parts in this deductive argument:
- “All dogs have fleas.”
- “This is a dog.”
- “This dog has fleas.”
- major premise
- minor premise
- conclusion
(1) reasoning moves from a specific premise to a general conclusion. Often used in opening statements.
- inductive
