Week 5&6 Flashcards
What is a contract - definiton graph
General information about a contract
Termination of an offer
Acceptance of an offer
What is an offer?
What is a preliminary agreement?
Unilateral contract
In a unilateral contract, one party pays the other party to perform a certain duty. If the first party fulfills the duty, the second party is obligated to transfer the specified funds. However, the first party is under no binding obligation: they only have to fulfill the task if they want to.
For example, Keith can offer a unilateral contract to pay Carla $2000 if Carla will take Keith’s boat into storage. Carla has no binding obligation to take the boat into storage, but if she does, Keith has to pay her $2000. In other words, a unilateral contract is contingent on an action being taken.
Capacity definition
Contract may be unenforceable if one party has not genuinely assented to its terms because of:
- Intentional misinterpretation
- Mistake
- Duress (wrongful act or threat by one person that compels another person to sign a contract which that person would not have signed voluntarily)
- Undue influence (unlawful control exercised by one person over another to substitute the first person’s will for that of the other)
Lawful and certain purpose
Promissory estoppel
a legal principle that a promise is enforceable by law, even if made without formal consideration, when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment. Promissory estoppel is intended to stop the promisor from arguing that an underlying promise that was made should be not be legally upheld or enforced. The doctrine of promissory estoppel is part of the law in the United States and other countries, although the precise legal requirements for promissory estoppel vary not only between countries but also between different jurisdictions, such as states, within the same country.
Conflict-of-law rules
Protection against breach of contract : Contractual provisions
Implied covenant of good faith
Unconscionability doctrine
terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargain power, that they are contrary to good conscience. An unconscionable contract is held to be unenforceable because no reasonable or informed person would otherwise agree to it
Monetary damages (protection against breach of contract : judicial remedies)
Specific performance
Rescission and restitution
Examples of limits to freedom of contract: Intellectual property
