What is a Contract Flashcards
Promise
A commitment to do OR not to do something in the future.
What are the two elements of a promise?
commitment and future
Agreement
An exchange of promises.
What the parties said or wrote when they entered into the agreement.
The language of the parties.
The language of the parties.
What the parties said or wrote when they entered into the agreement.
The Course of Dealing
How the parties have dealt with each other in the course of other agreements.
How the parties have dealt with each other in the course of other agreements.
The Course of Dealing
Usage of Trade
How other people like them usually act
How other people like them usually act
Usage of Trade
Course of Performance
How they have acted in the course of performing their current agreement.
How they have acted in the course of performing their current agreement.
Course of Performance
Bargain in Fact
Any information we find contained in the above.
Discrete Contract
Sometimes we are tempted to focus narrowly on the words the parties have used and to treat the agreement as an isolated event.
A Relational View of Contracting
No contract is ever truly Discrete and contracts with extensive pasts and futures are the norm in our society.
