What is a Contract? Flashcards
What is a contract?
a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law recognizes as a duty.
What are most contracts?
Bilateral
What is an express contract?
A contract that is formed by language, oral or written.
What is a merchant?
one who regularly deals in goods of the kind sold or who otherwise by his profession holds himself out as having special knowledge or skills, dealing with general business practices, with respect to the goods of the kind involved in the subject transaction.
What is a Quasi Contract or Implied in Law Contract?
These are not contracts but they are construed by the courts to avoid unjust enrichment by allowing the P to bring action in restitution to recover the amount of benefit conferred on the D.
What is an implied in fact contract?
These contacts are formed by manifestations of assent other than oral or written ie by conduct.
What are goods?
all things movable at the time they are identified as the items to be sold under the contract
What is good faith and Fair dealing?
The UCC imposes an obligation of good faith in its performance and enforcement in observance of reasonable commercial standards.
Who is not a merchant?
A person dealing with their hobby.
Common-Law governs
Contracts
What are the two situations where a unilateral contract usually occurs?
i when the offeror clearly indicates that performance is the only manner of acceptance and ii. where there is an offer to the public such as a reward.
What is a unilateral contract?
This is where one is giving a promise for performance.
What is a bilateral contract?
This is where one is giving a promise in exchange for a promise.
UCC governs
Sale of goods
What is a void contract
this is a contract that is without any legal effect. It can’t be enforced by either party.
