What's a Contract and What Law Applies? Flashcards
How are implied contracts formed?
Via conduct
How are express contracts formed?
Via language (oral or written)
What are quasi-contracts?
Unenforceable contracts resulting in unjust enrichment (so, not actual contract)
What’s a bilateral contract?
Contract of mutual promises
How can a bilateral K be accepted?
In any reasonable way
What is a unilateral K?
K where offeror-promisor promises to pay upon the completion of the requested act
When is a unilateral K formed?
Once the act is completed
How can a unilateral K be accepted?
Only via full performance
In what situations can a unilateral K be formed?
Only two: 1) when offeror unambiguously indicates that completion is the only manner of acceptance; and 2) where there’s an offer to the public (i.e., reward offer)
What is a void K?
K totally without any legal effect from beginning; can’t be enforced by either party
What is a voidable K?
K that one or both parties may elect to avoid by raising defense that makes it voidable
What is an unenforceable K?
K that is otherwise valid but isn’t enforceable due to some defense
What are goods per the UCC?
All things movable at the time they are identified as items to be sold under K
What is a merchant per the UCC?
A merchant is one who regularly deals in goods of the kind sold or who otherwise by their profession holds themselves out as having special knowledge or skills as to the practices or goods involved
What law applies if the underlying K is both for goods and services?
Determine which aspect is dominant and apply law governing said aspect; BUT if payment divided between each, use applicable law for each portion
