Wk2. Contracts Flashcards
CONTRACT VOID … IF
An act of government An act of God No Offer No Acceptance Not Legal No Consideration (money or love)
Status of Contracts
VOID … VOIDABLE … UNENFORCEABLE …VAILD/BINDING
CONTRACT VOIDABLE … IF
One is infant One is intoxicated One is incarcerated One is insane One Haw committed Fraud One has committed Menace One has committed Duress One has committed Undue Influence
IF CONTRACT VOIDABLE
The infant ALWAYS has the option of terminating the contract
The adult can do nothing
CONTRACT UNENFORCEABLE … IF
A lease of more than one year is not in writing
Any buying of real estate is not in writing
All deeds are not in writing
All leases for one year or less may be oral or written to be enforceable
CONTRACT VALID/BINDING …IF
Two or more parties are accountable in a court of law, if disputes arises
CLASSIFICATION OF CONTRACTS … Must have one of each of these three (3) sets of components
Expressed/Implied … Bilateral/Unilateral … Executory/Executed
EXPRESSED CONTRACT
Oral or written, but definitive
IMPLIED CONTRACT
Actions/conduct
BILATERAL CONTRACT
Two or more parties agree to do or not to do something
UNILATERAL CONTRACT
One party has to wait for the other party to perform e.g. An option
EXECUTORY CONTRACT
Something remains to be done
EXECUTED CONTRACT
Everything is done e.g. COE
TERMINATING SALES CONTRACT
Agreement after meeting of minds Disagreement after meeting of minds ... Creates breach Assignment Novation Completion
(4) RESULTS OF BREACH OF CONTRACT
Rescission … No court
Liquidated Damages … No court
Damages … Court
Specific Performance … Court
