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15 Cards in this Set

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Contract

-agreement that is enforceable by a court of law or equity.


-A promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Four Requirements for Contract to be met

1) Agreement


2) Lawful Object


3) Contractual Capacity


4) Consideration

Defenses to the enforcement of a Contract

-writing and form


-genuineness of assent.

Common Law of Contracts

-major source of contract law


-developed from early court decisions


-larger and more prevalent body of common law has been developed from state court decisions.

Uniform Commercial Code

-tries to create a uniform system of commercial law among the 50 states.

Objective Theory of Contracts

-how we determine whether or not there was intent to commit to a contract


-based on whether a reasonable person viewing the circumstances would conclude that the parties intended to be legally bound.

Formal Contracts

-require a special form method of creation.


-negotiable instruments


-A letter of credit


-recognizance


-contracts under seal

Informal Contracts

-no special form of creation


-leases, sale contracts, and service contracts

Valid Contract

-has agreement, contractual capacity, lawful object, and consideration.



Void Contract

-no legal effect


-as if no contract had ever been created.



Unenforceable Contract

-some legal defense prevents the enforcement of the contract.

Executory Contracts

-has not been fully performed by either or both sides.

Express Contract

-stated in oral or written words.


-most business and personal

Implied in Fact

-implied from the conduct of the parties


-

Implied in Law (Quasi Contract)

-to prevent unjust enrichment and unjust detriment.


-allows a court to award monetary damages to a plaintiff for providing work even if no contract existed.


-one person confers a benefit on another


-and it would unjust not to require that person to pay for the benefit received.