Term
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Definition
| 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 as a duty |
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Term
| agreement, consideration, capacity, legality |
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Definition
| 4 elements of a valid contract |
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Term
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Definition
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Term
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Definition
| a promise or commitment to do or refrain from doing some specified thing in the future |
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Term
| intent, definiteness of terms, communication of the offer |
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Definition
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Term
1. revocation
2. rejection
3. counteroffer |
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Definition
| Termination of the Offer by action of the parties (3 ways) |
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Term
1. lapse of time
2. destruction
3. death or incompetence
4. illegality |
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Definition
| Termination of the Offer by operation of law (4 ways) |
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Term
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Definition
| requires acceptance to match the offer exactly. An attempt to include different terms is a rejection of the original offer and a simultaneous making of a new one |
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Term
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Definition
| the value given in return for a promise |
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Term
| a bargained-for exchange and something of legal value |
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Definition
| 2 elements of consideration |
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Term
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Definition
| generally implied, persons who are minors, intoxicated, or mentally incompetent can enter into a contract, but can normally avoid liability under the contract |
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Term
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Definition
| not legally bound to contracts; subject to certain exceptions and contracts can be voidable |
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Term
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Definition
| the transaction is voidable at the option of the person in question, even if it was purely voluntary |
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Term
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Definition
| if court-ruled and a guardian is in place, no contract can be entered into by the person in question |
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Term
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Definition
| to be enforceable, a contract must not violate any statutes or public policy |
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Term
| genuineness of assent and form |
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Definition
| 2 defenses to the enforceability of a contract |
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Term
| mistakes, undue influence, misrepresentation, duress, and adhesion contracts |
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Definition
| Types of genuineness of assent |
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Term
| bilateral mistakes, unilateral mistakes |
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Definition
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Term
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Definition
| when both parties make a mistake, either party can rescind the contract |
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Term
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Definition
| does not afford the mistaken party relief, must be held to the contract |
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Term
| fraudulent, non-fruadulent |
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Definition
| 2 types of misrepresentation |
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Term
| fraudulent misrepresentation |
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Definition
| if an innocent party is induced to enter into a contract, the contract can normally be voided |
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Term
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Definition
| occurs when a contract enriches a party at the expense of another who is dominated by the enriched party; is voidable |
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Term
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Definition
| involves forcing a party to enter into a contract by threatening the party with a wrongful act |
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Term
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Definition
| to void the contract, you must be able to show that the parties had substantially unequal bargaining positions and that enforcement would be fair or oppressive |
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Term
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Definition
| some contracts must be in writing to be enforceable |
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Term
| contracts involving interests in land, One Year Rule, collateral (or secondary promise), promises made in consideration of marriage, contracts for the sale of goods of $500 or more |
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Definition
| types of contracts required to be in writing |
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Term
| discharge by performance, discharge by agreement, discharge by operation of law |
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Definition
| 3 types of performance and discharge |
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Term
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Definition
| discharge by the parties performing their promises |
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Term
| discharge by rescission, discharge by novation, discharge by substituted agreement, discharge by accord and satisfaction |
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Definition
| 4 types of discharge by agreement |
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Term
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Definition
| the process by which a contract is canceled and the parties are returned to the positions they occupied prior to forming the contract |
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Term
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Definition
| when the parties to a contract agree to substitute a third party for one of the original parties |
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Term
| discharge by substituted agreement |
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Definition
| worked out as a compromise in a genuine dispute substitutes as a new contract (no third party) |
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Term
| discharge by accord and satisfaction |
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Definition
| the parties agree to accept performance that is different from the performance originally promised |
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Term
| impossibility of performance, bankruptcy, statute of limitations |
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Definition
| examples of discharge by operation of law |
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Term
| damages, rescission and restitution, specific performance, reformation, recovery based on quasi contract |
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Definition
| Types of Breach of Contract and Remedies |
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Term
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Definition
| compensate a non-breaching party for the loss of a bargain; goal is to place the nonbreaching party in the position they would have occupied if the contract had been performed |
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Term
| compensatory, consequential, nominal, liquidated damages |
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Definition
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Term
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Definition
| designed to compensate a party for the loss of a bargain |
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Term
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Definition
| designed to give the injured party the entire benefit of the bargain including all foreseeable losses caused by special circumstances beyond the contract |
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Term
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Definition
| designed to recognize wrongdoing when no monetary loss is shown |
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Term
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Definition
| the innocent injured party is held to a duty to reduce the damages that the breaching party suffers |
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Term
| liquidated damages provisions |
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Definition
| specifies a certain amount to be paid in the event of a breach |
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Term
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Definition
| specify a certain amount to be paid in the event of a breech; designed to penalize the breaching party and are not enforceable |
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Term
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Definition
| an action to undo a contract and to return the contracting parties to the positions they occupied before the transaction |
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Term
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Definition
| available in the case of fraud, bilateral mistake, duress, undue influence, misrepresentation, lack of capacity, or a party's failure to perform |
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Term
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Definition
| only available if damages are an inadequate remedy; will be decreed if goods are unique |
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Term
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Definition
| used when the parties have imperfectly expressed their agreements in writing; allows the contract to be rewritten to reflect original intentions |
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Term
| recovery based on quasi contract |
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Definition
| provides relief when no enforceable contract exists |
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Term
| contracts involving interests in land, One Year Rule, collateral (or secondary promise), promises made in consideration of marriage, contracts for the sale of goods of $500 or more |
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Definition
| types of contracts required to be in writing |
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Term
| discharge by performance, discharge by agreement, discharge by operation of law |
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Definition
| 3 types of performance and discharge |
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Term
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Definition
| discharge by the parties performing their promises |
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Term
| discharge by rescission, discharge by novation, discharge by substituted agreement, discharge by accord and satisfaction |
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Definition
| 4 types of discharge by agreement |
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Term
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Definition
| the process by which a contract is canceled and the parties are returned to the positions they occupied prior to forming the contract |
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Term
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Definition
| when the parties to a contract agree to substitute a third party for one of the original parties |
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Term
| discharge by substituted agreement |
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Definition
| worked out as a compromise in a genuine dispute substitutes as a new contract (no third party) |
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Term
| discharge by accord and satisfaction |
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Definition
| the parties agree to accept performance that is different from the performance originally promised |
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Term
| impossibility of performance, bankruptcy, statute of limitations |
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Definition
| examples of discharge by operation of law |
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Term
| damages, rescission and restitution, specific performance, reformation, recovery based on quasi contract |
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Definition
| Types of Breach of Contract and Remedies |
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Term
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Definition
| compensate a non-breaching party for the loss of a bargain; goal is to place the nonbreaching party in the position they would have occupied if the contract had been performed |
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Term
| compensatory, consequential, nominal, liquidated damages |
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Definition
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Term
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Definition
| designed to compensate a party for the loss of a bargain |
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Term
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Definition
| designed to give the injured party the entire benefit of the bargain including all foreseeable losses caused by special circumstances beyond the contract |
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Term
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Definition
| designed to recognize wrongdoing when no monetary loss is shown |
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Term
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Definition
| the innocent injured party is held to a duty to reduce the damages that the breaching party suffers |
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Term
| liquidated damages provisions |
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Definition
| specifies a certain amount to be paid in the event of a breach |
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Term
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Definition
| specify a certain amount to be paid in the event of a breech; designed to penalize the breaching party and are not enforceable |
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Term
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Definition
| an action to undo a contract and to return the contracting parties to the positions they occupied before the transaction |
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Term
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Definition
| available in the case of fraud, bilateral mistake, duress, undue influence, misrepresentation, lack of capacity, or a party's failure to perform |
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Term
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Definition
| only available if damages are an inadequate remedy; will be decreed if goods are unique |
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Term
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Definition
| used when the parties have imperfectly expressed their agreements in writing; allows the contract to be rewritten to reflect original intentions |
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Term
| recovery based on quasi contract |
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Definition
| provides relief when no enforceable contract exists |
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