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LWC1 Bus Law Ch 10

Introduction to Contracts

QuestionAnswer
WHAT IS THE DEFINTION OF A CONTRACT? A contract is a promise that the law will enforce. Intended to make business matters more predictable.
Mutual Promises Began in 1602 in England. Neither party gave anything to the other but both promised to do something in the future.
Noncompetition Agreement A contract that enforces non-competition between two parties.
Laissez-Fair Approach Courts declaring that the parties have freedom to contract and would have to live with the consequences.
Activist Role Early 20th century when courts increasingly looked at the basic fairness of a contract.
DESCRIBE THE VARIOUS TYPES OF CONTRACTS (Bilateral, Unilateral) Bilateral - Both parties make a promise. Unilateral: One party makes a promise that the other party can accept only by doing something.
DESCRIBE THE VARIOUS TYPES OF CONTRACTS (Express, Implied) Express: Two parties explicitly state important terms of their agreement. Most contracts are Express contracts. Implied: When works and conduct of the parites indicate that they intended an agreement.
Executory vs. Executed A contract is executory when one or more parties has not fulfilled its obligations. A contract is executed when all parties have fulfilled their obligations.
Valid Contract Valid Contract - One that satisfies all of the law's requirements.
Unenforceable Agreements Unenforceable Agreement - Occurs when the parties intend to form a valid bargain but a court declares that some rule of law prevents enforcing it.
Voidable Contract Voidable Contract: Occurs when the law permits one party to terminate the agreement. ie, The other party commits fraud or misrepresentation.
Void Agreements Void Agreement: One that neither party can enforce, usually because the purpose of the deal is illegal or because one of the parties had no legal authority to make a contract.
What are the Remedies Created by Judical Activism? Promissory Estoppel - Defendent makes a promise that the plaintiff relied on. *Plaintiff's frequently allege Promissory Estoppel but seldom succeed. Quasi-Contract: The defendent did not make any promise, but did receive a benefit from the plaintiff.
Even if there is no contract,a plaintiff may use promissory estoppel to enforce the defendant's promise if can show that... 1. The defendent made a promise knowing that the the plaintiff would likely rely on it. 2. Plaintiff did rely on the promise. 3. Only way to avoid injustice is to enforce the promise.
Quasi-Contract Even when there isn't a contract, a court may use quasi-contract to compesate a plaintiff who shows that: -Plaintiff gave benefit to defendent. -Plaintiff expected to be paid and defendent knew this. -Defendent would be unjustly enriched if he didn't p
Quantum Meruit In a quasi-Contract, when courts award the value of goods or services that the plaintiff has conferred. The damages awarded are called quantum meruit. It's an equitable remedy that does not arise out of a contract. Generally no express contract existed.
IDENTIFY AND DESCRIBE THE THEORIES OF RECOVERY IN CONTRACT LAW. Pg. 244 - Express Contract Implied Contract Promissory Estoppel Quasi-Contract
Because of differences concerning important contract doctrins, twentieth century saw a rise of what two major new sources of contract law? 1.Uniform Commerical Code: 1952 to facilitate form & enforcement of business contracts. 2.Restatement of Contracts: 1932,1979 ALI (American Law Institute) created: Restatement 2nd of contracts). Not law but influences contract lawyers & judges.
What governs a contract used for the sale of goods? UCC Article 2
What governs a contract used for services, employment or real estate? Common Law
What type of contract is it when the parties formally agreed and stated explicit terms? Express Contract
What type of contract is it if the parties did not formally agree, but their conduct, words, or past dealings indicate that they intended a binding agreement? Implied Contract
What is an unenforceable agreement? One with a legal defect.
When does a voidable contract occur? When one party has commited fraud, giving the other party the right to terminate the agreement, or when one party lacks capacity to make the contract.
What does Void Agreement mean? The law will ignore the deal regardless of what the parties want, usually because the purpose of the deal is illegal.
A claim of Quasi-Contract requires what? That the defendent received a benefit knowing that the plaintiff would expect compesation and it would be unjust to grant it.
Defendent A person, company, etc. against whom a claim or charge is brought in a court.
Plaintiff A person who brings suit in a court.
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