Contract Law
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| a rule of civl conduct commanding you to do what is right and prohibiting you from doing what is wrong | law | ||||
| original law produced in the US-old judge-made law that our forefathers brought from England | common law | ||||
| laws based on custom and usage which the court recognize as being binding on the people | common law | ||||
| any law that is a formal enactment of a legislature (federal or state) | statute | ||||
| a statute that is enacted by local government (any gov below the state level) | ordinance | ||||
| governmental body/commission created by either a state or federal government such as FTC or OSHA | administrative agency laws | ||||
| first law of the US-supreme law of the land, all other laws are derived from it | US Constitution | ||||
| document that defines the relationship btw the different parts of the government and the relationship btw the government and its people | US Constitution | ||||
| relief awarded to the plaintiff OTHER than monetary damages | equity | ||||
| first 10 amendments to the Constitution | bill of rights | ||||
| laws which relate to business or commercial transactions, such as contracts between merchants | business law | ||||
| decisions of the higher courts (appellate judges and supreme court decisions) are made into this kind of law | case law | ||||
| latin for "stand by the decision"-guides decision-making in similar cases | stare decisis | ||||
| a violation of a criminal statute or ordinance-offense against society as a whole | criminal law | ||||
| a civil wrong, a wrong committed against a person or their property | tort | ||||
| to listen to facts and testimony, review documents, and apply those facts to the interest of law involved | purpose of court | ||||
| court must have authority to hear that type of case, called | jurisdiction | ||||
| two types of jurisdiction: | 1) subject matter jurisdiction 2) personal jurisdiction | ||||
| how do you get personal jurisdiction for: 1) plaintiff, 2) defendant | 1) voluntarily submit when they file suit, 2) summons | ||||
| how do you secure a witness for testimony? | subpoena | ||||
| the court with the original jurisdiction of the case in a state issue | trial court | ||||
| what is the condition for appeal? | must be a matter of law at hand | ||||
| second court that may hear a case at state level | first court of appeals | ||||
| third court that may hear a case at state level, if appealed | Supreme Court of that State | ||||
| court of original jurisdiction at the federal level | Federal District Court | ||||
| if appealed at fed level, first go to | Court of Appeals | ||||
| if appealed after Court of Appeals, my petition to be heard at | US Supreme Court | ||||
| document to petition for US Supreme Court to hear your case appeal: | Application for a Writ of Certiorari | ||||
| person who files the lawsuit to bring action against another | plaintiff | ||||
| the name for a lawsuit (2 names) | petition or complaint | ||||
| person being sued | defendant | ||||
| in a civil matter the plaintiff is always: (2) | an individual OR a corporation | ||||
| in a criminal matter, the plaintiff is: | the people of the state of ____ | ||||
| a document issued to a person to obtain witnesses, who is not a party to the lawsuit | subpoena | ||||
| a means of obtaining information from the other party to a suit before the trial begins | discovery | ||||
| oral examination of a party under oath (taken down by a court reporter) - type of discovery | deposition | ||||
| written questions that are submitted by your attorney to the other party which they must answer - type of discovery | interrogatories | ||||
| decision of the jury | verdict | ||||
| statements of the attorneys advising the jury what the case is all about and what you're trying to prove | opening statements | ||||
| attorney speaks to the jury to summarize the facts and sway them to a favorable outcome for their client | closing arguments | ||||
| a legally enforceable agreement btw two or more competent people | contract | ||||
| 4 requirements for a valid contract | 1) mutual agreement 2) legally competent parties 3) consideration 4) contract must be composed of legal subject matter | ||||
| contract with no formality attached is considered | simple | ||||
| contract where a formality is required is considered | formal | ||||
| a witness, notary, or seal on a contract is | formality | ||||
| implies a social arrangement, not enforceable by law | agreement | ||||
| involves a business transaction of some sort, enforceable by law | contract | ||||
| All agreements are contracts, but not all contracts are agreements. TRUE or FALSE? | FALSE. All contracts are agreements, but not all agreements are contracts. | ||||
| failure of one of the parties to a contract to perform | breach | ||||
| contract that is completely unenforceable at law | void | ||||
| contract that is completely enforceable at law | valid | ||||
| a contract that is valid but may be avoided because of certain circumstances, one or both of the parties may agree to set it aside | voidable | ||||
| a contract wherein all of the terms have been fully set forth by the parties (can be oral) | expressed | ||||
| contracts wherein all of the terms have not been set forth-we infer from the parties' actions what the terms of the contract are | implied | ||||
| sometimes parties don't actually agree to anything, but there are rights and obligations imposed by law on the parties due to certain circumstances (ex: if the landlord doesn't kick you out, it's assumed that you are allowed to rent for the next month) | quasi | ||||
| all of the terms of a contract have been fulfilled | executed | ||||
| if the parties have not yet performed all of the terms of the contract | executory | ||||
| contract calling for an act to be given in the future for a promise made | unilateral | ||||
| an exchange of promises | bilateral | ||||
| 3 Essential requirements of an offer and proposal (mutual agreement) | 1) must be definite (know exactly what the offeror proposes) 2) must be seriously intended 3) must be communicated to the offeree | ||||
| who can accept a proposal? | only the offeree or their agent | ||||
| mutual agreement is valid once the written acceptance has been postmarked | postmark rule | ||||
| a proposed acceptance that alters the terms of the original offer | counter-offer | ||||
| TRUE or FALSE: offeror may revoke the offer at any time prior to acceptance | TRUE-UNLESS! The offeror accepted some consideration to keep the offer open for a certain period of time | ||||
| when the offeror agrees to keep an offer open for a certain period of time and accepts some consideration to do so, then the offeror is bound | option contract | ||||
| under common law, adulthood for contracts was | 21 | ||||
| under statutory law, adulthood for contracts is | 18 | ||||
| if a minor enters into a contract it is ______-at the option of whom? | voidable, option of the minor-EXCEPT for necessities (must pay the cost for the necessities that he/she received) | ||||
| act of avoiding a contract (2 terms) | 1) disaffirmance of the contract OR 2) repudiation | ||||
| when can a minor disaffirm a contract? | only when in minorhood | ||||
| silence after adulthood is reached is consideration _____ of the contract | ratification | ||||
| if a person is adjudicated as "mentally incompetent", every contract they enter thereafter is | void | ||||
| if a person has not been adjudicated as mentally incompetent, any contract the individual enters is treated is if it were the contract of | a minor | ||||
| anything of value given up in a contract (money, services, merchandise) | consideration | ||||
| an act or a promise to act of to forbear/refrain from acting where you had a legal right to do so, given up in exchange for the other party to the contract's promise or action or refraining to act | consideration | ||||
| you can promise NOT to do something as part of consideration as long as it's something you would have had a legal right to do | forbearance | ||||
| does partial payment of a past due act as consideration to discharge the entire obligation? | NO, but 4 exceptions. | ||||
| Exception 1: amount owed is in dispute, the creditor accepts the lesser sum, the obligation is | discharged | ||||
| Exception 2: debtor has several creditors that he owes $ to, all creditors agree to accept a lesser sum to avoid debtor filing bankruptcy | composition of creditors agreement | ||||
| Exception 3: creditor accepts a lesser sum and issues | a receipt acknowledging payment in full | ||||
| Exception 4: if a collateral note was not originally signed as part of the agreement, and offers personal property as collateral plus lesser sum | exchanges unsecured note for secured not, it's enforceable | ||||
| money in exchange for nothing, to a charitable organization can be enforced without dual consideration | pledge |
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Created by:
amyziolkowski
on 2010-10-18