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LWC
Chapter 10
| Term | Definition |
|---|---|
| Judicial Restraint | a court taking a passive role and requiring the parties to fulfill agreed obligations. less flexible but more predictable |
| Judicial activism | court bill will ignore certain provisions of contract if enforcing it will be unjust. more flexible but less predictable |
| contract has 4 elements | agreement consideration legality capacity |
| bilateral contract | both parties make a promise |
| unilateral contract | one party makes a promise that the other party can accept only by doing something |
| contract | a promise that the law will enforce |
| express contract | two parties explicitly state all important terms of their agreement |
| implied contract | the words and conduct of the parties indicate that they intended an agreement |
| executed contract | when all parties have fulfilled their obligations |
| executory contract | when one or more parties has not fulfilled its obligations |
| valid contract | satisfies all the law's requirements |
| unenforceable agreement | the parties intend to form a valid bargain but a court declares that some rule of law prevents enforcing it |
| voidable contract | the law permits one party to terminate the agreement |
| void agreement | neither party can enforce, usually because the purpose is illegal |
| promissory estoppel | defendant made a promise that the plaintiff relied on |
| quasi-contract | the defendant did not make a promise but did receive a benefit from plaintiff |
| quantum meruit | plaintiff gets as much as he deserved |
| UCC | uniform commercial code |
| UCC Article 2 | governs the sale of "goods" anything moveable |
Created by:
jgalindo
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