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LWC

Chapter 10

TermDefinition
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