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Contracts
| Term | Definition |
|---|---|
| Contract | A contract is a promise or a set of promises that the law will enforce. |
| Objective Theory of Contract | The objective meaning of the outward manifestations |
| Elements of a Contract | Offer, Acceptance, Consideration |
| Offer | A Manifestation of a willingness to enter a bargain, so made as to justify a reasonable person that her assent is invited and will conclude the bargain |
| Ways to terminate an Offer | Rejection or Counter-offer, Revocation: direct or indirect, Lapse, or Death or Incapacity |
| Option Contract | A promise to keep the offer open for a stated or reasonable time, requires separate consideration |
| Firm Offer | Option contract when 1) Offeror is a merchant 2) option is put in writing 3) NO ADDITIONAL CONSIDERATION NEEDED |
| Acceptance | Is a manifestation of assent made in a manner invited or required by the offer |
| Manner of Acceptance | If not otherwise indicated, acceptance may be by any manner reasonable in the circumstances |
| Acceptance by performance | If acceptance by performance, no notification necessary (but must follow in due course) |
| Acceptance by Promise | Requires the offeree to complete every act essential to the making of the promise. |
| NonDisclosure | A Nondisclosure is the equivalent of an assertion where: disclosure would correct a mistake as to a basic assumption, and nondisclosure is failure to act in good faith |
| Acceptance by part performance or acceptance | Part performance is acceptance to the offer. |
| Acceptance by part performance only | Part performance creates an option contract |
| Acceptance by Silence | 1) Offeree takes benefit of services, 2) Offeror has given reason to believe that silence may be a manifestation of assent (and offeree intends to accept), or 3) Previous Dealings |
| Acceptance w/ Changed terms(if different/additional term is a condition of acceptance, then | no k on agreed upon terms.) imperfect acceptance is counteroffer |
| Acceptance w/ Changed terms ( if different/additional term is requested but not required, then | a k on agreed upon terms only |
| Battle of the forms ( ucc) | 1) conditional v. requested, 2) + terms are proposals; but if BOTH parties are MERCHANTS + terms are deemed accepted unless a) initial offer is expressly limited to original terms; b) additions are material; or c) offeror gives notice of objection |
| Mutual misunderstanding (neither has reason to know) then | no assent and no k |
| Mutual misunderstanding (Both have reason to know) then | no assent and no k |
| Mutual misunderstanding (One has reason to know and one does not) then | Agreement on term that both know. K formed only on that part. |
| Indefinite terms, if terms are not reasonably certain, then | no acceptance (even if offeror intends to invite assent) |
| Indefinite terms, if terms are reasonably certain defined as, then | provides basis for determining a breach |
| Consideration definition | a benefit conferred or promised, or forbearance n exchange for the promise |
| Consideration rules | must be bargained for, no past consideration |
| promissory estoppel | If a promisor makes an oral promisee that shld reasonably cause the promised to rely on it&prom- does rely, then prom- may be able to enforce promise to prevent injustice. |
| Condition of performance | A condition is an event, not certain to occur, which must occur, unless its non-occurrence is excused, before performance is due. |
| Performance of a duty is subject to a condition is not due unless: | i) the condition occurs; or ii) its non-occurrence is excused. |
| Expressed condition | A condition that is explicitly stated in contract |
| Implied /Constructive | Supplied by the Court |
| Example of primarily used implied condition | impossibility/impractability |
| When, after a contract is made, a party’s performance is made impracticable without his fault by the occurrence of an event the non-occurrence of which was a basic assumption on which the contract was made, his duty | is discharged. |
| to the extent that the non-occurrence of a condition would cause disproportionate forfeiture, | a court may excuse the non-occurrence of that condition unless its occurrence was a material part of the agreed exchange. |
| economic duress | 1) improper threat 2) object of pressure had no alternative |
| Unfair persuasion | 1) object is dominated by persuading party or 2) by virtue of the relationship object of pressure trusts that the persuading party will not act contrary to the person being persuaded |
Created by:
Cam.kollar
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