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Business Law Ch.11
Clarkson-Miller-Cross Fourteenth Edition
| Question | Answer |
|---|---|
| Common Law | governs all contracts except sales and leases |
| Uniform Commercial Code (UCC) | governs sale and lease of goods |
| Promise | a person's declaration that he will perform or refrain from performing some present or future act |
| Promisor | makes a promise |
| Promisee | person to whom the promise is made |
| Contract | an agreement formed by two or more parties; can be enforced in court |
| Objective Theory of Contracts | the circumstances that determine the intent of the parties, which includes what a party said, how the party acted or appeared, and the circumstances surrounding the transaction |
| Agreement | offer and acceptance |
| Consideration | legally sufficient and bargained for |
| Contractual Capacity | all parties must be competent |
| Legality | purpose of contract must be legal at time of execution |
| Defenses to Enforceability | voluntary consent-all parties must consent to the contract, and form-some types of contracts must be in writing |
| Offeror | party making the offer |
| Offeree | party to whom the offer is made |
| Bilateral Contract | offeree must only promise to perform (promise for a promise) |
| Unilateral Contract | offeree can accept offer only by completing the contract performance (promise for performance) |
| Formal Contract | a contract that requires a special form or method in order to be enforceable |
| Informal Contract | a contract that does not require a specified form or method of formation in order to be valid |
| Express Contract | the terms of the agreement (oral or written) are explicitly stated |
| Implied (In Fact) Contract | conduct creates and defines the terms of the contract |
| Requirements for Implied Contract | formed if plaintiff furnished some service or property; expected to be paid and defendant knew or should have known payment expected; or defendant had chance to reject services or property and did not |
| Executed Contract | a contract that has been fully performed by all parties |
| Executory Contract | a contract that has not been fully performed by one or more parties |
| Valid Contract | a contract with agreement, consideration, contractual capacity, form, and legality |
| Voidable Contract | a valid contract that can be legally avoided, canceled, or annulled by one of the parties |
| Unenforceable Contract | an otherwise valid contract that is rendered unenforceable by some statute or law |
| Void Contract | a contract with no legal or binding effect |
| Quasi Contracts | fictional contracts that the courts impose on parties "as if" the parties had entered into an actual contract |
| Plain Meaning Rule | a court will enforce a contract according to its obvious terms when it is clear and unequivocal |
| Ambiguity | contract is unclear when the parties intent cannot be determined by the language, lacks a provision on a disputed term, a term is susceptible to more than one interpretation, and when there is uncertainty about a provision |
| Extrinsic Evidence | evidence relating to a contract that is not within the four corners; cannot be considered if contract is free from ambiguity |
Created by:
aidanj01
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