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Contract LWC1

A Contract is a promise that the la
Bilateral Contract Both Parties make a promise
Unilateral Contract One party makes a promise that the other pary can accept only by doing somrthing
Express Contact The two parties explicitly state all impoartant terms of their agreement
Implied Contract The workds and conduct of the parties indicate that they intended an agreement
Executory When one or more parties has not fulfilled its obligations
Executed when all parties hace fulfilled thier obligations
valid contract is one that satifes of law's requirements
Unenforceable agreement occurs when the parties intend to form a valid batgain but a court declares that some rule of law prevents enforcing
Voidalbe Contract Occurs when the law permits one party to terminate the agreement
Void agreement is one that neither party can enforce
Breach When one party breaches a contract, the other party is discharged
Material breach is one that substantially harms the innocent party and for which it would be hard to compensate without discharging the contract
Anticipatory breach making ot unmistakably claer that it will not honor the contract
Someone breaches a contract when he fails to perfrom a duty without a valid
a remedy is the method a court uses to compensate an injured party
Injuction An order forcing someone do to somethnig, or refain from doing somethnig
Expectation Interest It is designed to put the injured party in the position she would have been in had both sides fully performed their obligations *Compensatorty Damages *Consequential Damages *Incidental Damages *Sale of goods
Reliance Interest The reliance is desiged to put the injured party in the position he would have been in had the parties never entered in a contract
Restituation Interest is designed to return to the injured party a banefit that he has conferred on the other party, which it would be unjust to leave with that person
Equitable Interests Specific Performance- ordering the parties to perform the contract, only in cases involving the sale of land or some other asset that is unique Injunction Reformation- "Re-write" a contract
Created by: raalch120811
 

 



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