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Chapter 10

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