Contracts 1L Mod 7-8 Things to know
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| show | Both parties must be biund to perform their obligation or the law will state that neither party is bound to perform.
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| How does one avoid the court from invoking MUTUALITY OF OBLIGATION? | show 🗑
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| show | There is no mutuality of obligation in a unilateral contract.
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| Why is there NO mutuality in a UNIlateral contract? | show 🗑
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| show | The doctrine states unless specific language or context indicates otherwise, mutual promises in a bilateral contract are constructively conditional upon each other. NOTE: Promises that are exchanged are not independent.
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| show | Just because a promise is voidable or uneforceable by law doesn't mean it is not consideration-There is mutuality of consideration evthough one or btoh of the parties' promises is voidable or unenforceable.
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| What is the policy behind Statute of Frauds. | show 🗑
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| show | An expression cloaked in promissory terms but on closer examination reveals that the promisor is not committed to any act or forbearance. There is an absence of mutuality.
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| Define ALEATORY PROMISE. | show 🗑
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| Void Contracts-Are they automatically null? | show 🗑
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