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| one promise is given in exchange for another |
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| a legally binding agreement |
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| type of formal contract denoted by a seal |
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| contract that has been completely performed |
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| contract that has been partially performed |
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| spoken or written contract |
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| enforced because the formality with which they are executed is considered sufficient to signify that the parties intend to be bound by their terms |
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| agreement to contract shown by acts and conduct of the parties |
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| all contracts that aren't formal contracts |
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| obligee, offeree, promisee etc. |
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| person to whom the promise is made |
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| obligor, offeror, promisor etc. |
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Definition
| person who makes the promise |
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| initial contract that gives right to one party to enter into a second contract at a later date. |
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| parties in a contract stand in "privity" with each other |
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| relationship between parties in a contract |
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| recovery for as much as the party deserves, as deemed by court |
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| obligation imposed by law |
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| (formal contract) contracts of record, which are obligations that have been entered before a court of record |
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| (opposite of option contract) right to be given the opportunity to enter into a business transaction with a party before anyone else can |
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| pay a certain amount of money when action is completed (one-sided). example: when a reward is offered |
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| an agreement that is binding and enforceable |
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| agreement w/o legal effect |
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| an agreement that is otherwise binding and enforceable, but because of circumstances it may be rejected at the option of one of the parties |
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| the offeree's manifestation of intent to enter into a binding agreement on the terms stated in the offer |
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| occurs when terms are changed or another offer is made, rejects original offer |
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| agreement where 2 parties have to perform their parts at the same time |
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| an offer that states that it is to be irrevocable, or irrevocable for a stated period of time |
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| expresses the willingness of the offeror to enter into a contractual agreement regarding a particular subject |
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| the contract of a producer to sell the entire production or output to a given buyer |
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| a contract to buy all requirements of the buyer from the seller |
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| confidential relationship |
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Definition
| relationship in which failure to disclose information may be regarded as fraudulent (attorney-client relationship) |
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Definition
| ability to understand that a contract is being made and to understand its general meaning |
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| the making of a material misrepresentation of fact with (1) knowledge of its falsity (2) the intent that the listener rely on it (3) the result that the listener does so rely (4) the consequence that the listener is harmed |
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| things absolutely necessary for the sustenance and shelter of the minor including health, education, food and lodging |
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| danger threatened may be a physical harm (threat) |
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| court may reform the contract to reflect the actual agreement of the parties |
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| put things back to their original position. (minor must return things to other party) |
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| the amount of pressure which one uses to force someone to execute a will |
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| authorize a party to cancel the agreement under certain circumstances |
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Term
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Definition
| the various creditors of one debtor mutually agree to accept a fractional part of their claims in full satisfaction of the claims |
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Definition
| what each party to a contract gives up to the other in making their agreement |
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| refraining from doing an act that an individual has a legal right to do |
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| if one party's promise contains either no obligation or only an apparent obligation to the other |
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| past consideration is no consideration, a promise based on a party's past performance lacks consideration |
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| preexisting legal obligation |
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Definition
| doing or promising to do what one is already under a legal obligation to do is not consideration |
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| a promisor may be prevented from asserting that his or her promise is unenforceable because the promisee gave no consideration for the promise |
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| take-it-or-leave-it basis by a party with superior bargaining strength, sometimes deemed unconscionable |
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| implied covenant, neither party shall do anything that will harm the other party |
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| three elements of prize, chance and consideration. based solely on luck not skill |
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| protection from that which tends to be injurious to the public or contrary to the public good or which violates any established interest of society |
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Term
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| may hold a contract unenforceable because it is too harsh or oppressive to one of the parties (procedural and substantive) |
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| committed when money is loaned at a higher rate of interest than the law allows |
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Term
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Definition
| terms in initial discussion do not have to be included in official contract. give stability to contracts and to prevent the assertion of terms that did not exist or did not survive the bargaining of the parties. |
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| incorporation by reference |
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| contract consists of both the original document and the detailed statement that is incorporated in it, refers to another document |
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Definition
| maybe be used to interpret the terms of a contract |
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