Term
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Definition
| A court taking a PASSIVE role and requiring the parties to fulfill whatever obligations they agreed to, whether the deal was wise or foolish. **Makes law LESS flexible, MORE predictable** |
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Term
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Definition
| A court will IGNORE certain provisions of a contract or an entire agreement if the judge believes that enforcing the deal would be unjust. OR, a court will artificially create a contract where none existed, if the judge believes that is the only way to avoid injustice. **Makes law MORE flexible, LESS predictable** |
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Term
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Definition
| One party must make a valid offer, and the other party must accept |
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Definition
| There has to be a bargaining that leads to an exchange between the parties |
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Definition
| The contract must be for a lawful purpose |
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Definition
| The parties must be adults of sound mind |
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Definition
| Neither party may trick or force the other into the agreement |
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Term
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Definition
| Some contracts must be in writing to be enforceable |
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Term
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Definition
| Some contracts affect people other than the parties themselves |
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Term
| Performance and Discharge |
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Definition
| If a party fully accomplishes what the contract requires, his duties are discharged |
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Term
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Definition
| A court will awared money or other relief to a party injured by a breach of contract |
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Term
| Bilateral Contract/Unilateral Contract |
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Definition
| Both parties make a promise; ONE party makes a promise that the other party can accept only by doing something |
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Term
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Definition
| Explicitly state all important terms in their agreement |
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Term
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Definition
| The words and conduct of the parties indicate that they intended an agreement |
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Term
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Definition
| One or more parties has NOT fulfilled their obligations |
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Definition
| Once both have fulfilled their obligations |
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Term
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Definition
| Even when there is no contract, a plaintiff may use this to enforce the defendan't promise if he can show certain factors |
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Term
| Promissory Estoppel Criteria |
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Definition
1. The defendant made a promise knowing the plaintiff would rely on it.
2. The plaintiff DID rely on the promise
3. The only way to avoid injustics is to enforce the promise |
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Term
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Definition
| Even when there is no contract, a court may use a quasi-contract to compensate a plaintiff that can show certain factors |
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Term
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Definition
1. The plaintiff gave some benefit to the defendant
2. The plaintiff reasonably expected to be paiud for the benefit and the defendant knew
3. The defendant would be unjustly enriched if he did not pay |
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Term
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Definition
| Damages awarded in quasi-contract cases |
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Term
| Uniform Commerical Code (UCC) |
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Definition
| Facilitates the easy formation and enforcement of contracts in a fast paced world. Governs sales/leasing of goods, negotiable instruments, bank deposits, etc. |
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Term
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Definition
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Term
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Definition
| An event must occur before a duty arises |
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Definition
| Condition must occur after the duty arises |
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Term
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Definition
| Both parties must perform duties simultaneously |
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Definition
| An event that must occur before a party becomes obligated under a contract |
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Term
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Definition
| Not required. As long as the parties intended to create ~, a court will enforce it. |
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Term
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Definition
| The contract expressly demands it and it is reasonable |
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Term
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Definition
| In a contract for services, a party that ~ its obligations will receive the full crontrac tprice, minus the value of any defects |
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Term
| Personal Satisfaction Contract |
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Definition
| The promise makes a personal, subjective evaluation of the promisor's performance |
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Term
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Definition
| Makes contract dates strictly enforceable |
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