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legal studies ch 6 and 7: introduction to contracts

Terms in this set (53)

contract
-enforceable agreements between parties.
-a promise enforceable by the law
--promise for a promise
--promise for an act
--courts provide remedies for party breaches
sources of contract law
state common law:
-services or real estate
--legal
--accounting
--engineering

state statutory law:
-Uniform Commercial Code (UCC)
--goods and leasing equipment
valid contract
when a contract has the necessary elements
voidable contract
when a contract is entered into by a party lacking capacity, it can later be AFFIRMED by that party or DISAFFIRMED.
void contract
agreements that have not been formed in conformance with the law from the outset of the agreement and thus neither party can enforce them.
unenforceable contract
possess elements required by law for a binding agreement but is subject to a legal defense.
formal contract
one that meets one or more specific requirements of construction
informal contract
a contract that is not required to be under seal or statute or possess a certain language
bilateral contract
involves two promises and two performances
unilateral contracts
involves one promise, followed by one performance, which then triggers a second performance.
express contracts
created when the parties have KNOWINGLY AND INTENTIONALLY agreed on the promises and performances
implied contracts
the agreement is reached by the parties' ACTIONS
implied-in-fact contracts
actual contract where conduct of the parties creates the contract and consists of:
-plaintiff provided services or property to defendant with the expectation of payment

-defendant rejects services of property but failed to do so
implied-in-law or quasi-contract
legal doctrine that courts use when there is no contract to prevent unjust enrichment and to promote equity. consists of:
-one person confers a benefit on another
-defendant knew benefit was conferred
-defendant is unjustly enriched
-plaintiff is awarded fair value

WHEN ONE PARTY SUFFERS A LOSS AS A RESULT OF ANOTHER'S UNJUST ENRICHEMENT
executed contracts
completed contract
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