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Study sets matching "term:contracts = a legally enforceable promise or set of promises"

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Study sets matching "term:contracts = a legally enforceable promise or set of promises"

8 terms
Contracts- Introduction to Enforceable Promises
Contract Formation Elements
R. 2d. 1- Definition of Contract
UCC Merchant
UCC Goods
Mutual Assent; Consideration
"a promise or set of promises for the breach of which the law…
A person who deal with goods of any kind; By his occupation,…
Mostly calls into question contracts concerning "goods and se…
Contract Formation Elements
Mutual Assent; Consideration
R. 2d. 1- Definition of Contract
"a promise or set of promises for the breach of which the law…
19 terms
CONTRACTS: ENFORCEABLE PROMISE
DUDLEY STARTS HIS OWN GARDEN SLUG FARM…
LION HART IS WALKING THROUGH THE WOODS…
CHIEF FORESIGHT OFFERS TO SELL MANHATT…
THE UNITED CROSS OF DIMES A MAJOR CHAR…
ALTHOUGH MORAL OBLIGATIONS LIKE THIS TYPICALLY FAIL FOR LACK…
NO, CONSIDERATION REQUIRES A BARGAINED FOR EXCHANGE AND DETRI…
NO, BOTH LEGAL AND MORAL OBLIGATIONS CAN BE NULLIFIED BY VOLU…
YES, ALTHOUGH IT IS SAID THAT THE OTHER DONEES DONATIONS ARE…
DUDLEY STARTS HIS OWN GARDEN SLUG FARM…
ALTHOUGH MORAL OBLIGATIONS LIKE THIS TYPICALLY FAIL FOR LACK…
LION HART IS WALKING THROUGH THE WOODS…
NO, CONSIDERATION REQUIRES A BARGAINED FOR EXCHANGE AND DETRI…
29 terms
Enforcement of Promises: Bilateral Contracts and Illusory Promises
§2: Promise - Commitment
B. Question to Ask: What are the Parti…
§32
§30(2)
A promise is a manifestation of intention to act or refrain f…
If what parties are bargaining for is not clear, P'sor's offe…
If what parties are bargaining for is not clear, P'sor's offe…
An offer invites acceptance in any reasonable manner unless s…
§2: Promise - Commitment
A promise is a manifestation of intention to act or refrain f…
B. Question to Ask: What are the Parti…
If what parties are bargaining for is not clear, P'sor's offe…
24 terms
Enforceable Contracts Key Terms
Age of majority
Capacity
Contractual capacity
Emancipation
age at which a person can be legally bound to contracts
ability to understand
ability to understand that a contract is being made and its g…
severing the child-parent relationship
Age of majority
age at which a person can be legally bound to contracts
Capacity
ability to understand
6 terms
Restitution in Absence of a Promise
Elements of Restitution Without Promis…
Promise Implied In Law (Quasi Contract)
Contract Implied in Fact
R3d Protection of Another's Property:
A recipient of benefits from services may have to pay for tho…
An obligation imposed by the law without regard to either par…
Form of enforceable contract based on a tacit promise that is…
(1) Person who takes effective action to protect another's pr…
Elements of Restitution Without Promis…
A recipient of benefits from services may have to pay for tho…
Promise Implied In Law (Quasi Contract)
An obligation imposed by the law without regard to either par…
24 terms
contracts
contract
tangible personal property
offer
offeror
A voluntary agreement between two parties in which specific p…
1. property, except land or buildings, that can be seen, weig…
A personal proposal by one party to another intended to creat…
Party who makes an offer to form a contract.
contract
A voluntary agreement between two parties in which specific p…
tangible personal property
1. property, except land or buildings, that can be seen, weig…
52 terms
Contracts
Expressed Contracts consist of
Expressed contracts are
Statue of Frauds
Implied Contracts
oral, written, and bilateral
when the parties have expressed their intentions and stated t…
the legal concept that most contracts should be in writing to…
the agreement between the parties is shown by actions rather…
Expressed Contracts consist of
oral, written, and bilateral
Expressed contracts are
when the parties have expressed their intentions and stated t…
30 terms
Contracts
bilateral contract
executed contract
executory contract
option agreeement
the promise of one party is given in exchange for the promise…
all obligations have been performed
the period of time after a real estate sales contract is sign…
unilateral, expires in 6 months. Ex. Pam - in class
bilateral contract
the promise of one party is given in exchange for the promise…
executed contract
all obligations have been performed
71 terms
Contracts
Acceptance
Accord
Account Stated
Assignment
The taking and receiving of anything in good faith with the i…
A contract to discharge an existing cause of action, tort, or…
A summarized statement of a debtor's account.
In contact law, a transfer of equity in a contract to a third…
Acceptance
The taking and receiving of anything in good faith with the i…
Accord
A contract to discharge an existing cause of action, tort, or…
10 terms
Chapter 13: Introduction to contracts
Contract
Elements of a contract
Contract enforcement defenses
Objective theory
A promise or a set of promises
Agreement: consists of an offer by one party to enter contrac…
Lack of genuine assent: offer secures acceptance of agreement…
How the party represented their intent through their actions…
Contract
A promise or a set of promises
Elements of a contract
Agreement: consists of an offer by one party to enter contrac…
13 terms
Legal Environment Chapter 11: Contracts
Contract
Objective Theory of Contracts
Requirements for am Enforceable Contract
Legality
Promise or set of promises for breach of which the law provid…
A binding agreement exists between the two parties if a reaso…
1. Agreement (offer and acceptance)... 2. Consideration (bargain…
Purpose of the contract must be legal at the time of execution
Contract
Promise or set of promises for breach of which the law provid…
Objective Theory of Contracts
A binding agreement exists between the two parties if a reaso…
63 terms
Contracts
Offer
Acceptance (UCC)
Consideration
Enforceability
Creates the power acceptance in the offeree and a correspondi…
A. Acceptance can be established by shipping or promising to…
A bargain for a performance or returned promise and an exchan…
Whether a contract can legally be held against a party.
Offer
Creates the power acceptance in the offeree and a correspondi…
Acceptance (UCC)
A. Acceptance can be established by shipping or promising to…
154 terms
BLAW - Unit 2 - Entering Into Contracts
a valid contract
offer
void contract
contract
a contract that is legally binding and fully enforceable is k…
a proposal made by one party that he or she is willing to ent…
a contract that has no legal effect is known as
any agreement that is enforceable by law is known as
a valid contract
a contract that is legally binding and fully enforceable is k…
offer
a proposal made by one party that he or she is willing to ent…
21 terms
LOMA Chapter 3 Vocabulary
Contract
Valid Contract
Void Contract
Voidable Contract
A legally enforceable agreement between two or more parties.
A contract that is enforceable at law because it satisfies al…
A contract that does not meet one or more of the legal requir…
A contract under which one party as the right to avoid his ob…
Contract
A legally enforceable agreement between two or more parties.
Valid Contract
A contract that is enforceable at law because it satisfies al…
BLAW Chapter-15 Consideration
Consideration
Forbearance
CHARACTERISTICS OF VALID CONSIDERATION
Legality
defined as the promises exchanged by the parties to a contrac…
is then the promise to refrain from doing something that the…
-Legality... -Adequacy... -Possibility of performance
A valid contract does not exist if the consideration is a pro…
Consideration
defined as the promises exchanged by the parties to a contrac…
Forbearance
is then the promise to refrain from doing something that the…
55 terms
Contracts
Consideration
Offer... Restatement 24
Acceptance
Promissory Estoppel
bargained for exchange; something (an act, a forbearance, or…
the manifestation of willingness to enter into a bargain, so…
...
three conditions:... 1) promise of the promisor... 2) reliance on t…
Consideration
bargained for exchange; something (an act, a forbearance, or…
Offer... Restatement 24
the manifestation of willingness to enter into a bargain, so…
27 terms
Legal Terminology - Unit 27 - Contracts
contract
executed contract
executory contract
implied contract
an agreement between two or more competent parties, based upo…
a contract in which nothing remains to be done
a contract in which something remains to be completed
a contract not created or evidenced by an explicit agreement…
contract
an agreement between two or more competent parties, based upo…
executed contract
a contract in which nothing remains to be done
18 terms
Blaw chp 15 Pleasant
Consideration
Forbearance
CHARACTERISTICS OF VALID CONSIDERATION
Legality
defined as the promises exchanged by the parties to a contrac…
is then the promise to refrain from doing something that the…
-Legality... -Adequacy... -Possibility of performance
A valid contract does not exist if the consideration is a pro…
Consideration
defined as the promises exchanged by the parties to a contrac…
Forbearance
is then the promise to refrain from doing something that the…
14 terms
Business Law - Contracts Ch.11
Contract
Requirements of a valid contract
Agreement must include:
Bilateral contracts
a promise or a set of promises for the breach of which the la…
agreement, consideration, contractual capacity, legality
an offer and an acceptance
promise for a promise
Contract
a promise or a set of promises for the breach of which the la…
Requirements of a valid contract
agreement, consideration, contractual capacity, legality
23 terms
Real Estate- Ch. 12 Contracts
Contract
Voluntary
Agreement or Promise
Legally Competent Parties
A voluntary agreement or promise between legally competent pa…
No duress
Legally enforceable promise
People capable of entering into contract
Contract
A voluntary agreement or promise between legally competent pa…
Voluntary
No duress
18 terms
Enforcement of Promises: Consideration
Consideration:
Purposes
Evidentiary Function:
Cautionary Function:
Consideration requires performance or a return promise sought…
i. Evidentiary Function: ... ii. Cautionary Function: ... iii. Chan…
provides evidence of the existence and the terms of the contr…
inducing the circumspective frame of mind appropriate for the…
Consideration:
Consideration requires performance or a return promise sought…
Purposes
i. Evidentiary Function: ... ii. Cautionary Function: ... iii. Chan…
18 terms
contracts
freedom of contract
legally enforceable
standardized form contracts
clickwrap contracts
the idea that contracts should be enforced because they are t…
the essence of a contract is that it is a ____ _____ promise…
contracts that are pre-printed by one party and presented to…
standardized online contracts usually presented in a manner t…
freedom of contract
the idea that contracts should be enforced because they are t…
legally enforceable
the essence of a contract is that it is a ____ _____ promise…
17 terms
Chapter 9: Nature of Traditional and E-Contracts
contract
Restatement of Contracts
Parties to a contract
Elements of a contract
an agreement that is enforceable by a court of law or equity
a promise or a set of promises for the breach of which the la…
offeror- the party who makes an offer to enter into a contrac…
agreement: requires an offer by the offeror and an acceptance…
contract
an agreement that is enforceable by a court of law or equity
Restatement of Contracts
a promise or a set of promises for the breach of which the la…
24 terms
Contracts Ch. 2 Enforcing Promises
Formality of Promises
Gratuitous Promise
Ch. 1 Enforced Promises
Consideration
...
Promise that isn't bargained for...no consideration
Parker + Acme mills -> Damages
Benefit to promisor OR detriment to promisee
Formality of Promises
...
Gratuitous Promise
Promise that isn't bargained for...no consideration
20 terms
Contracts
Sanctity of Contracts
Sources of Contract Law
Function of Contract Law
Courts enforce contracts because
economic necessity and morally important
common law except for leases or sales
provides stability and predictability for commerce
they are a foundation of the economy
Sanctity of Contracts
economic necessity and morally important
Sources of Contract Law
common law except for leases or sales
Contracts General
Contract
Promise
Promisor
Promisee
A legally enforceable promise or set of promises for the brea…
A manifestation of intention to act or refrain from acting in…
The person manifesting intention
The person to whom the manifestation is addressed
Contract
A legally enforceable promise or set of promises for the brea…
Promise
A manifestation of intention to act or refrain from acting in…
16 terms
Consideration- is the agreement legally enforceable
Gift promise trap
exceptions to Gift promise trap
Pre-existing duty promises
Exceptions to pre-existing duty promises
Gifts are benefits with out detriment so it is not enforceable
-If gift promise was made to charity... -promissory estoppel
Agreement to buy good or do service. Asks for more money and…
1. Create Detriment... 2. Substitute the contract... 3. (UCC) Merch…
Gift promise trap
Gifts are benefits with out detriment so it is not enforceable
exceptions to Gift promise trap
-If gift promise was made to charity... -promissory estoppel
10 terms
Module 9 distance learning law students
• contract
• offer
• acceptance
• express contract
legally enforceable promise or set of promises
statement by a person that indicates a willingness to enter i…
the agreement to accept the argument as presented; that is, t…
an exchange of oral or written promises between parties; whic…
• contract
legally enforceable promise or set of promises
• offer
statement by a person that indicates a willingness to enter i…
19 terms
Ch. 9: the nature and origins of contracts
contract
uniform commercial code
article 2 of uniform commercial code
good faith and fair dealing
- legally enforceable promise or set of promises
- created by the American Law Institute and the National conf…
- applies to all contracts for the sale of goods... - goods mean…
- underlying theme for contracts because it gives the contrac…
contract
- legally enforceable promise or set of promises
uniform commercial code
- created by the American Law Institute and the National conf…
171 terms
BLAW Exam 2 - Contracts
bilateral contract
contract
executed contract
executory contract
promise for a promise
promise or a set of promises for performance that the law rec…
contract that has been fully performed on both sides
contract that has not been fully performed by both parties
bilateral contract
promise for a promise
contract
promise or a set of promises for performance that the law rec…
186 terms
L201: Contracts
Contracts (definition)
Contracts (functions)
Freedom of Contract
Standardized Form Contracts
def: a LEGALLY ENFORCEABLE promise or set of promises
CONTRACTING LETS US CREATE A TYPE OF PRIVATE LAW that governs…
the central principle of contract law that emerged from the 1…
def: contracts that are preprinted by one party and presented…
Contracts (definition)
def: a LEGALLY ENFORCEABLE promise or set of promises
Contracts (functions)
CONTRACTING LETS US CREATE A TYPE OF PRIVATE LAW that governs…
70 terms
Contracts: Enforceable Agreements
Contract
Promisor
Promisee
Goods
A legally enforceable agreement to do or not to do a specifie…
The person who makes a contractual promise
The person to whom the contractual promise is made
Tangible, movable personal property
Contract
A legally enforceable agreement to do or not to do a specifie…
Promisor
The person who makes a contractual promise
15 terms
BLAW 3420 Chapter 9 Contracts
Common Law
Contract
Requirement of a Contract
Executory Contract
most contracts are primarily by state common law, including c…
a promise or a set of promises for the breach of which the la…
1) Mutual assent- the parties to a contract must manifest by…
contract not fully performed
Common Law
most contracts are primarily by state common law, including c…
Contract
a promise or a set of promises for the breach of which the la…
28 terms
English Contract Law
acceptance
assignment
alternative dispute resolution
consideration
one person's compliance with the terms of an offer made by an…
transfer of interests, rights or duties
this is usually known by the abbreviation 'ADR'. ADR is an al…
something of value given by one party, in return for the perf…
acceptance
one person's compliance with the terms of an offer made by an…
assignment
transfer of interests, rights or duties
14 terms
BL Ch 9
UCC
mutual assent
consideration
capacity
contract in the sale of goods
meeting of the minds, an offer and acceptance
legal benefit or legal detriment, exchange something of value
parties to contract must be able to understand that the docum…
UCC
contract in the sale of goods
mutual assent
meeting of the minds, an offer and acceptance
20 terms
BLaw Ch. 7 - 12 Terms
promise
contract
objective theory of contracts
requirements of a valid contract
a declaration by a person (promisor) to do or not to do a cer…
a promise or a set of promises for the breach of which the la…
the theory is that a party's intention to enter into a legall…
1. agreement (an agreement to form a contract must include an…
promise
a declaration by a person (promisor) to do or not to do a cer…
contract
a promise or a set of promises for the breach of which the la…
8 terms
Legal Studies-Contracts
Contract
5 Essential Elements of a Contract
Unilateral
Bilateral
the exchange or promises voluntarily made by those whose agre…
offer, consideration, acceptance, capacity, legality
contract created by an offer that can only be accepted by per…
type of promise; offer open for non-performance based accepta…
Contract
the exchange or promises voluntarily made by those whose agre…
5 Essential Elements of a Contract
offer, consideration, acceptance, capacity, legality
31 terms
LWC1 Contracts
Contract
Elements Required For Contract Formation
Consideration
For a promise to be enforced legally,…
A set of legally enforceable promises
-Agreement (Offer and Acceptance)... -Consideration (Bargained-F…
Something of value, given in exchange for something else of v…
-One party makes promise knowing other party will rely on it.…
Contract
A set of legally enforceable promises
Elements Required For Contract Formation
-Agreement (Offer and Acceptance)... -Consideration (Bargained-F…
25 terms
Chapter 8- Nature and Classification of Common Law Contracts
Promise
Contract
Objective theory of contracts
Elements of a contract
A declaration that binds a person who makes it to do or not t…
a promise or a set of promises for the breach of which the la…
The view that contracting parties shall only be bound by term…
Agreement... Consideration... Contractual capacity... Legality
Promise
A declaration that binds a person who makes it to do or not t…
Contract
a promise or a set of promises for the breach of which the la…
88 terms
Contracts
Contract
Offeror
Offeree
4 Elements of a valid, enforceable con…
promise or set of promises, the breach which, the law gives a…
person making offer
person to whom the offer is made, and who has the power to ac…
agreement... consideration... legal capacity... lawful purpose
Contract
promise or set of promises, the breach which, the law gives a…
Offeror
person making offer
Contracts Review
Contract
Minors
Adjudicated mentally incapacitated
Statute of Frauds
Is an agreement between two or more parties consisting of mut…
Contracts with _____ can be voidable and and fall under legal…
Contracts with _____ are void as the party lacks mental abili…
States that contracts of $500 or more Must be in writing
Contract
Is an agreement between two or more parties consisting of mut…
Minors
Contracts with _____ can be voidable and and fall under legal…
22 terms
Business Law Exam 3: Contracts: Ch 11: Contracts: Nature and Terminology
Contract
Source of Contract Law
Contract
Objective theories of Contracts
Set of legally enforceable promises
Common (case law), governs all contracts except where statuto…
Promise or set of promises. For breach of which the law provi…
existence and interpretation of contract is bases on outward…
Contract
Set of legally enforceable promises
Source of Contract Law
Common (case law), governs all contracts except where statuto…
164 terms
Bus. Law Contracts
Ch. 13-- Contracts
Contract
Covenant not to compete
Agreement
...
Legally enforceable promises... 4 parts:... - agreement... - considera…
Restrict what an employee may do after leaving a company... Ofte…
consists of Offer and Acceptance
Ch. 13-- Contracts
...
Contract
Legally enforceable promises... 4 parts:... - agreement... - considera…
11 terms
Law 1
Contract Law
Two types of promises
Moral (social) promises
Moral (social) promises
Deals with a very ancient concept, the keeping of promises.
1. Moral (social) promises... 2. Legal Contracts
Neither binding nor enforceable in court if the promise is br…
Moral promises are usually kept because the promisor feels an…
Contract Law
Deals with a very ancient concept, the keeping of promises.
Two types of promises
1. Moral (social) promises... 2. Legal Contracts
39 terms
Ch 8: Contracts -Nature and Classification
source for most contracts
Contracts are based on ___
2 Sources for contract law
Function of a Contract
common law
Contracts are based on promises... The promise to do or not do s…
Common law for most contracts... UCC -Sale of goods and leases
To provide stability and predictability for commerce
source for most contracts
common law
Contracts are based on ___
Contracts are based on promises... The promise to do or not do s…
30 terms
CH. 6 Overview and Formation of Contracts
Define Contract:
Contract Importance:
Types of Contracts:
Written vs. Oral
-a promise or a set of promises enforceable by law ... -an agree…
if contract is not valid then the court cannot help you is so…
• Written vs. Oral... • Bilateral vs. Unilateral... • Express v. im…
...
Define Contract:
-a promise or a set of promises enforceable by law ... -an agree…
Contract Importance:
if contract is not valid then the court cannot help you is so…
10 terms
Features of a contract
contract
Elements of contract
Legal relations
Offer and acceptance
A contract is a legally enforceable agreement between two or…
1. The six requirement of a valid contract are:... intention to…
For a promise or set of promises to be valid contract, both p…
For an agreement to be enforceable there must be an offer tha…
contract
A contract is a legally enforceable agreement between two or…
Elements of contract
1. The six requirement of a valid contract are:... intention to…
18 terms
BLAW chapter 10
Nature of consideration
Forbearance
Characteristics of valid consideration
Legality
Consideration was defined as promises exchanged by the partie…
The promise to refrain from doing something that a party has…
- legality... - adequacy... - possibility
a valid contract does not exist if the consideration is a pro…
Nature of consideration
Consideration was defined as promises exchanged by the partie…
Forbearance
The promise to refrain from doing something that a party has…
12 terms
Real estate
Contract
expressed contract
Implied Contract
Bilateral Contract
A voluntary agreement between legally competent parties....a…
expressed or implied intentions, orally or written
agreement of the parties demonstrated by their conduct
both parties promise to do something. One promise is given in…
Contract
A voluntary agreement between legally competent parties....a…
expressed contract
expressed or implied intentions, orally or written
19 terms
BLT Chapter 7: Contracts: Agreement, and Consideration
Sources of Contract Law
Function of Contracts
Parties who sign a contract
Definition of a Contract
Common law governs all contracts except when modified by stat…
- Fundamental to Business... - Creates rights and duties between…
1. Promisor ( makes the promise)... 2. Promisee ( accepts the pr…
- Agreement that can be enforced in court... - Formed by two or…
Sources of Contract Law
Common law governs all contracts except when modified by stat…
Function of Contracts
- Fundamental to Business... - Creates rights and duties between…
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