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"

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…
Contracts--Promise
Promise
When a Promise is legally enforceable…
Lexis version of Detrimental Reliance:
Detrimental Reliance
A promise is a commitment or undertaking that a given event w…
1. Was made as part of a bargain for valid consideration;... 2.…
When a promisee foreseeably relies to his detriment on the pr…
i. Promissory Estoppel: (Restatement 2d Section 90(1)→ Promis…
Promise
A promise is a commitment or undertaking that a given event w…
When a Promise is legally enforceable…
1. Was made as part of a bargain for valid consideration;... 2.…
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…
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
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
16 terms
The Basis for Enforcing Promises
Hamer v. Sidway
Dyer v. National By-Products, Inc.
Mills v. Wyman
Webb v. McGowin
nephew; vices... Rule: "In general, a waiver of any legal rig…
I promise not sue you (even though I can't anyway)... Rule: F…
save a life, raise a debt... Rule: Moral obligation cannot be…
see rock crush man ... Rule: Exception to the rule "Mills" >…
Hamer v. Sidway
nephew; vices... Rule: "In general, a waiver of any legal rig…
Dyer v. National By-Products, Inc.
I promise not sue you (even though I can't anyway)... Rule: F…
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…
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…
17 terms
Contract Exam - Enforceable Promises
Lucy v. Zehmer
Sun Printing v. Remington Paper
UCC § 2-204
Bargain Theory of Consideration
Objective Intent vs. Subjective Intent... Facts: Buyer suing fo…
The Role of the Courts... Facts: Contract for fixed amount of p…
(UCC) - Formation in General... All that is needed for a contr…
A bargain is an exchange of promises, acts, or both, in which…
Lucy v. Zehmer
Objective Intent vs. Subjective Intent... Facts: Buyer suing fo…
Sun Printing v. Remington Paper
The Role of the Courts... Facts: Contract for fixed amount of p…
64 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…
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…
17 terms
Contracts BLAW 280
CONTRACT
OFFER
ACCEPTANCE
CONSIDERATION
A contract is a legally enforceable promise or set of promise…
An offer is a promise from one to another; offer includes:... -…
Acceptance is assent to the terms of an offer; acceptance inc…
Consideration is legal value, bargained for and given in exch…
CONTRACT
A contract is a legally enforceable promise or set of promise…
OFFER
An offer is a promise from one to another; offer includes:... -…
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
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
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…
7 terms
Contracts- Intro
Contract... ( sir pullock)
Bargain
Bargain... (Definition )
Free will
A promise or set of promises that the law will enforce
Contract law only enforces promises which were made as part o…
An agreement between 2/more persons where a promise is exchan…
Contractual obligations are not imposed by law but rather ent…
Contract... ( sir pullock)
A promise or set of promises that the law will enforce
Bargain
Contract law only enforces promises which were made as part o…
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
mgmt ch. 8 (contracts: enforceable agreements)
contract
formation of contract
A Contract is not a..
Why Do We Need Contracts?
is a agreement that can be enforced in a court
made when two (or more) parties exchange binding promises. in…
-Contract simply because it is in writing... -Guarantee that a p…
-Contracts make promises enforceable and allow reliance.... -Inc…
contract
is a agreement that can be enforced in a court
formation of contract
made when two (or more) parties exchange binding promises. in…
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 a 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
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…
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…
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…
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…
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
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…
Contracts-chapter 2
Offer
Offeror
Offeree
Promisee
A manifestation or demonstration of willingness to enter into…
Party who extends the offer to the offered-i.e. Buyer
The party whom the Offeror invites to accept the offer-i.e. S…
The party to whom a promise is made-i.e. Offeree
Offer
A manifestation or demonstration of willingness to enter into…
Offeror
Party who extends the offer to the offered-i.e. Buyer
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…
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
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…
Contracts: Enforceable Agreements (255-296)
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 a 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
Contract Terms 4
contract
Statute of Frauds
consideration (of a contract)
competent parties
- a legally enforceable promise or set of promises that must…
- a part of state law that requires all real estate contracts…
- essential of a contract... - each party promises to give up so…
- essential of a contract... - the contract must have ____ _____…
contract
- a legally enforceable promise or set of promises that must…
Statute of Frauds
- a part of state law that requires all real estate contracts…
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
41 terms
MGMT CH 8 Contracts: Enforceable Agreements
Define: Contract
1. Promisor ... 2. Promisee
Overview of UCC
UCC coverage
1. A legally enforceable agreement to do or not to do a speci…
1. Person who makes a promise... 2. Person to whom a promise is…
UCC (Uniform Commercial Code)... Contracts are based on common l…
UCC applies if transaction is a sale or lease of goods... Tangib…
Define: Contract
1. A legally enforceable agreement to do or not to do a speci…
1. Promisor ... 2. Promisee
1. Person who makes a promise... 2. Person to whom a promise is…
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
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
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…
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…
85 terms
April 25 Contracts: Enforceable Agreements
Contract
Promisor
Promisee
Goods
A legally enforceable agreement to do or not to do something…
Person making the promise
Person to whom the promise is made
Tangible, movable personal property
Contract
A legally enforceable agreement to do or not to do something…
Promisor
Person making the promise
Contracts
Contract (§1)
Promise (§2)
Requirements of a Bargain (§17)
Effects of Misunderstanding (§20)
A contract is a promise or a set of promises for the breach o…
A manifestation of intention to act or refrain from acting in…
(1) Except as stated in Subsection (2), The formulation of a…
(1) There is no manifestation of mutual assent to an exchange…
Contract (§1)
A contract is a promise or a set of promises for the breach o…
Promise (§2)
A manifestation of intention to act or refrain from acting in…
72 terms
Ch 8 pages 255-296 (Contracts: Enforceable Agreements)
Contract
Promisor
Promisee
Uniform Commercial Code
-A legally enforceable agreement to do or not do a specified…
The person who makes a contractual promise
The person to whom a contractual promise is made
A uniform code governing the conduct of business, sales, warr…
Contract
-A legally enforceable agreement to do or not do a specified…
Promisor
The person who makes a contractual promise
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…
Business Law - Chapter 4 - Introduction to Contracts
Essence of a contract
When a set of promises has the status…
Functions of contracts
Freedom of contract
It is legally enforceable promise or set of promises.
A person injured by a breach of that contract is entitled to…
-lets us create a type of private law--the terms of agreement…
The idea that contracts should be enforced because they are t…
Essence of a contract
It is legally enforceable promise or set of promises.
When a set of promises has the status…
A person injured by a breach of that contract is entitled to…
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…
23 terms
Introduction to Contracts
Sources of Contract law
Contract
UCC article 2
Restatement 2d of Contracts section 1
Judicial opinions (common law/precedents), statutes (UCC arti…
Simply a legally enforceable promise
Sale of goods - transaction in goods = transferring ownership…
A contract is a promise or a set of promises of which the law…
Sources of Contract law
Judicial opinions (common law/precedents), statutes (UCC arti…
Contract
Simply a legally enforceable promise
Contracts
Contract
Promise
Enforcement
"Freedom of Contract"
promise or set of promises that the law will enforce
commitment as to the happening or non-happening of a future e…
an award of damages or some other order by a court of law
policy that parties are free to bargain about the terms of th…
Contract
promise or set of promises that the law will enforce
Promise
commitment as to the happening or non-happening of a future e…
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…
Contracts
Void
Executory Contract
Forbearance
Executed Contract
Having no legal force or binding effect
A contract in which one or both parties as not yet performed
The act of refraining from taking legal action
A contract that has been performed fully
Void
Having no legal force or binding effect
Executory Contract
A contract in which one or both parties as not yet performed
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
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