Study sets matching "term:contracts = formal agreement between two parties that are legally obligating"
Study sets
Diagrams
Classes
Users
Mistake
Frustration
misrepresentation
breach of contract
an erroneous beliefe (innocent misunderstanding that certain f…
a contract that is void due to unforeseen circumstances
false information given by one party that persuades or influen…
when you are unable to for fill or abide by the terms and cond…
Mistake
an erroneous beliefe (innocent misunderstanding that certain f…
Frustration
a contract that is void due to unforeseen circumstances
Promise... (moral obligations vs. legally…
Promisor
Promisee
Common Law ... governs all contracts exce…
A declaration that binds the person who makes it to do or not…
A person who makes a promise.
A person to whom a promise is made.... The promisee has a right…
UCC... governs contracts for the sale and lease of goods.
Promise... (moral obligations vs. legally…
A declaration that binds the person who makes it to do or not…
Promisor
A person who makes a promise.
Contract
6 Elements of a contract
Acceptance
Consideration
A legally enforceable agreement
Offer. Acceptance. Consideration. Legality. Capacity. Consent.…
offer made by offeror, and acceptance of the terms by the offe…
The Bargain between parties that ensures the contract is a 2 w…
Contract
A legally enforceable agreement
6 Elements of a contract
Offer. Acceptance. Consideration. Legality. Capacity. Consent.…
Unilateral Contract
Bilateral Contract
Implied Contract
Quasi Contract
A one-sided contract formed when an act is done in considerati…
Reciprocal arrangement between 2 parties where each promises t…
One in which terms of the contract are implied by acts or cond…
A fictional contract applied by a court for a person who is un…
Unilateral Contract
A one-sided contract formed when an act is done in considerati…
Bilateral Contract
Reciprocal arrangement between 2 parties where each promises t…
Contract
4 Elements of a contract
Agreement
Consideration
promise or set of promises for the breach of which the law giv…
Agreement... Consideration... Contractual Capacity... Legal Object
offer made by offeror, and acceptance of the terms by the offe…
what each party gets in exchange for his or her promise under…
Contract
promise or set of promises for the breach of which the law giv…
4 Elements of a contract
Agreement... Consideration... Contractual Capacity... Legal Object
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 signe…
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
Acceptance
Accord
Account Stated
Assignment
The taking and receiving of anything in good faith with the in…
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 in…
Accord
A contract to discharge an existing cause of action, tort, or…
Contract
Obligations
Rights
Caveat Emptor
A legally binding agreement between two or more people or enti…
These are responsibilities or duties
This is what people are entitled to i.e. can reasonably expect
Buyer beware
Contract
A legally binding agreement between two or more people or enti…
Obligations
These are responsibilities or duties
Contract
Breach of Contract
Bilateral Contract
Unilateral Contract
Legally binding agreement between two or more competent persons
Failure to perform the obligations required by a contract
Contract in which one party makes a promise in return for a pr…
Contract in which one party makes a promise in return for the…
Contract
Legally binding agreement between two or more competent persons
Breach of Contract
Failure to perform the obligations required by a contract
contract that is formed by an offeree's…
contract that is created by the conduct…
contract that may be avoided by a party…
contract implied in law in order to avo…
bilateral contract
implied contract
voidable contract
quasi contract
contract that is formed by an offeree's…
bilateral contract
contract that is created by the conduct…
implied contract
common law
UCC (Uniform Commercial Code)
sale
goods
most contracts are governed primarily by state common law, inc…
Article 2 of the UCC governs the sales of goods generally betw…
the transfer of title from seller to buyer
tangible personal property. All property other than an interes…
common law
most contracts are governed primarily by state common law, inc…
UCC (Uniform Commercial Code)
Article 2 of the UCC governs the sales of goods generally betw…
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 statu…
- Fundamental to Business... - Creates rights and duties between…
1. Promisor ( makes the promise)... 2. Promisee ( accepts the pro…
- Agreement that can be enforced in court... - Formed by two or m…
Sources of Contract Law
Common law governs all contracts except when modified by statu…
Function of Contracts
- Fundamental to Business... - Creates rights and duties between…
addendum
amendment
assignment
bilateral contract
Any provision added to an existing contract without altering t…
A change to the existing content of a contract (i.e., if words…
The transfer in writing of interest in a bond, mortgage, lease…
In a bilateral contract, both parties promise to do something;…
addendum
Any provision added to an existing contract without altering t…
amendment
A change to the existing content of a contract (i.e., if words…
Promise
Promisor
Promisee
Contract
A declaration that binds the person who makes it (the promisor…
A person who makes a promise
A person to whom a promise is made
A set of promises constituting an agreement between parties, g…
Promise
A declaration that binds the person who makes it (the promisor…
Promisor
A person who makes a promise
contract
tangible personal property
offer
offeror
a legally enforceable agreement that is created when two or mo…
personal property that can be moved, such as a vehicle, kitche…
A proposal made by one party (the offeror) to another person (…
a party who makes an offer
contract
a legally enforceable agreement that is created when two or mo…
tangible personal property
personal property that can be moved, such as a vehicle, kitche…
Contract
Objective Theory of Contracts
Offeror
Offeree
An agreement between parties that is enforceable in court.
A party's intention to enter into a contract is judged by outw…
A person who makes an offer.
A person to whom an offer is made.
Contract
An agreement between parties that is enforceable in court.
Objective Theory of Contracts
A party's intention to enter into a contract is judged by outw…
Terms
Come to terms
Ratify
Ratify an agreement
the detailed terms the parties agree to in a contract.
When parties reach an agreement on all of detailed terms.
When parties agree to a contract they must approve the agreeme…
Officially accepting the contract by signing a paper version.
Terms
the detailed terms the parties agree to in a contract.
Come to terms
When parties reach an agreement on all of detailed terms.
Civil law
Civil law
Judiciary Act
Court
Relations of individuals with other individuals.
Double purpose organisation of family and regulation property.
Provides for their powers and jurisdictions.
Is the entity, body, or tribunal vested of judicial power.
Civil law
Relations of individuals with other individuals.
Civil law
Double purpose organisation of family and regulation property.
Contract
Contract law
Assumpsit
Laissez-faire
An agreement between two or more parties that is enforceable i…
The body of law that governs contract enforcement
a common law form of action that was one of the forerunners to…
Idea that government should play as small a role as possible i…
Contract
An agreement between two or more parties that is enforceable i…
Contract law
The body of law that governs contract enforcement
contract
intent
offer
acceptance
A binding agreement between two or more persons that is enforc…
intention or purpose
A proposal by one party to another intended to create a legall…
Agreeing to the terms of an offer to enter into a contract, th…
contract
A binding agreement between two or more persons that is enforc…
intent
intention or purpose
contract
tangible personal property
offer
offeror
A voluntary agreement between two parties in which specific pr…
1. property, except land or buildings, that can be seen, weigh…
A personal proposal by one party to another intended to create…
Party who makes an offer to form a contract.
contract
A voluntary agreement between two parties in which specific pr…
tangible personal property
1. property, except land or buildings, that can be seen, weigh…
Promise
Promisor
Promisee
Contract
A declaration that binds the person who makes it (the promisor…
A person who makes a promise
A person to whom a promise is made
A set of promises constituting an agreement between parties, g…
Promise
A declaration that binds the person who makes it (the promisor…
Promisor
A person who makes a promise
Contract... (pg 206)
Elements of a Contract... (pg 206)
Privity of Contract... (pg 206)
Parties to a Contract... (pg 207)
a legally binding agreement... --> by mutual agreement or assent…
1. an agreement... 2. between competent parties... 3. based on the g…
the term for the relationship amongst parties to a contract... -…
a contract binds only the parties to the contract... --> it canno…
Contract... (pg 206)
a legally binding agreement... --> by mutual agreement or assent…
Elements of a Contract... (pg 206)
1. an agreement... 2. between competent parties... 3. based on the g…