Blaw Exam 3: Nature of Traditional and E-Contracts

offeree

who the contract is offered to

offerer

makes an offer to enter into a contract, promises to do or refrain from doing something

agreement

1st element of contract: offer and acceptance

consideration

2nd element of contract: something of value to support promise

contractual capacity

3rd element of contract: over age 18 and of right mind

lawful object

4th element of contract: object of contract must be lawful

genuineness of assent

a Defense to the Enforcement of a Contract, ensures the offer wasn’t accepted because of durress or fraud

writing and form

a Defense to the Enforcement of a Contract, requires certain contracts to be in writing or a certain form

Uniform Commercial Code (UCC)

contract law for goods

Common Law of Contracts

contract law for services

the Restatement of the Law of Contracts

encyclopedia for attorneys

Objective theory of contracts

reasonable person standard

Bilateral contract

offeror’s promise is answered by afforee’s promise of acceptance, “promise for a promise”

Unilateral contract

offeror’s promise can only be accepted by the performance of an act by the offeree, “promise for an act.” No contract until offeree performs the act

Formal contract

require a special form or method of creation

Informal contract

no particular form or method required

Valid contract

meets all essential elements

Void contract

has no legal effect, as if no contract had ever been created

Voidable contract

when at least one party has the option to void their contractual obligations

Unenforceabable contract

when there is a legal defense to the enforcement of the contract. Parties may perform it if they want

Executory contract

not yet performed by both sides

Executed contract

completed, fully performed on both sides

Express contract

stated in oral or written words

Implied-in-fact contracts

implied from the conduct of the parties

Equity

doctrine that permits judges to act on fairness, equality, moral rights, and natural law