Chapter 11: Introduction to Contracts

These flashcards cover the essential concepts of contract law, focusing on elements, types of contracts, and legal principles surrounding contracts, aiding preparation for the exam.

What are the four requirements for a valid contract under contract law?

Agreement, Consideration, Contractual Capacity, Legality.

A fictional contract imposed by the court to avoid unjust enrichment as if an actual contract had been made.

What is a quasi-contract?

A bilateral contract involves mutual promises, while a unilateral contract involves a promise in exchange for a performance.

What distinguishes a bilateral contract from a unilateral contract?

They are interpreted in favor of the non-drafting party.

How are vague and ambiguous contract terms interpreted by courts?

Bilateral, Unilateral, Executory, Executed, Valid, Unenforceable, Voidable, Void, Express, Implied.

What are the different types of contracts mentioned in the lecture?

A legal principle that enforces a promise when a party relies on it to their detriment, even if a formal contract does not exist.

What does 'promissory estoppel' refer to in contract law?

Common Law and Uniform Commercial Code (UCC).

What is the primary source of contract law?

The non-drafting party usually benefits from the interpretation.

In the case of ambiguity within a contract, who typically benefits from the interpretation?

DeMasse v. ITT Corporation.

What legal case references the enforceability of layoff policy changes?

Providing services to someone who mistakenly believes they were contracted to do so, thereby preventing unjust enrichment.

What is an example of a scenario that may involve a quasi-contract?