Blaw chapter 9

commutative(type of justice)

duty of fairness in excchange

distributive(type of justice)

what the community owes its members

legal(type of justice

What we owe the community

contract

A legally enforceable agreement.

agreement(element of contract)

Offer & Acceptance

competent parties(element of contract)

Mental capacity, legal age

genuine assent(element of contract)

No fraud, duress, or undue influence

consideration(element of contract)

Something of value exchanged

legal object or purpose(element of contract)

Must be lawful

legal form(element of contract)

The required format for a contract to be legally enforceable, such as written agreements for certain transactions

objective intent(used in contract law)

What a reasonable person would interpret. (Used in contract law)

subjective intent(used in fraud cases)

What a person thinks is happening

formal contract

Requires specific legal formalities (e.g., contracts under seal, recognizance).

informal contract

A contract that does not require a specific form or method of creation to be legally valid

recognizance

A formal promise made in court to return for trial (used in bail/release situations).

forbearance

A promise to refrain from doing something (important for consideration in contracts).

UCC(uniformed commercial code)

A standardized set of laws regulating commercial transactions, ensuring consistency in contracts and sales of goods across most U.S. states.

negotiable instrument

A written document (e.g., check, promissory note) that guarantees payment to a specified person and can be transferred to others. It must include words like “pay to the order of.”

risk of loss

Defines who is financially responsible if goods are lost or damaged during transit, as determined by the UCC.

FOB origin

Buyer assumes responsibility when goods are shipping

FOB desination

Seller remains responsible until goods arrive

valid contract

A legally enforceable agreement that meets all necessary requirements.

void contract

A contract with no legal effect from the beginning, often due to illegality or lack of capacity.

voidable contract

A contract that one party can cancel due to factors like fraud or misrepresentation.

unenforceable contract

A valid contract that cannot be upheld in court due to legal formalities (e.g., a real estate contract lacking a written agreement).

executed contract

A contract where all terms have been fulfilled by both parties.

executory contract

A contract where obligations are still outstanding.

bilateral contract

A contract where both parties exchange promises (e.g., "I will pay you $500 if you paint my house").

unilateral contract

A contract where one party promises something in exchange for an action (e.g., a reward for finding a lost dog), which is only accepted when the action is completed.

option

A contract that supports a second contract, often used to keep an offer open while excluding others from accepting it until due diligence is completed.

right of first refusal

A contractual right that gives a party the first opportunity to buy or lease something before the owner can offer it to others.

law of equity

A system of justice that operates alongside formal law, focusing on fairness and justice rather than strict legal rules.

contract law

A body of law governing agreements between parties, enforceable by legal rules.

qusi contract, not a real contract

A legal fiction used to impose obligations on a party to prevent unjust enrichment, even when no actual contract exists.

unjust enrichment

A situation where one party benefits at the expense of another in a way that is considered unfair or unjust.

unjust enrichment connection to quasi contract

Quasi-contracts are used to remedy unjust enrichment by requiring the benefiting party to pay for the value of the benefit received.

formal law

Decrees or mandates from authorities, forming the basis of legal systems.

equity

A system of fairness and justice, separate from formal law.

assumpsit

A Latin term referring to an action for breach of contract.

promissory estoppel

A doctrine preventing a party from going back on a promise if the other party relied on it to their detriment.

ostensible partnership

a business relationship that appears to be a partnership, even if no formal agreement exists, potentially creating liability for those involved.

implied in fact contract example

eating an apple at a roadside stand with the intent to pay later.

quasi contract example

A doctor providing emergency medical services to an unconscious person, with equity requiring payment for the services.