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what is a contract?
legally forceable agreement. if not fulfilled, court will enforce deal
what is specific performance?
defendant ordered by court to actually perform terms of contract instead of asked to pay money damages to plaintiff
what are bilateral contracts?
each part promise to perform one or more acts at a later time
Ex. Jay promises to move furniture if Rob promises to pay $300
“promise for a promise”
Example of bilateral offer?
X promise to do something in promise of something from Y
once X accepts the offer, then it becomes a bilateral contract
What is an offeror?
person making definite proposal
what is an offeree?
person who receives the proposal
what is a unilateral offer?
can be accepted only by the performance of a particular act
contract formed only if one of the sides do something; promising is not enough
what is a valid contract?
all of the required elements are present; enforceable against both parties
what are voidable contracts?
one of the pirates has legal right to withdraw from contract at later time without liability
Are minor contracts voidable?
Yes, child can withdraw a contract with an adult
What are unenforceable contracts?
was valid at time it was made, but later rendered unenforceable because of application of some special rule of law
what are void contracts?
never existed at all and never enforced by the court
what are express contracts?
parties involved fully and specifically stated the terms of deal
Ex. agreement in writing
what are implied contracts?
sometimes infer by courts after examining conducts of parties
What are executory contracts?
lasts until both parties fully performed obligations
Ex. sign contract calls on me to sell car for $5,000
What are executed contracts?
both parties complete their side of deal
Ex. person brings $5,000, I give keys and title to car
What are negotiated contracts?
terms agreed upon after certain amount of bargaining between parties
What are contracts of adhesion?
one side prepares terms of proposed contract and presents to other party on take-it-or-leave-it basis
Ex. apartment leases, hospital admission forms, sales contracts from new car dealers
what is Common Law?
Service contracts (employment contracts)
Real estate contracts (leases)
what is Uniform Commercial Code (UCC)?
better for everyone to adopt same set of rules for certain types of contracts
what is a good?
tangible, moveable physical objects
UCC governs ___ while Common Law governs…
goods
non-goods
What are the elements of a valid contract?
Valid offer
Offer must be accepted
Consideration must be present
All sides must have capacity
All sides must assent to the agreement
Agreement must be legal
*Sometimes the contract must be in writing*
