Contract Law Study Guide

These flashcards cover essential legal concepts, definitions, and terms from the lecture on law and contracts.

Bilateral Contract

A contract where both parties exchange mutual promises to perform.

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party.

Express Contract

A contract where the terms are stated clearly, either orally or in writing.

Implied Contract

A contract formed by the conduct or actions of the parties involved.

Contract Law Elements

Five key elements required for a valid and enforceable contract: offer, acceptance, capacity, consideration, and lawful purpose.

Statute of Frauds

A legal doctrine requiring certain contracts to be in writing to be enforceable.

Creditor Beneficiary

A third party who benefits from a contract in which one party agrees to pay a debt owed to that beneficiary.

Intended Donee Beneficiary

A third party who benefits from a contract due to the parties' intent to confer a benefit upon them.

Damages in Contract Law

Monetary compensation for losses resulting from breach of contract; includes compensatory, consequential, and punitive damages.

Product Liability

Legal responsibility of manufacturers and sellers to ensure their products are safe and free from defects.

Negligence

A failure to exercise the care that a reasonably prudent person would exercise in like circumstances.

Strict Product Liability

Liability imposed on a manufacturer or seller for producing or selling a defective product, regardless of fault.

Collective Bargaining

Process by which workers, through their unions, negotiate contracts and work rules with their employers.