LENB Test 4
contract ️legally enforceable set of promises
4 elements to a valid contract ️agreement, consideration, contractual capacity, legal object
agreement ️made up of an offer made by offeror to enter a contract
acceptance ️offeree accepts terms
consideration ️bargained fo...
LENB Test 4
contract ✔️legally enforceable set of promises
4 elements to a valid contract ✔️agreement, consideration, contractual capacity, legal object
agreement ✔️made up of an offer made by offeror to enter a contract
acceptance ✔️offeree accepts terms
consideration ✔️bargained for exchange
Contractual Capacity ✔️the legal ability to enter into a binding agreement
legal object ✔️to be enforceable, the contract cannot be either illegal or against public policy
contract law = ✔️common law
Uniform Commercial Code (UCC) ✔️widely adopted uniform business law
Common Law ✔️(civil law) a law established by following earlier judicial decisions
2 kinda of contracts ✔️unilateral and bilateral- what offeror wants from offeree
bilateral contract ✔️promise for a promise (binded contract)
unilateral contract ✔️promise in exchange for an act
, what is the importance of types of contracts? ✔️knowing when you can legally do something about it
express contracts ✔️written or spoken words enter you in a contract
implied contract ✔️conduct or actions enter you in a contract
3 conditions to be implied ✔️1. plaintiff provided some property or service to defendant
2. plaintiff expected to be paid for such property or service and a reasonable person in position of the
defendant would have expected
3. defendant had opportunity to reject property but didn't
Quasi Contract ✔️sometimes called implied in law contracts; prevent one party from being unjustly
enriched at expense of another (not a real contract)
valid contract ✔️contain all 4 legal elements of a contract; a contract may be valid yet unenforceable
void contract ✔️not a contract at all; either object is illegal or has some defect that is serious
voidable ✔️if one or both parties can withdraw from a contract or enforce it
contract executed ✔️once all terms of a contract have been fully performed
executory ✔️a contract that has not been fully performed on either side (still stuff to do)
4 types of formal contract ✔️1. contracts under seal
2. recognizances
3. letters of credit
4. negotiable instruments
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