BLAW 3391 Pleasant Exam 3 Contracts
Contract - ANSWER Legally enforceable agreement (enforceable in a court of
law) that is created when 2 or more competent parties agree to perform, or to
avoid performing, certain acts that they have a legal right to do and that meet
certain legal requirements.
Oral Contract - ANSWER Not in writing or signed by the parties, but it is a real
contract created entirely by the conversation of the parties (in person, phone,
video, etc.)
Written Contract - ANSWER Reduced to writing on a permanent surface. Can be
a handwritten note or any other memorandum containing the terms of the
agreement, as long as it's signed by the party or parties who wish to be bound
by the agreement
Expressed Contract - ANSWER One that specifically states the agreement of the
parties (written or oral)
Implied Contract - ANSWER The terms and actions of the parties dictate an
implied contract
Formal Contract - ANSWER Specialty Contract. Written contract under seal or in
a certain form. The seal may consist of an impression on the paper or a notary
stamp
Simple Contract - ANSWER Informal contract without a seal or in certain form
(even though the subject matter of the contract may be extremely complex and
may involve huge amounts of money)
Entire Contract - ANSWER Indivisible Contract. Has two or more parts. Each
part is dependent on the others for satisfactory performance. Must be
completely performed. (Chairs and Desks)
Divisible Contract - ANSWER Made up of two or more parts and each part is
independent of the others. (Keurig Coffee and Chairs)
Bilateral Contract - ANSWER is a promise for a promise
, - is a reciprocal arrangement between two parties by which each promises to
perform an act in exchange for the other party's act.
Unilateral Contract - ANSWER is an act for a reward, NOT a promise to do
something (EX: I promise to find your dog for the reward $ = NOT Unilateral)
Executed Contract - ANSWER Contract has been fully performed by both parties
Executory Contract - ANSWER Contract has NOT been fully performed by both
parties (can be partially executory or completely executory)
Complete Performance - ANSWER Fully performed
Substantial Performance - ANSWER Good Faith. All terms and conditions are
executed with the exception of minor details. No material effect on the intent of
the agreement.
Tender of Performance - ANSWER An offer to perform. Evidence of a party's
willingness to fulfill the terms of a contract.
Refusal of a T.o.P: Relieves the party making the offer of obligation to perform.
May sue the other party for breach of contract.
Tender of Goods - ANSWER An offer to provide goods agreed upon. Evidence of
a party's willingness to fulfill the terms of a contract. Refusal of T.o.G: Relieves
the party making the offer of 5 obligation to provide.May sue the other party for
breach of contract
Tender of Payment - ANSWER An offer of money in payment of an obligation.
Evidence of a party's willingness to fulfill the terms of a contract.
Refusal of T.o.P: DOES NOT CANCEL DEBT. Penalties and interest cannot be
charged beyond the date of the offer of payment.
Valid Tender - ANSWER Must be made as specified in the contract. Payment
must be for the exact amount. Must be for the specific goods specified in
contract.
Compensatory Damages - ANSWER A sum of money that will compensate for the
loss. Injured party must determine the damage in terms of money. Court
determine if the claim is fair and adequate
Incidental Damages - ANSWER Damages that compensate for expenses directly
incurred because of a breach of contract, such as those incurred to obtain
performance from a different source.
Consequential Damages - ANSWER Monetary compensation for losses resulting
from special circumstances of a plaintiff that are foreseeable by both parties.
Contract - ANSWER Legally enforceable agreement (enforceable in a court of
law) that is created when 2 or more competent parties agree to perform, or to
avoid performing, certain acts that they have a legal right to do and that meet
certain legal requirements.
Oral Contract - ANSWER Not in writing or signed by the parties, but it is a real
contract created entirely by the conversation of the parties (in person, phone,
video, etc.)
Written Contract - ANSWER Reduced to writing on a permanent surface. Can be
a handwritten note or any other memorandum containing the terms of the
agreement, as long as it's signed by the party or parties who wish to be bound
by the agreement
Expressed Contract - ANSWER One that specifically states the agreement of the
parties (written or oral)
Implied Contract - ANSWER The terms and actions of the parties dictate an
implied contract
Formal Contract - ANSWER Specialty Contract. Written contract under seal or in
a certain form. The seal may consist of an impression on the paper or a notary
stamp
Simple Contract - ANSWER Informal contract without a seal or in certain form
(even though the subject matter of the contract may be extremely complex and
may involve huge amounts of money)
Entire Contract - ANSWER Indivisible Contract. Has two or more parts. Each
part is dependent on the others for satisfactory performance. Must be
completely performed. (Chairs and Desks)
Divisible Contract - ANSWER Made up of two or more parts and each part is
independent of the others. (Keurig Coffee and Chairs)
Bilateral Contract - ANSWER is a promise for a promise
, - is a reciprocal arrangement between two parties by which each promises to
perform an act in exchange for the other party's act.
Unilateral Contract - ANSWER is an act for a reward, NOT a promise to do
something (EX: I promise to find your dog for the reward $ = NOT Unilateral)
Executed Contract - ANSWER Contract has been fully performed by both parties
Executory Contract - ANSWER Contract has NOT been fully performed by both
parties (can be partially executory or completely executory)
Complete Performance - ANSWER Fully performed
Substantial Performance - ANSWER Good Faith. All terms and conditions are
executed with the exception of minor details. No material effect on the intent of
the agreement.
Tender of Performance - ANSWER An offer to perform. Evidence of a party's
willingness to fulfill the terms of a contract.
Refusal of a T.o.P: Relieves the party making the offer of obligation to perform.
May sue the other party for breach of contract.
Tender of Goods - ANSWER An offer to provide goods agreed upon. Evidence of
a party's willingness to fulfill the terms of a contract. Refusal of T.o.G: Relieves
the party making the offer of 5 obligation to provide.May sue the other party for
breach of contract
Tender of Payment - ANSWER An offer of money in payment of an obligation.
Evidence of a party's willingness to fulfill the terms of a contract.
Refusal of T.o.P: DOES NOT CANCEL DEBT. Penalties and interest cannot be
charged beyond the date of the offer of payment.
Valid Tender - ANSWER Must be made as specified in the contract. Payment
must be for the exact amount. Must be for the specific goods specified in
contract.
Compensatory Damages - ANSWER A sum of money that will compensate for the
loss. Injured party must determine the damage in terms of money. Court
determine if the claim is fair and adequate
Incidental Damages - ANSWER Damages that compensate for expenses directly
incurred because of a breach of contract, such as those incurred to obtain
performance from a different source.
Consequential Damages - ANSWER Monetary compensation for losses resulting
from special circumstances of a plaintiff that are foreseeable by both parties.
