BLS 342 Final Chelsea Green
Study online at https://quizlet.com/_dic0f7
1. Contracts -- Gener- binding legal agreements
al
2. Bilateral Contract a contract in which a promise is given for the promise of another. It becomes
binding when mutual promises are communicated.
(a promise + a promise)
3. Unilateral Contract - a contract that legally binds only one party to contractual obligations after the
premium is paid
o (a promise + a requested action)
o Ex: reward for a lost dog
4. Express conditions - condition explicitly stated in contract
o Usually preceded by the words "conditioned on", "if", "provided-that", or
"when"
5. Implied conditions condition not explicitly stated but inferred from nature and language of contract
o Example: If one enters a contract with a builder to replace the windows in one's
house, there is an implied condition that the builder will be given access to the
home so that they may fulfill their obligations under the contract
o Ex: when you go to a restaurant implied contract that you will eat food and pay
for it
6. Quasi-contract court-imposed obligation to prevent unjust enrichment in the absence of a
contract
o Ex: Man sees people working on his house mistakenly, does not stop them
from completing work
7. Substantial perfor- Occurs when one party fulfills enough of its contract obligations to warrant
mance payment
Ex: a house was built except the decorative shutters weren't put on. They still
must pay because most of the contract was met.
, BLS 342 Final Chelsea Green
Study online at https://quizlet.com/_dic0f7
8. Perfect Tender standard under the UCC that a seller's performance under a sales contract must
Rule strictly comply with contractual duties and that any deviation discharges the
injured party
9. Commercial Im- A doctrine that may excuse the duty to perform a contract when performance
practicability becomes much more difficult or costly due to forces that neither party could
control or contemplate at the time the contract was formed.
o Ex: if shoelaces become too expensive they don't make profit selling shoes
10. Remedies for 1. Consequential damages
Breach of Contract 2. Specific Performance
3. Liquidated damages
4. Right to cure
11. Consequential Special damages that compensate for a loss that is not direct or immediate
damages (for example, lost profits). The special damages must have been reasonably
foreseeable at the time the breach or injury occurred in order for the plaintiff
to collect them.
12. Specific Perfor- An order requiring that the breaching party fulfill the terms of agreement.
mance Required to sell the land under specific performance.
13. Liquidated Dam- An amount, stipulated in the contract, that the parties to a contract believe to be
ages a reasonable estimation of the damages that will occur in the event of a breach.
14. Right to Cure Under CISG, seller has the right to correct their mistake without unreasonable
delay to the buyer. This is good for business, and relationships to make mistakes.
15. Contracts - Com-
mon Law
16. 4 elements of a agreement, consideration, contractual capacity, legality
valid contract
Study online at https://quizlet.com/_dic0f7
1. Contracts -- Gener- binding legal agreements
al
2. Bilateral Contract a contract in which a promise is given for the promise of another. It becomes
binding when mutual promises are communicated.
(a promise + a promise)
3. Unilateral Contract - a contract that legally binds only one party to contractual obligations after the
premium is paid
o (a promise + a requested action)
o Ex: reward for a lost dog
4. Express conditions - condition explicitly stated in contract
o Usually preceded by the words "conditioned on", "if", "provided-that", or
"when"
5. Implied conditions condition not explicitly stated but inferred from nature and language of contract
o Example: If one enters a contract with a builder to replace the windows in one's
house, there is an implied condition that the builder will be given access to the
home so that they may fulfill their obligations under the contract
o Ex: when you go to a restaurant implied contract that you will eat food and pay
for it
6. Quasi-contract court-imposed obligation to prevent unjust enrichment in the absence of a
contract
o Ex: Man sees people working on his house mistakenly, does not stop them
from completing work
7. Substantial perfor- Occurs when one party fulfills enough of its contract obligations to warrant
mance payment
Ex: a house was built except the decorative shutters weren't put on. They still
must pay because most of the contract was met.
, BLS 342 Final Chelsea Green
Study online at https://quizlet.com/_dic0f7
8. Perfect Tender standard under the UCC that a seller's performance under a sales contract must
Rule strictly comply with contractual duties and that any deviation discharges the
injured party
9. Commercial Im- A doctrine that may excuse the duty to perform a contract when performance
practicability becomes much more difficult or costly due to forces that neither party could
control or contemplate at the time the contract was formed.
o Ex: if shoelaces become too expensive they don't make profit selling shoes
10. Remedies for 1. Consequential damages
Breach of Contract 2. Specific Performance
3. Liquidated damages
4. Right to cure
11. Consequential Special damages that compensate for a loss that is not direct or immediate
damages (for example, lost profits). The special damages must have been reasonably
foreseeable at the time the breach or injury occurred in order for the plaintiff
to collect them.
12. Specific Perfor- An order requiring that the breaching party fulfill the terms of agreement.
mance Required to sell the land under specific performance.
13. Liquidated Dam- An amount, stipulated in the contract, that the parties to a contract believe to be
ages a reasonable estimation of the damages that will occur in the event of a breach.
14. Right to Cure Under CISG, seller has the right to correct their mistake without unreasonable
delay to the buyer. This is good for business, and relationships to make mistakes.
15. Contracts - Com-
mon Law
16. 4 elements of a agreement, consideration, contractual capacity, legality
valid contract
