Contracts TOC, Contracts
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1. Contract "a promise or set of promises [exchanged] for the breach of which the law
provides a remedy, or the performance of which the law in some way recognizes
as a duty."
2. Promise undertaking to act or refrain from acting in some way at a future time.
3. Bilateral Contract Exchange of promise for a promise
4. Unilateral Con- Offeror's promise given in exchange for offeree's act
tract
5. Offer A promise or commitment to perform or refrain from performing some specified
act in the future.
OR:
Manifestation of willingness to enter into a bargain, so as made to justify another
person in understanding that his assent to the bargain is invited and will conclude
it
6. Acceptance the action of consenting to receive or undertake something offered
OR
Manifestation of assent to the terms of the offer in the manner invited or required
by the offer (voluntary act of offeree exercising power conferred by the offer)
7. Consideration something of value exchanged for something else of value
8. Expectation In- Interest after contract comes into existence. What party expects to receive as the
terest benefit
9. Restitution inter- Time/money involved in enforcing/securing the contract, the benefit conferred on
est the other party
, Contracts TOC, Contracts
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10. Reliance interest Actions based on the promise of performance
11. Uniform Com- A collection of laws that governs various types of goods
mercial Code
12. Restatement Sec- A non-binding treatise that covers everything else not covered by UCC. Widely
ond of Contracts adopted by states and federal gov't.
13. Convention on Source of law b/n merchants from different countries only (BUT does not apply
Contracts for to goods for personal use)
the Internation-
al Sale of Goods
(CISG)
14. Options Contract A contract under which the offeror promises to keep her offer open to the offeree
until a specified date
15. Requirements Exclusive dealing to supply all required to one party or all of the other party's
and Output output produced
Contracts
16. Force majeure Unforeseeable circumstances that prevent someone from fulfilling a contract
17. Contract to Ne- Not the same as an agreement to agree
gotiate
18. Gifts and Gratu- Not enforceable
itous Promises
19. Conditional Conditional Promises are exchanged for consideration; provision of the perfor-
Promises mance that serves as consideration is also the condition that must be satisfied
20. Illusory Promises
, Contracts TOC, Contracts
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Promises of future performance can be consideration for another party's promise,
even if obligation to provide future performance is contingent on occurrence of
event that is not certain to occur
21. Certainty of A contract must be definite to be enforceable
Terms
22. Termination of Of-An offeree's power of acceptance may be terminated by rejection or counter-offer
fers by the offeree, lapse of time, revocation by the offeror, death or incapacity of the
offeror or offeree, non-occurrence of any condition of acceptance under the terms
of the offer
23. Affirmative De- Admitting there was a contract, but it's not enforceable b/c:
fenses to Con-
tract Enforce- Statute of Frauds
ment Infancy
Incapacity
Misrepresentation
Unconscionability
Public Policy
24. The Statute of A state statute under which certain types of contracts must be in writing to be
Frauds enforceable.
K's that fall within:
-Executorship
-Suretyship
-Promise re Marriage
-Sale of Land
-Goods over $500
25. Infancy Contract entered into by an individual under the age of majority are voidable at the
election of the minor before or within a reasonable time after reaching majority
Study online at https://quizlet.com/_975o6j
1. Contract "a promise or set of promises [exchanged] for the breach of which the law
provides a remedy, or the performance of which the law in some way recognizes
as a duty."
2. Promise undertaking to act or refrain from acting in some way at a future time.
3. Bilateral Contract Exchange of promise for a promise
4. Unilateral Con- Offeror's promise given in exchange for offeree's act
tract
5. Offer A promise or commitment to perform or refrain from performing some specified
act in the future.
OR:
Manifestation of willingness to enter into a bargain, so as made to justify another
person in understanding that his assent to the bargain is invited and will conclude
it
6. Acceptance the action of consenting to receive or undertake something offered
OR
Manifestation of assent to the terms of the offer in the manner invited or required
by the offer (voluntary act of offeree exercising power conferred by the offer)
7. Consideration something of value exchanged for something else of value
8. Expectation In- Interest after contract comes into existence. What party expects to receive as the
terest benefit
9. Restitution inter- Time/money involved in enforcing/securing the contract, the benefit conferred on
est the other party
, Contracts TOC, Contracts
Study online at https://quizlet.com/_975o6j
10. Reliance interest Actions based on the promise of performance
11. Uniform Com- A collection of laws that governs various types of goods
mercial Code
12. Restatement Sec- A non-binding treatise that covers everything else not covered by UCC. Widely
ond of Contracts adopted by states and federal gov't.
13. Convention on Source of law b/n merchants from different countries only (BUT does not apply
Contracts for to goods for personal use)
the Internation-
al Sale of Goods
(CISG)
14. Options Contract A contract under which the offeror promises to keep her offer open to the offeree
until a specified date
15. Requirements Exclusive dealing to supply all required to one party or all of the other party's
and Output output produced
Contracts
16. Force majeure Unforeseeable circumstances that prevent someone from fulfilling a contract
17. Contract to Ne- Not the same as an agreement to agree
gotiate
18. Gifts and Gratu- Not enforceable
itous Promises
19. Conditional Conditional Promises are exchanged for consideration; provision of the perfor-
Promises mance that serves as consideration is also the condition that must be satisfied
20. Illusory Promises
, Contracts TOC, Contracts
Study online at https://quizlet.com/_975o6j
Promises of future performance can be consideration for another party's promise,
even if obligation to provide future performance is contingent on occurrence of
event that is not certain to occur
21. Certainty of A contract must be definite to be enforceable
Terms
22. Termination of Of-An offeree's power of acceptance may be terminated by rejection or counter-offer
fers by the offeree, lapse of time, revocation by the offeror, death or incapacity of the
offeror or offeree, non-occurrence of any condition of acceptance under the terms
of the offer
23. Affirmative De- Admitting there was a contract, but it's not enforceable b/c:
fenses to Con-
tract Enforce- Statute of Frauds
ment Infancy
Incapacity
Misrepresentation
Unconscionability
Public Policy
24. The Statute of A state statute under which certain types of contracts must be in writing to be
Frauds enforceable.
K's that fall within:
-Executorship
-Suretyship
-Promise re Marriage
-Sale of Land
-Goods over $500
25. Infancy Contract entered into by an individual under the age of majority are voidable at the
election of the minor before or within a reasonable time after reaching majority
