BUL 4421 Final - FAU Gendler
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Terms in this set (231)
1. Contractual Capacity
2. Legal Object
Elements of a Contract
3. Agreement (offer, acceptance)
4. Consideration
-A promise or set of legally enforceable promises for
the breach of which the law gives a remedy or the
Contract
performance of which the law in some way
recognizes a duty.
Offer by Offerror to enter into a contract and
Agreement
acceptance of terms by offeree.
i. The bargained-for exchange or what each party
gets in exchange for his or her promise under the
Consideration contract
(The something for something)
Contractual capacity i. The legal ability to enter into a binding agreement
subject matter of the contract. Cannot be illegal or
Legal Object
against public policy in order to be enforceable
Objective Theory of basis of contract law
Contracts is the
Objective Theory of Outward manifestations of intent
Contracts bases existence
on
,Objective Theory of how a reasonable person would interpret it.
Contracts bases
interpretation on
________ of parties is not subjective intent
usually relevant under
objective theory of
contracts
t or f: subjective intent true
may be relevant under
certain circumstances
a mutual misunderstanding b/t parties exists and they
subjective intent may be
did not come to a true meetings of minds; no contract
relevant if
exists
look at each party separately, interpret situation to
if there appears a a mutual
determine whether parties really reached an
misunderstanding
agreement
in order to determine their objective words and behavior and do not try to
whether partied intended figure out what they may have secretly intending
to enter into a contract,
courts look at
classification of contract when offeree is legally bound to perform
determines
Bilateral Contract = A promise + a promise.
Under bilateral contract, as soon as promise exchanged
contract formed
-a promise + a requested action
Unilateral Contract -Offeror wants something done, not a promise for
something to be done.
once offerree begins performance; offeror must give
under unilateral contract,
reasonable amt of time to finish before voiding
contract formed
contract
, The terms of the contract are all clearly set forth in
Express Contract either written or spoken words.
ex; written agreement by dentist to perform work
Terms arise from conduct of the parties.
Implied Contract
ex; dentist pulling tooth implies you will pay
1- benefits conferred by plaintiff upon defendant
3 conditions required for 2- defendant has knowledge of benefit being
implied contracts (and bestowed on them, and
recovery) 3- defendant retains benefit under circs which it
would be unjust to do so without payment
-Not a contract at all; unenforceable
Void Contract
-Either illegal or has some serious defect.
-One or both of the parties has the ability to either
Voidable Contract
withdraw from the contract or enforce it.
if choosing to terminate a return anything already exchanged under the
voidable contract, both agreement; restore to conditions before contract
parties must
-entered into by a minor, fraud, or under duress
contracts can be voided if -court attempting to protect person believed to have
been taken advantage of
-All contract elements are there but one party was
Lack of Genuine Assent forced into contract through duress, fraud,
(Defense) misrepresentation.
-Acts as defense
Contract Lacks Proper Writing must meet a certain criteria must exist for a
Form (Defense) contract to be legally binding.
1. Intent to be bound by acceptance
2. Definite and certain terms
Elements of Offer (4):
3. Communication to the offeree
4. Acceptance
Save
Terms in this set (231)
1. Contractual Capacity
2. Legal Object
Elements of a Contract
3. Agreement (offer, acceptance)
4. Consideration
-A promise or set of legally enforceable promises for
the breach of which the law gives a remedy or the
Contract
performance of which the law in some way
recognizes a duty.
Offer by Offerror to enter into a contract and
Agreement
acceptance of terms by offeree.
i. The bargained-for exchange or what each party
gets in exchange for his or her promise under the
Consideration contract
(The something for something)
Contractual capacity i. The legal ability to enter into a binding agreement
subject matter of the contract. Cannot be illegal or
Legal Object
against public policy in order to be enforceable
Objective Theory of basis of contract law
Contracts is the
Objective Theory of Outward manifestations of intent
Contracts bases existence
on
,Objective Theory of how a reasonable person would interpret it.
Contracts bases
interpretation on
________ of parties is not subjective intent
usually relevant under
objective theory of
contracts
t or f: subjective intent true
may be relevant under
certain circumstances
a mutual misunderstanding b/t parties exists and they
subjective intent may be
did not come to a true meetings of minds; no contract
relevant if
exists
look at each party separately, interpret situation to
if there appears a a mutual
determine whether parties really reached an
misunderstanding
agreement
in order to determine their objective words and behavior and do not try to
whether partied intended figure out what they may have secretly intending
to enter into a contract,
courts look at
classification of contract when offeree is legally bound to perform
determines
Bilateral Contract = A promise + a promise.
Under bilateral contract, as soon as promise exchanged
contract formed
-a promise + a requested action
Unilateral Contract -Offeror wants something done, not a promise for
something to be done.
once offerree begins performance; offeror must give
under unilateral contract,
reasonable amt of time to finish before voiding
contract formed
contract
, The terms of the contract are all clearly set forth in
Express Contract either written or spoken words.
ex; written agreement by dentist to perform work
Terms arise from conduct of the parties.
Implied Contract
ex; dentist pulling tooth implies you will pay
1- benefits conferred by plaintiff upon defendant
3 conditions required for 2- defendant has knowledge of benefit being
implied contracts (and bestowed on them, and
recovery) 3- defendant retains benefit under circs which it
would be unjust to do so without payment
-Not a contract at all; unenforceable
Void Contract
-Either illegal or has some serious defect.
-One or both of the parties has the ability to either
Voidable Contract
withdraw from the contract or enforce it.
if choosing to terminate a return anything already exchanged under the
voidable contract, both agreement; restore to conditions before contract
parties must
-entered into by a minor, fraud, or under duress
contracts can be voided if -court attempting to protect person believed to have
been taken advantage of
-All contract elements are there but one party was
Lack of Genuine Assent forced into contract through duress, fraud,
(Defense) misrepresentation.
-Acts as defense
Contract Lacks Proper Writing must meet a certain criteria must exist for a
Form (Defense) contract to be legally binding.
1. Intent to be bound by acceptance
2. Definite and certain terms
Elements of Offer (4):
3. Communication to the offeree
4. Acceptance
