Karteikarten
Chapter 9
Karten in diesem Stapel (21)
- 1ContractA set of legally enforceable promises
- 2Elements required for contract formationAgreement (Offer and Acceptance)
Consideration (Bargained-For Exchange)
Contractual Capacity (Legal Ability to Enter Into Binding Contract)
Legal Object - 3Defenses to enforcement of contractLack of genuine assent (fraud, duress, undue influence, misrepresentation)
Lack of proper form requirements (statute of frauds writing requirement) - 4Sources of contract lawState common law
The Uniform Commercial Code (Article 2)
-Governs contracts for the sale of goods - 5Bilateral ContractExchange of promises
- 6Unilateral ContractPromise in return for performance of act
- 7Express ContractBased on written or spoken words
- 8implied contractBased on conduct or actions
- 9Quasi ContractImposed in certain cases to avoid unjust enrichment, even if all elements of contract formation not satisfied
- 10Valid ContractAll elements of contract formation satisfied
- 11Void ContractIllegal purpose/subject matter; unenforceable
- 12Voidable ContractOne or both parties can withdraw from contract
- 13Executed ContractAll terms of contract fully performed
- 14Executory ContractSome duties under contract not performed by one/both parties
- 15Formal ContractMust meet special form requirements
-Examples: Contracts under seal, “recognizances,” letters of credit, and negotiable instruments - 16Informal ContractNo formalities required in making; a “simple” contract
- 17Elements of a valid offerManifestation of offeror’s intent to be bound
-Intent determined by objective, “reasonable person” standard
-Preliminary negotiations and advertisements do not constitute offers
Definite and certain terms (including subject matter, price, quantity, quality, and parties)
Communication of offer to offeree (or offeree’s agent) - 18AuctionsAuction With Reserve
-Seller merely expresses intent to receive offers
-Auctioneer (as representative of seller) may withdraw item from auction at any time before “hammer falls”
-Before hammer falls (signaling acceptance of offer), bidder/offeror may revoke bid
Auction Without Reserve
-Seller must accept highest bid - 19Termination of OfferRevocation by Offeror
Rejection by Offeree
Death/Incapacity of Offeror
Destruction/Subsequent Illegality of Subject Matter of Offer
Lapse of Time/Failure of Condition(s) Specified in Offer - 20AcceptanceRepresents offeree’s intent to be bound by terms of offer and resulting contract
Silence generally does not constitute acceptance
Terms of acceptance must be identical to terms of offer (“Mirror-Image” Rule)
Effective when communicated by offeree to offeror
If no method of communicating acceptance specified in offer, any reasonable means of acceptance effective (Examples: telephone, mail, fax, e-mail) - 21The Mailbox RuleAcceptance by mail effective when placed in mailbox; however, revocation of offer effective only when received by offeree
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- Karteikarten am Chapter 9, erstellt von Taylor Wall am 12/12/2016.
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