Offer & Acceptance
This is the rule from Lucy v. Zehmer about determining intent to form a contract.
What is objective intent?
This is the term for something of value exchanged in a contract.
What is consideration?
The doctrine that voids contracts entered into under threat of physical harm.
What is duress?
This type of breach occurs when one party fails to substantially perform.
What is a material breach?
This remedy aims to put the injured party in the position they would have been in had the contract been performed.
What is expectation damages?
The doctrine that allows a promisee to enforce a promise even without consideration due to reliance.
What is promissory estoppel?
A pre-existing duty cannot serve as consideration, as established in this doctrine.
What is the pre-existing duty rule?
Misrepresentation must be both material and this to void a contract.
What is fraudulent?
The rule from Jacobs & Young v. Kent about recovery when substantial performance occurs.
What is cost of completion versus diminution in value?
The non-breaching party has a duty to do this to minimize their losses.
What is mitigate damages?
A counteroffer has this effect on the original offer.
What is terminates the original offer?
A promise to pay a debt barred by the statute of limitations is enforceable if this occurs.
What is a new written promise or partial payment?
This defense involves a party being unfairly influenced due to a special relationship.
What is undue influence?
This type of condition must occur before a party’s performance is due.
What is a condition precedent?
This equitable remedy is used to compel the breaching party to perform their obligation under the contract.
What is specific performance?
The rule from Raffles v. Wichelhaus that deals with misunderstandings about contract terms.
What is the mutual misunderstanding doctrine?
The case where forbearance from filing a lawsuit was considered valid consideration.
What is Hamer v. Sidway?
he term for a mistake where both parties are wrong about a material fact.
What is mutual mistake?
This doctrine allows a party to suspend performance when the other party shows intent to breach.
What is anticipatory repudiation?
This type of damages compensates for foreseeable losses at the time of contract formation.
What are consequential damages?
In a unilateral contract, acceptance is completed through this action.
What is performance?
Illusory promises lack consideration because they are missing this key element.
What is mutual obligation?
Contracts with illegal subject matter are typically this.
What is void?
A breach that deprives the other party of the substantial benefit of the bargain is called this.
What is a total breach?
Damages awarded when there is no real loss but a legal wrong occurred.
What are nominal damages?