Vocabulary
What do you have if you can legally contract for yourself?
Capacity
Agreement must not be based on one party's deceiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer or acceptance.
What is genuine assent
What are the five grounds for avoidance of genuine assent?
Duress, undue influence, mistake, misrepresentation, fraud.
A contract that is uncompleted or not fully performed
What is Executory Contract?
Wrongful or criminal deception intended to result in financial or personal gain.
WHAT IS FRAUD
What is the value exchanged in a contract called?
Consideration
What both parties agree to must be legal
What is legality
Patricia’s employer fired her after only three months in the job, in breach of a twelve-month employment contract. Patricia is entitled to recover as damages?
her salary for nine months
Paul is a law student and needs some extra cash. He puts up posters saying that he wants to sell his skis. Dorothy agrees to buy them for $200 . She never comes up with the money, though, and she breaches their contract
There was never a contract in the first place
The action or offense of giving a false or misleading account of the nature of something.
What is Misrepresentation?
This word is used to describe jokes which could be misinterpreted as offers.
Jest
Some agreements must be placed in writing to be fully enforceable in court
What is Proper Form (writing)
In order to be considered mutual assent there must be both ___ and ___
Offer and Acceptance
Under the same facts as the preceding question, how much is Paul most likely to recover, assuming the contract price is essentially the same as the fair market value and that it is not too hard to sell skis this time of year?
Paul doesn't need to recover from anything because he didn't sell them to her.
an error in comprehending facts, meaning of words or the law, which causes one party or both parties to enter into a contract without understanding the obligations or results.
what is a mistake
What is the act by which a party withdraws their side of the contract?
Revocation
An agreement between two parties exists if a reasonable person could judge the acts and behaviors of the parties enough to objectively construe agreement
The Objective Theory of a Contract
This doctrine protects parties, who have largely fulfilled their side of the contract, from legal trouble
What is Substantial Performance
Alberta and Bob make a contract. Bob breaches, so Alberta puts an end to the contract. Alberta’s action will constitute a...?
Termination
an equitable doctrine that involves one person taking advantage of a position of power over another person.
what is undue influence
This word describes contracts which are unfair by almost every measure.
Unconscionable
The policy that makes promises legally binding.
Promissory Estoppel
Mr. Krabs doesn't set a wet floor for Plankton. He slips Plankton, what are the consequences of Mr. Krabs action.
Gross Negligence causes the reward of damages.
Certain verbal contracts are voidable due to this contractual law
Statute of Frauds
a situation where one person makes unlawful threats or otherwise engages in coercive behavior that causes another person to commit acts that they would otherwise not commit.
what is duress