A unilateral contract is a promise for ___________?
Performance.
100
What two things consist of Agreement?
Offer and Acceptance.
100
Is a contract valid, voidable or void after a bilateral mistake of fact?
Voidable
100
At least what type of performance must occur to discharge contractual obligations?
Substantial Performance (good faith, close to full performance and similar benefits)
100
Do we judge contracts based on personal beliefs of a party?
No, we judge by the Objective Theory of Contracts.
200
A lawyer writes me a contract to have someone pet sit for me. Is this a formal or informal contract?
Informal.
200
What do we need for valid Consideration?
A bargained for exchange of legally sufficient value.
200
Does a bilateral mistake of value make a contract valid, voidable or void?
Valid.
200
What is a condition precedent?
A condition that must be fulfilled before a party's performance can be required.
200
What does a forum-selection clause do?
Indicates the venue (location or court) a case will be heard. Often found in E-Contracts.
300
What is the difference between an express and implied contract?
Express is in words, implied is through actions.
300
What three cases do we take into account when looking at Capacity?
Minors, Intoxication and Mentally Incompetent.
300
What four things must occur for Fraudulent Misrepresentation to exist?
1. A misrepresentation of a material fact
2. There must be an intent to deceive
3. Innocent party must justifiably rely on misrepresentation
4. Injury
300
How is a contract discharged by operation of law?
Material alteration, statutes of limitations, bankruptcy, impossibility/impracticality of performance or frustration of performance.
300
List these in order from most to least enforceable: Browse-Wrap Terms, Shrink-Wrap Agreement, Click-On Agreement
Click, Shrink, Browse
400
What is an irrevocable offer?
An offer that is made irrevocable for a period of time often in return for consideration.
400
What is done with usury contracts generally?
High interest rates are rolled back and contract is enforced.
400
What are undue influence and duress?
Undue influence is when one person exploits a relationship to make someone make a contract they would not have otherwise, Duress is when threats of immediate harm are used to make someone go into a contract.
400
How is a contract discharged by agreement?
Mutual rescission, novation, settlement agreement or accord and satisfaction.
400
What five types of contracts must be written under statute of frauds?
Real Estate (Land), Contracts to be performed a year+ from now, Secondary Contracts, Marriage contracts and goods over $500.
500
What is the difference between an executed and executory contract?
Executed contracts are finished, executory contracts are still being completed.
500
If a contract meets all four requirements for a valid contract is it enforceable, voidable or unenforceable?