4/28/2021 Business Law: Contracts Final Flashcards | Quizlet
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Business Law: Contracts Final
Terms in this set (118)
offer, acceptance, genuine agreement,
Elements of a Contract consideration, capacity, legality
both parties make a promise
Bilateral ex) pay rent in exchange for a leased house
a promise for an act
Unilateral ex) reward for finding a lost dog
meets legal requirements for a binding contract and
Valid Contract are enforceable in court
meets basic legal requirements, but cannot be
Unenforceable enforced in court
one of the parties has the legal right to cancel their
Voidable Contract contract
Void Contract no legal obligations and no remedy
terms of the contract are directly stated orally or in
Express Contract writing at the time the contract was formed
surrounding facts and circumstances indicate an
Implied Contract agreement has in fact been reached Business Law: Contracts Final https://quizlet.com/42317645/business-law-contracts-final-flash-cards/ 1/2 4/28/2021 Business Law: Contracts Final Flashcards | Quizlet
Executed all parties have performed their contractual duties
some duties under the contract still need to be
Executory performed
statute that represents modern contract law;
- applies only to sale of goods - applies to contracts that deal predominantly with sale of goods - more flexible, less weight to technical UCC requirements like consideration - reasonable standard and duty of good faith - gives broad discretionary powers to deal with unconscionable contracts - merchants are held to a higher standard than nonmerchants
grossly unfair or one-sided, and it gives the courts
Unconscionable broad discretionary powers to deal fairly with such Contract contracts
protects persons who rely on the promises of
others by preventing promissors from raising legal defenses to the enforcement of their promises despite the fact that technically, no enforceable Promissory Estoppel contract exists; exact elements: a promise made by a promisor, foreseeable, reasonable and justifiable reliance by the promisee, and resulting legal detriment
Offer: "if you agree to these terms, we have a
Offer, Offeror, and contract" Offeree Offeror: person who makes the offer Offeree: person who receives the offer