Bis Law Chapter 12 Nature and Classes of Contracts

What is a voidable contract?

An agreement that is otherwise binding or enforcable

What is the privity of contract?

The relationship between two parties in a contract

What must contracts reflect to be bound by the terms of the agreement?

The voluntary present day

What are the six elements of a valid contract?

1.) An agreement 2.) Between competent parties 3.) Based on the genuine assent of the parties that is 4.) Supported by consideration 5.) Made for lawful objective 6.) In the form required by law if any

How does an implied-in-fact contract arise? (What are the two elements, or how would you recognize an implied contract on the test)

1.) When a person renders services under circumstances indicating that payment for them is expected 2.) The other person accepts the benefit of those services

What is a Contract?

A legally binding agreement

What is a quasi contract (implied-in-law)?

An obligation imposed by law with no contract.

What does a contract create?

Enforceable duties and obligations

What is the difference between enforced and implied contracts?

Expressed contracts is one in which the terms of the agreement of the parties are manifested by their words, whether spoken or written while implied contracts are one in which the agreement is shown by the acts and conducts of the parties.

What is the difference between a formal contract and an informal contract?

Formal contracts are enforced because the formality with which they are executed is considered sufficient to signify that parties intend to be bound by their terms while informal contracts are enforceable because they represent agreement of the parties.

What is contractual intent?

Intent to make an actual binding agreement.

What is the purpose of the quasi contract?

It is created for equitable purposes.

What is the effect of a voidable contract?

It may be rejected at the option of one of the parties

How is the Unilateral contract accepted?

The offeree accepts by performance

What is a Unilateral Contract?

The offeror may promise to do something or to pay a certain amount of money only when the offeree does an act

What is the legal effect of a voidable contract?

Voidable contract is binding and enforceable

What is the bilateral contract?

When the offer extends a promise and asks for a promise in return and if the offeree accepts the offer by making the promise

What contracts are void?

an agreement that contemplates the performance of an act prohibited by law is usually incapable of enforcement

How is bilateral contract accepted?

the offeree accepts the offer by express agreement