Blaw 280 Contract Law

implied contract

also called a contract implied in fact. (example would be going to the doctors, you assume the doctor will use reasonable care)

Voidable contracts

are agreements that create no legal obligations and for which no remedy will be given. (example is a criminal hit contract)

employment contracts

are governed by a host of laws concerning maximum hours worked, minimum wages paid, employer liability for on-the-job injuries, unemployment compensation, and retirement benefits. the purpose of much of this regulation has been to protect persons who lack sufficient bargaining power to protect themselves.

Bilateral contract

both parties exchange promises and the contract is formed as soon as the promises are exchanged.

Negotiation, Agreement (offer and acceptance), Voluntary, Consideration, Capacity, Legality, Contract, Writing required

what are the elements of contract

Express contract

the parties have directly stated the terms of their contract orally or in writing at the time the contract was formed

contract

is a legally enforceable promise or set of promises, lets us create a type of private law the terms of the agreements we make that governs our relations with others

Valid contract

is one that meets all of the legal requirements for a binding contract, therefore enforceable in court

Freedom of contract

is the idea that contracts should be enforced because they are the products of the free wills of their creators, who should, within broad limits, be free to determine the extent of their obligations

Unilateral contracts

only one party makes a promise