Bus. Law Common Law contract law
"I promise to pay him $50 if he mows my lawn." How can this example be preformed and not fully preformed contract? What kind of contract would that be?
(Depends on point of view, can be both preformed and not fully preformed) Executed- (preformed) person who mowed the lawn. completed the task. Executory- (not fully preformed he mowed he is done. i haven't payed so I'm not done.
What are Executed and/or Executory contracts?
(focused on performance) Executed- fully preformed. Executory- not full performance. "I promise to pay him $50 if he mows my lawn."
What are the basic requirements to meet Common Law Contracts?
(need all 4) 1. Agreement- 2 parts Offer and Acceptance. 2. Consideration- (motivation for going into contract.) something of value that both parties get out of the exchange 3. Capacity- are we competent to enter into contract 4. Legality- must be legal
What are the classifications of Contracts?
1. Bilateral or Unilateral 2. Expressed or Implied 3. Quasi Contract 4. Formal or Informal 5. Executed and/or Executory 6. Valid, Void, Voaidable, Unenforceable
What are the 3 thing you need when using an Implied contract?
1. Plaintiff provided goods or services 2. Plaintiff expected payment and defendant knew it. 3. Defendant had an opportunity to reject goods or services and failed to do so.
What are the 2 ways a contract becomes Unenforceable?
1. statute of Fraud 2. statute of limitations- time limit with in which you can sue. 2 years
why do we have contracts and contract law?
1. to make sure people follow through with a promise. (Regulate promises) 2. to make sure we have solutions when people break contracts. (Punishment for broken promises)
What is capacity in a contract?
Are we competent to enter into this contract.
What is a Quasi Contract?
Court is imposing a contract. People can't be unjustly enrichment. CAN'T FORCE BENEFITS ON SOMEONE.
What is Expressed or Implied contracts?
Expressed- terms are expressed orally or in writing. Implied- courts focus on the way the parties act. 4 elements not important when trying to use imply contracts. 3 substitutes.
What are Bilateral or Unilateral contracts?
Focuses on what the other party is supposed to do to accept. Bilateral-(bi= 2) a promise for a promise Unilateral-(uni= 1) a promise for an act
What are Formal or Informal contracts?
Formal- require special method for informing. (almost never happens) Informal- everything else
What is freedom of Contracts?
Freedom OF choosing whatever contracts we want enter.
What are our 2 freedoms that are given by the constitution when dealing with contracts?
Freedom of contract freedom from contracts
What is legality in a contract?
Must be legal.
What is agreement in a contract?
Must have an offer and acceptance
Which of the requirements for common law contracts are needed when using implied contracts?
Non of the 4 elements are needed. Have 3 subsets instead.
What is consideration in a contract?
Something of value both parties get out of the exchange. (Motivation for going into a contract) (Ex: buyer wants sellers item and seller wants buyers money)
What are Valid, Void, Voidable, Unenforceable contracts?
Valid- good contract (all 4 elements exist) Void- missing 1 of the 4 elements. No good. Voidable- have all 4 elements, but something else is going on. focuses on actions of the parities. Unenforceable- has all 4 elements, but is illegal. 2 ways of this happening.
What is Objective theory of contracts?
courts deciding, would a reasonable person think they were entering into a contract. (Example pepsi fighter jet ch 9)
What is freedom from Contracts?
freedom FROM preforming that contract
Define contract?
promise that are enforceable by law.
Do we need all 4 basic requirements to meet Common Law Contracts?
yes.
What is the statue of limitations?
you have 2 years to sue. After that you can't.
