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Basics of Contract Law Flashcards

Basics of Contract Law Flashcards
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Specific performance
Once a contract is official, this is used to make a party do exactly what is in the contract.
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Mutual assent
This occurs when two people agree to terms and are ready to finalize a contract.
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Promisee
This person agrees to receive a benefit.
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Promisor
This person makes a promise to do something.
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Benefit without payment, one party was distressed, connection exists, no reason for betterment, and no fix given
These are the elements needed for unjust enrichment.
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Express contract
This type of contract occurs when every element is laid out in specific detail.
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Quasi-contract
Also known as an implied in-law contract, this type of contract exists to fix a situation where one party was made better without paying for a good or service.
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Work to be performed and amount to be paid
These two things are needed for a contract to be legally binding.
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Offer, acceptance, consideration, capacity, intent, and legal enforceability
These are the six essential elements for a contract.
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19 cards in set

Flashcard Content Overview

After reviewing these flashcards, you will know a great deal more about contract law. Do you know the six essential elements of a contract? These are key to any type of business you work for where you have to deal with contracts. Different types of contracts will also be reviewed, such as quasi and express. These flashcards will help you understand types of contracts, as well as learn more about contract concepts such as mutual assent and specific performance. Are you familiar with the Objective Theory of Contract? If not, these flashcards will quickly improve your knowledge. Are you clear as to when a contract is considered official? This set reviews the tools that you can use to make a party do whatever is detailed in a contract. So, if you anticipate ever having problems with the fulfillment of a contract, you can quiz yourself on terms such as unjust enrichment, Mailbox Rule, and contract discharge. After working with this flashcard set, it won't be long before you are adept at the basics of contract law.

Front
Back
Offer, acceptance, consideration, capacity, intent, and legal enforceability
These are the six essential elements for a contract.
Work to be performed and amount to be paid
These two things are needed for a contract to be legally binding.
Quasi-contract
Also known as an implied in-law contract, this type of contract exists to fix a situation where one party was made better without paying for a good or service.
Express contract
This type of contract occurs when every element is laid out in specific detail.
Benefit without payment, one party was distressed, connection exists, no reason for betterment, and no fix given
These are the elements needed for unjust enrichment.
Promisor
This person makes a promise to do something.
Promisee
This person agrees to receive a benefit.
Mutual assent
This occurs when two people agree to terms and are ready to finalize a contract.
Specific performance
Once a contract is official, this is used to make a party do exactly what is in the contract.
Objective Theory of Contract
This makes an agreement binding if a reasonable person interprets the behavior of the parties as that which objectively translates into an agreement.
Counter-Offer
This changes the terms of an agreement and replaces an existing offer.
Offer
This is anything of value that is given in exchange for something from another party.
Valid Contract
An offer does not need to be in writing for it to be a part of this.
Revoke
Before accepting an offer, an offeror can do this to take it back.
Acceptance
This occurs when an offeree agrees to give something of value in exchange for goods and services.
The Mailbox Rule
This rule tells us that an offer of acceptance is valid when it reaches a mailbox.
Mail, email, and fax
The Mailbox Rule applies to these mediums.
Mutual assent
This describes when two parties come together to agree to the terms of a contract.
Contract discharge
This occurs when the two parties who entered into a contract have completed all their obligations.

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