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- Learn the different types of contracts, such as express contract, implied contract and quasi contract.
- Study the differences between promisor, promisee and beneficiary.
- Learn about mutual assent and the reasons courts use objective standard.
- Find out what constitutes an offer and how offers are terminated.
- Determine when the mailbox rule is used.
- Discuss common law and the Uniform Commercial Code
- Explain the differences between unilateral and bilateral contracts.
- Distinguish between informal and formal contracts and expressed and implied contracts.
- Define legal detriment.
- Understand the doctrine of promissory estoppel.
- Learn about joint obligation contracts.
1. Contract Law Terms: Definitions & Contract Types
A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.
2. Parties to a Contract: Promisor, Promisee & Beneficiary
There are at least two parties involved in a contract: the promisor, promisee and, sometimes, a third party beneficiary may be named. Each party has a different obligation to the contract terms. The beneficiary in a contract generally does not have the same level of responsibility for the contract's performance.
3. Mutual Assent & Objective Standard in Contract Law: Definitions & Examples
Mutual assent is considered the meeting of the minds between two or more parties that forms the foundation of a contract. At the time of mutual assent, it can be said that a legally binding contract exists.
4. What Is an Offer in Contract Law?
In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negotiated to create a counter-offer.
5. Termination of an Offer in Contract Law: Methods & Examples
There are several ways in which a contract can be terminated, including performance, impossibility of performance and breach of contract. Other ways to end a contractual agreement are a bit more complicated and involve a prior commitment on the part of one or both of the parties or even revocation.
6. What Is Acceptance in Contract Law? - Definition, Rules & Examples
There are essentially six elements in a contract. Once an offer is made, the next element is acceptance. Offer and acceptance combined with consideration make for the glue that creates a binding contract.
7. The Mailbox Rule and Contract Law
The mailbox rule applies to offer and acceptance in contract law. This common law practice, by default, states that when an offer or acceptance reaches the mailbox, it means a legitimate offer has been extended or the offer has been accepted.
8. Sources of Contract Law: Common Law & Uniform Commercial Code
There are two sources of contract law: common law, which is based on case rulings, and statutory law, which is based on federal and state statutes. Contract law uses both common law and a set of statutory rules known as the Uniform Commercial Code.
9. Unilateral and Bilateral Contracts: Examples & Differences
There are two types of contracts: a unilateral contract and a bilateral contract. The essential difference between the two is in the parties. Unilateral contracts involve only promisor while bilateral contracts involve both a promisor and a promisee.
10. Expressed vs. Implied Contracts: Differences & Examples
There are two types of contracts: an expressed contract, which states the promises in clear language, and an implied contract, which is where behaviors or actions lead parties to believe an agreement exists.
11. Quasi-Contract: Definition & Examples
A quasi-contract exists in the absence of a written contract and may be court ordered to avoid one party gaining at the expense of another party's actions.
12. Executed vs. Executory Contracts: Definitions & Differences
The main difference between an executed and executory contract is how quickly the contract's promise must be fulfilled. An executed contract must be satisfied immediately, while an executor contract has terms that will be fulfilled later.
13. Informal vs. Formal Contracts: Examples, Differences & Definitions
The distinct difference between a formal contract and an informal contract is its enforceability in a court. An enforceable contract is one that contains certain elements, like offer, acceptance, and consideration, and is in written form. An informal contract does not contain the same elements and can be oral.
14. What Is an Option Contract? - Example & Definition
The difference between a contract and an option contract is in the options that a buyer has a right to exercise in the contract, which makes the contract a bit more flexible.
15. Rules of Consideration in Contract Law: Elements & Case Examples
Consideration in contract law is simply the exchange of one thing of value for another. It is one of the six elements that must be present for a contract to be enforceable. Consideration must be both legally sufficient and bargained-for by the receiving party.
16. Legal Detriment: Definition & Example
In contract law, a party to a contract experiences legal detriment when they perform an act the party is not obligated to perform or refrain from doing something the party has a right to do.
17. Lack of Consideration in Contract Law
One of the main elements of a contract is consideration. Lack of consideration in contract law can make a contract unenforceable when both parties do not receive a benefit from entering into an agreement.
18. Doctrine of Promissory Estoppel: Definition, Examples & Elements
The doctrine of promissory estoppel allows a party to recover the benefit of a promise made even if a legal contract does not exist. Use of this doctrine relies on how significant the promisee's loss is in the absence of the fulfilled promise.
19. Joint Obligation Contracts: Obligations and Promises of Parties
A joint contract involves two or more parties who are jointly obligated to a contract or whom receive the benefits of the terms and conditions of a contract. There are a few ways a joint contract can be written. Each type shifts liability in a different way.
20. Adhesion Contract: Definition & Example
This lesson is designed to provide you with information about adhesion contracts. Not only will you review instances in which adhesion contracts can be used, but you will also be able to explore several examples.
21. Unilateral Contract: Definition & Example
Once you complete this lesson, you'll have an understanding of what a unilateral contract is. You'll examine the definition of unilateral contract, as well as review an example.
22. What is a Forward Contract? - Definition & Examples
A forward contract is a popular investment tool used by large corporations and small investors alike. This lesson defines the term forward contract and explains its use through various examples.
23. Payee vs. Payor: Definition & Explanation
Have you ever heard the terms 'payee' and 'payor?' This lesson will explore the differences between the two and explain which is which is certain situations.
24. Collateral Contract: Definition & Examples
A contract is an agreement between two people, but some agreements can actually be multiple, separate contracts. In this lesson we will learn what a collateral contract is.
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