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Chapter 9: Intro to Contracts (contracts (classification (express - an…
Chapter 9: Intro to Contracts
contracts
requirements
legality of object - the purpose of a contract mustt be legal
capacity - full capacity to enter into contract (no adjudicated incompetents, minors, intoxicated, incompetent
consideration - each party must intentionally exchange legal benefit or detriment as inducement to make a return exchange
Mutual assent - manifest by words or conduct that agreed to enter into a contract
Promissory estoppel - promises are not enforceable unless they meet all the requirements of a contract UNLESS this doctrine says a non contractual promise is enforceable when it is made under circumstances that should lead the promissory reasonable expect that the promisee would take reasonable action or has taken reasonable action
classification
express - an agreement that is states in words orally or in writing
implied - contract in which the agreement of the parties is inferred from their conduct
bilateral - contract in which both parties exchange promises
unilateral - contract in which only one party makes a promise
valid - one that meets all the requirements of a binding contract
void - no contract at all; without legal effect
voidable - capable of being void
unenforceable - contract for the breach go which the law provides no remedy
executed - all components of the contract has been carried out
executory - partially or entirely not performed
quasi contracts or restitution - obligation imposed by law to avoid injustice. a person who is unjustly enriched at the expense of another is subject to liability which requires the person to restore the benefit received or pay money in the amount necessary to eliminate inkiest enrichment