Home
Flashcards
Preview
RE
Home
Get App
Take Quiz
Create
What 2 actions can create a contract?
A contract may be
express
or
implied
in its manner of creation.
How is an express contract declared?
In
Words
either
oral
or
written
What is an
implied contract
?
It is one where the agreement is shown by
acts
and
conduct
rather than words
A contract may be executed or executory with regard to its extent of performance
executed
(both parties have completed performance) or
executory
(meaning that something remains to be done)
What four ways can a contract be classified in regards to its legal effect?
Void
Voidable
Valid
Unenforceable
What makes a
valid
contract?
It is
binding
and
enforceable
According to the Civil Code of California, a
valid contract
must have what
four essential elements
?
CCML
C
apable parties
C
onsideration
M
utual Consent
L
awful Object
What two thing make a contract
unenforceable
?
It cannot be
proved
or
sued upon
What does a void agreement lack?
Any l
egal effect
In a
bilateral contract
what have both parties made?
A
commitment
Parties capable of entering into a contract include everyone except?
Minors
Convicts
Persons of unsound mind
Can minors and incompetent persons acquire title to real property, and if so, by what means?
Gift
or
Inheritance
.
What two things confirm
mutual consent
?
An
offer
from one party and
acceptance
by the other party
What
three
things must not
cloud mutual consent
?
Fraud
Duress
Mistake
What does
actual fraud
involve?
The
intent
to
deceive
What two things involve
duress?
Coercion
and
Confinement
What 4 things must exist to make a contract legal?
Formation
Operation
Consideration
Object -must be legal
What is required in every executory contract?
Consideration
What words refer to
consideration
?
Good, sufficient, adequate and valuable
If an agreement is not to be performed within a year what is required according to the
Statute of Frauds
?
It must be in writing
What is
novation
?
It is a substitution by agreement of a
new obligation
or a
new party to an obligation
.
What is the statute of limitation for
inverse condemnation
and
encroachment
?
3 years
What is the statute of limitation for a written contract?
4 years
Author
apraskopf
ID
13573
Card Set
RE
Description
RE
Updated
2010-04-08T16:04:26Z
Show Answers
Home
Flashcards
Preview