Contracts I flash cards.xlsx

  1. contract
    • Restatement 2d
    • A promise the law will enforce.
    • §1: A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
  2. elements of a contract
    • 1) a promise, and
    • 2) a substantive reason the law will enforce that promise, and
    • 3) 2d. 17. a manifestation of mutual assent (an offer and an acceptance).
  3. simple donative promises
    • - promises that are made for affective reasons (such as love, friendship, or the like);
    • - that are not cast in a form to which modern contract law gives special significance; and
    • - that have not been demonstrably relied upon.
  4. assumpsit
    • - An express or implied promise, not under seal, by which one person undertakes to do some act or pay something to another.
    • - A common-law action for breach of such promise or for breach of a contract.
  5. assignment of error
    -A specification of the trial court's alleged errors on which the appellant relies in seeking an appellate court's reversal, vacation, or modification of an adverse judgment.
  6. estoppel
    • -a bar that prevents one from asserting a claim or right that contradicts what one has said or done before or what has been legally established as true.
    • -A bar that prevents the relitigation of issues.
    • -An affirmative defense alleging good-faith reliance on a mileading representation and an injury or detrimental change in position resulting from that reliance.
  7. Legal Detriment
  8. averment
    A positive declaration or affirmation of fact; esp., an assertion or allegation in a pleading.
  9. demurrer
    A pleading stating that although the facts alleged in a complaint may be true, they are insufficient for the plaintiff to state a claim for relief and for the defendant to frame an answer.
  10. specialty
    a contract under seal
  11. remand
    • -to send (a case or claim) back to the court or tribunal from which it came for some further action;
    • -to recommit to custody after a preliminary examination.
  12. abatement
    The act of elimitanting or nullifying.
  13. injunctive relief
  14. dispositive
    being a deciding factor; bringing about a final determination.
  15. plea in abatement
    A plea that objects to the place, time, or method of asserting the plaintiff's claim but does not dispute the claim's merits.
  16. assignment
    The transfer of rights or property.
  17. Restatement 2d Contracts
    Restatements are the most commonly accepted version of the rules and laws, created by the American Law Institute
  18. promisee
    the person to whom the promise was made
  19. promisor
    the perosn who made the promise
  20. performance
    • May consist of
    • 1) an action;
    • 2) a forbearance to act;
    • 3) the creation, modification, or destruction of a legal relationship.
  21. Restatement 2d § 2: A PROMISE is
    • (a)   a current restriction on future freedom of action;
    • (b)  a commitment about the future so made as to justify the promisee in understanding that commitment has been made.
  22. (1)            Why Enforce Any Promises?
    (a)            Morality:  Keeping promises indicates a person’s character
  23. (b)            Utility:  Trade or exchange increases happiness or wealth
  24. (i)              Promises permit exchange to be projected into the future.
  25. (ii)            The alternatives to using legally enforceable promises are clumsy, inefficient, or expensive:
  26. (a)            insurance policies, bail.
  27. (b)            hostages
  28. promise
    • (a) a current restriction on future freedom of action;
    • (b) a commitment about the future so made as to justify the promisee in understanding that commitment has been made.

    § 2 (1) a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made.
  29. 1.              Functions of the Rule of Law
  30. a)              Facilitates self-government, without contracts the State may have to intervene and use force to reconcile conflicts.
  31. b)              Protect people. Must have a good reason about when will the state intrude on people’s affairs when these affairs are intended to be private, but if something goes wrong the state may intervene through a set of rules and not personal judgment.
  32. (1)            Pareto superior: An adjective describing an economic situation in which an exchange can be made that benefits someone and injures no one. When such an exchange can no longer be made, the situation becomes one of Pareto optimality.
  33. In a legally enforceable K, who benefits?
    All parties involved.
  34. covenant
    an old word for contract.
  35. A. Statute of (FOR THE PREVENTION OF) Frauds
  36. 1.              Statute of Frauds is a very old statute specifying that certain promises had to be
  37. a)              in writing,
  38. b)              signed by the promisor,
  39. c)              in order to be enforced by the law.
  40. a)              Inside/Within the Statute (of Frauds)
    Saying that a matter is INSIDE/WITHIN THE STATUTE means it has to be in writing,
  41. b)              Outside the Statute (of Frauds)
  42. (1)            if a transaction is not specified in the Statute – it is called being OUTSIDE THE STATUTE (OF FRAUDS).
  43. (2) The other way to be “outside” the statute is where a contract requires a writing, and that writing exists.  What was “inside” the statute has been taken “outside” the statute by reason of the writing having satisfied the statute.
Card Set
Contracts I flash cards.xlsx
Professor Barton Spring 2018