BLAW Exam3Terms

BLAW Exam3Terms - Terms Chapter10 08/10/200822:52:00...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Terms 08/10/2008 22:52:00 Chapter 10 Quantum meruit An equitable doctrine based on the concept that one who benefits Agreement offer, acceptance, and consideration (payment or performance), based on  specific terms Assent An intentional approval of known facts that are offered by another for  acceptance; agreement; consent Bilateral contract A type of contract that arises when a promise is give in exchange for a return  promise Capacity  The ability, capability, or fitness to do something; a legal right, power, or  competency to perform some act. An ability to comprehend both the nature  and consequences of one's acts. Consideration A compensation which is paid, or all inconvenience suffered by the, party  from whom it proceeds. Or it is the reason which moves the contracting party  to enter into the contract Contract  An agreement that can be enforced in court; formed by two or more parties,  each of whom agrees to perform or to refrain from performing some act now  or in the future Executed contract A contract that has been completely performed by both parties Executory contract A contract that has not as yet been fully performed Express contract
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
A contract in which the terms of the agreement are fully and explicitly stated  in words, oral or written Extrinsic evidence Facts or information not embodied in a written agreement such as a will, trust,  or contract Face of the document Determining the meaning from the document itself Four corners rule Four requirements that must be met before a valid contract exists. If any one  of the elements is lacking, no contract will have been formed Implied-in-fact contract A contract formed in whole or in part from the conduct of the parties (as  opposed to an express contract) Legality  The contract’s purpose must be to accomplish some goal that is legal and not  against public policy Objective theory of contracts A theory under which the intent to form a contract will be judged by outward,  objective facts (what the party said when entering into the contract, how the  party acted or appeared, and the circumstances surrounding the transaction)  as interpreted by a reasonable person, rather than by the party’s own secret,  subjective intentions Offeree  A person to whom an offer is made Offeror  A person who makes an offer Performance Duty Plain meaning rule If the words are clear and unambiguous, the court decides what the  agreement was from the document only
Background image of page 2
Promise A person whom a promise is made
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/07/2010 for the course BLAW 3311 taught by Professor Boykin during the Fall '07 term at UT Arlington.

Page1 / 10

BLAW Exam3Terms - Terms Chapter10 08/10/200822:52:00...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online