Chapter 9 notes

Chapter 9 notes - implied in fact contract- a contract in...

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Chapter 9 Law of Contract Contract- a binding agreement that the courts will enforce Common law- most contracts are governed primarily by state common law including contracts involving employment, services, insurance, real property, patents, and copyrights Requirements of a Contract Mutual assent- the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract Consideration- each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange Legality of object- the purpose of a contract must not be criminal, tortuous, or otherwise against public policy Capacity- the parties to a contract must have contractual capacity Classification of Contract express contract- an agreement that is stated in words, orally, or in writing
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Unformatted text preview: implied in fact contract- a contract in which the agreement of the parties is inferred from their contract bilateral contract- a contract in which both parties exchange promises unilateral contract- a contract in which only one party makes a promise valid contract- one that meets all the requirements of a binding contract void contract- no contract at all voidable contract- a contract capable of being made void Promissory Estoppel promissory estoppel- a doctrine enforcing some noncontractual promises a promise made under circumstances that should lead the promise reasonably to expect that the promise would induce the promise to take definite and substantial action, and the promise dues take such action...
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Chapter 9 notes - implied in fact contract- a contract in...

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