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Unformatted text preview: Test 2 20:01 firstname.lastname@example.org phase 1 today phase 2 October 25 th more application on this test Chapter 4 Contracts Law- are mad up of promises A promise alone is not a contract Gives you a way to plan things Supposed to mutually helpful to both parties A legal agreement between 2 or more parties that defines the rights and duties to each other party Determining factor- what would a reasonable person in a like situation think that means Express contract- written or oral contract where the parties express every detail about the contract Implied by fact contract- all the facts are there to give rise to a contract. May not have said a word to each other example is self service gas-gas is not free it has a price on it- cant drive off Quasi contract (Implied by law contract)- not a legal contract but can be implied by law or by judge (courts dont bail you out of a dumb deal) dont win this much- dont rely or enter on purpose this type of contract unless you have nothing to lose Conditional Contract- conditioned on something happening or not happening o Condition precedent- some stated event outlined in contract has to occur before any obligation of the contract rises (mow my lawn unless it rains more than 1 inch) o Condition subsequent-contract starts right now and continues to operate until to stated event occurs (water my lawn until we get at least 3 inches of rain) o Condition concurrent- I dont have to perform until you have to perform and vise-versa (took each others things and hand over object to each other at same time) Unconditional Contract- no conditions to it (absolute contract) you have to do it Bilateral contract- mutual exchange of legally enforceable promises- both sides promise to do it and have to keep up both ends of their deal Unilateral contract- where the offerer says I need you to do this this and this ill pay you this. Person says I promise to do this by the weekend but you went out Thursday and got drunk and got in trouble but you went out and...
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