Promissory estoppel
An oral promise that was relied on. The intent to contract- can be enforced.
Quasi-contract
The defendant received benefit from the plaintiff. contract implied in law
Option contract
An interested purchaser buys the right to have the offer held open. The offeror mat not revoke an offer burning the option period
Mirror image rule
Requires the acceptance be precisely the same terms as the offer. Common law
The mailbox rule/ The deposited acceptance rule:
acceptance is effictive once message sent, once taken out of control of the offeree
Exculpatory clause
A contract provision that attempts to release one party from liability in the event the other is injured. (ski resort)
Surprise
The weaker party did not fully understand the consequences os its agreement
Oppression
Superior barganing power - take it or leave it
Disaffirm
A minor who wishes to escape a contract. To give notice of refusal to be bound by an agreement
Ratify
Words or actions of a minor indicating an intention to be bound by a contract
Fraud
someone intentional misrepresents a fact. allow other party to disaffirm the contract
Bilateral mistake
Both parties negotiate based on the same factual error. Parties never had “meeting of the mind” never an agreement. *Voidable by the injured party.
Unilateral mistake
error made by one party, no basis for avoiding contract. contract may be avoided if the error in value in what is to be exchanged is substantial, or if the mistake is caused by or known to the other party.
Statue of frauds
Requires certain types of contracts to be in writing and signed by the defendant to be enforceable
Contracts that are governed by The Statute of Frauds
- Interest in Land 2. Cannot be performed within one year 3. To pay the debt of another4. Made by an executor of an estate5. Made in consideration of marriage 6. The sale of goods is worth $1000 or more
Interest in Land
Any legal right regarding land. Fixture of the land, anything that’s permanently on there **house on land, license to use land, leased apt
Exceptions to Interest in Land
- Full performance by seller2.Part performance by buyer3. Promissory Estoppel
intended beneficiary
Someone who may enforce a contract made between two other parties. Has power to enforce
incidental beneficiary
Someone who might have benefited from a contract between two others but has no right to enforce that agreement
Delegating
Transfer contract Duties. Unique characteristic cannot be delegated
Assignment
Transfer contract Rights.
Novation
a 3 way agreement in which the obligor transfers all rights and duties to a third party
Condition
SO important that if its not done to what you agreed and specified, you want out.
Key to conditional clauses
if the condition does not occur, one party will probably be discharged without having to perform his obligations under a contract
