Contracts Outline Questions and Correct Answers | Latest Update
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Course
Contracts
Institution
Contracts
Promissory Estoppel (Substitute for Consideration)
R90, promisor is "stopped" from claiming the absence of consideration
Promise made by the promisor reasonably induces action or forbearance on the part of the
promisee
Definition of a Contract
Contracts are enforceable promises that c...
Parties anticipate that the contract will come to fruition. General Rule: you
are entitled to damages that will make you as well of as if the other side
did not breach the contract
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Reliance Damages
A party is entitled to reimbursement on the r eliance of a contract that the
other party breached.
Restitution Damages
Benefits that one party may receive at the expense of another (i.e.
restoring to a party what they paid to the other party)
Common Law
Service Contracts, Real Estate Con tracts
UCC
Sales of Goods
Express Contract
Contract that is formed by oral or written language.
Implied Contract
A contract that is formed based on the actions of the parties
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Predominant Rule
Look to the most important part of the deal to determine which law
applies. Exception: if a contract divided payments between goods and
services, then apply the UCC for the goods part and common law for the
rest
Unilateral Contract
contract that involves an exchange of the offeror's promise for the
offeree's act (offeree can only accept by performance)
Bilateral contract
Contract in which both sides make promises. Generally preferred because
it "immediately and fully protects both parties."
Promise
Manifestation of intention to act or refrain from acting in a specific way,
so made as to justify a promise in understanding that a commitment has
been made
Promisor
person manifesting the intention
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