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JD-Next Class Flash Cards questions with 100% correct answers rated A+
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JD-Next Class Flash Cards questions with 100% correct answers rated A+
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JD-Next Class Flash CardsContract - correct answer ✔✔a legally binding agreement
Contract 2 - correct answer ✔✔A promise/set of promises which the law will enforce
Contract 3 - correct answer ✔✔Creates rights & obligations that maybe enforced in the courts
Contract 4 - correct answer ✔✔the normal method of enforcement is action for damages for breach of
contract, though some cases the court may order performance by the party in default.
Contracts Arise From: - correct answer ✔✔(1) Social Relationships (2) Contracts as exchanges btw parties
(3) Contracts as Agreements btw parties (4) Contracts as expectations of parties
Consideration - correct answer ✔✔Something of legal value given in exchange for a promise
Consideration Elements - correct answer ✔✔(1) Something of legal value must be given (2) There must
be a "bargained-for exchange" (an offer that was accepted).
Estoppel - correct answer ✔✔A legal principle that bars a party from denying or alleging a certain fact
owing to that party's previous conduct, allegation, or denial.
Past Consideration - correct answer ✔✔a prior act or performance that does not support a new contract
Promissory Estoppel - correct answer ✔✔an equitable doctrine that prevents the withdrawal of a
promise by a promisor if it will adversely affect a promisee who has adjusted his/her in justifiable
reliance on the promise...to his/her detriment
Promissory Estoppel Elements - correct answer ✔✔(1) Promisor made a promise
(2) The Promisor should've reasonably expected that the promisee would rely on the promise
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