Lwc1 Study Plan
LWC1 STUDY PLAN
CONTRACTUAL RELATIONSHIPS
Key Topics
1. Types of Contracts
2. Breach of Contracts
3. Remedies for Breach of Contracts
Study Questions
Chapter 10
1. What is the definition of a contract? A promise that the law will enforce.
2. Describe the various types of contracts. Bilateral - both parties make a promise. Unilateral - One party makes a promise that the other party can accept only by doing something. Express - The two parties explicitly state all important terms of their agreement. Implied - The words and conduct of the parties indicate that they intended an agreement. 3. Identify and describe the theories of recovery in contract law. Promissory estoppel - The defendant made a promise knowing the plaintiff would rely. The plaintiff did so. The only way to avoid injustice is to enforce the contract. Quasi-contract - The plaintiff gave some benefit to the defendant. The plaintiff reasonably expected to be paid for the benefit and the defendant knew this. The defendant would be unjustly enriched if he did not pay.
Chapter 17
1. What conditions would constitute a discharge of a contract? Full performance, Discharge by agreement, Breach, Impossibility
2. Describe the conditions for a discharge of a contractual obligation. Full performance - When one party performs as required, the contract is discharged. Discharge by agreement - When both parties agree to not follow through with their agreement, the contract is discharged. Breach - When one party breaches a contract, the contract is discharged. Impossibility - Impossibility means that something has happened making it utterly impossible to do what the promisor said he would do.
3. Describe types of acceptable performance of a contract. Strict performance - Performing to the exact standards of the agreement. Substantial performance - An imperfect performance where the performer will receive the full contract price,
CONTRACTUAL RELATIONSHIPS
Key Topics
1. Types of Contracts
2. Breach of Contracts
3. Remedies for Breach of Contracts
Study Questions
Chapter 10
1. What is the definition of a contract? A promise that the law will enforce.
2. Describe the various types of contracts. Bilateral - both parties make a promise. Unilateral - One party makes a promise that the other party can accept only by doing something. Express - The two parties explicitly state all important terms of their agreement. Implied - The words and conduct of the parties indicate that they intended an agreement. 3. Identify and describe the theories of recovery in contract law. Promissory estoppel - The defendant made a promise knowing the plaintiff would rely. The plaintiff did so. The only way to avoid injustice is to enforce the contract. Quasi-contract - The plaintiff gave some benefit to the defendant. The plaintiff reasonably expected to be paid for the benefit and the defendant knew this. The defendant would be unjustly enriched if he did not pay.
Chapter 17
1. What conditions would constitute a discharge of a contract? Full performance, Discharge by agreement, Breach, Impossibility
2. Describe the conditions for a discharge of a contractual obligation. Full performance - When one party performs as required, the contract is discharged. Discharge by agreement - When both parties agree to not follow through with their agreement, the contract is discharged. Breach - When one party breaches a contract, the contract is discharged. Impossibility - Impossibility means that something has happened making it utterly impossible to do what the promisor said he would do.
3. Describe types of acceptable performance of a contract. Strict performance - Performing to the exact standards of the agreement. Substantial performance - An imperfect performance where the performer will receive the full contract price,