Lwc1 Study Plan
LWC1 STUDY PLAN
CONTRACTUAL RELATIONSHIPS
Chapter 10
1. What is the definition of a contract? A contract is a Promise that the Law will enforce.
2. Describe the various types of contracts. Bilateral Contract- both parties make a promise Unilateral Contract- one party makes a promise that the other party can accept only by doing something Express Contract- two parties explicitly state all important terms of their agreement Implied Contract - the words and conduct of the parties indicate that they intended an agreement
3. Identify and describe the theories of recovery in contract law. Four Theories of Recovery Theory Did the Defendant Make a Promise? Is There a Contract? Description Express Contract Yes Yes The parties intend to contract and agree on explicit terms. Implied Contract Not explicitly Yes The parties do not formally agree, but their words and conduct indicate an intention to create a contract. Promissory Estoppel Yes No There is no contract, but the defendant makes a promise that she can foresee will induce reliance; the plaintiff relies on it; and it would be unjust not to enforce the promise. Quasi-Contract No No There is no intention to contract, but the plaintiff gives some benefit to the defendant, who knows that the plaintiff expects compensation; it would be unjust not to award the plaintiff damages.
Chapter 17
1. What conditions would constitute a discharge of a contract? An unjustifiable failure to perform all or some part of a contractual duty without a valid excuse
2. Describe the conditions for a discharge of a contractual obligation. Most contracts are discharged by full performance or Sometimes the parties discharge a contract by agreement.
3. Describe types of acceptable performance of a contract. - Strict and Substantial Performance. (1) Strict: requires one party to perform its duties perfectly. (2) Substantial: generally sufficient to entitle the promisor the
CONTRACTUAL RELATIONSHIPS
Chapter 10
1. What is the definition of a contract? A contract is a Promise that the Law will enforce.
2. Describe the various types of contracts. Bilateral Contract- both parties make a promise Unilateral Contract- one party makes a promise that the other party can accept only by doing something Express Contract- two parties explicitly state all important terms of their agreement Implied Contract - the words and conduct of the parties indicate that they intended an agreement
3. Identify and describe the theories of recovery in contract law. Four Theories of Recovery Theory Did the Defendant Make a Promise? Is There a Contract? Description Express Contract Yes Yes The parties intend to contract and agree on explicit terms. Implied Contract Not explicitly Yes The parties do not formally agree, but their words and conduct indicate an intention to create a contract. Promissory Estoppel Yes No There is no contract, but the defendant makes a promise that she can foresee will induce reliance; the plaintiff relies on it; and it would be unjust not to enforce the promise. Quasi-Contract No No There is no intention to contract, but the plaintiff gives some benefit to the defendant, who knows that the plaintiff expects compensation; it would be unjust not to award the plaintiff damages.
Chapter 17
1. What conditions would constitute a discharge of a contract? An unjustifiable failure to perform all or some part of a contractual duty without a valid excuse
2. Describe the conditions for a discharge of a contractual obligation. Most contracts are discharged by full performance or Sometimes the parties discharge a contract by agreement.
3. Describe types of acceptable performance of a contract. - Strict and Substantial Performance. (1) Strict: requires one party to perform its duties perfectly. (2) Substantial: generally sufficient to entitle the promisor the