Contracts Class 1 (JD NEXT)

A legally binding agreement creating rights and obligations enforceable in court.

A legal case illustrating breach of contract, where a doctor's guarantee of a perfect hand led to a court decision.

Failing to uphold or fulfill the terms of a legally binding agreement.

A legal action claiming a contract violation by one party.

Legally recognized understandings and anticipated actions by parties.

Compensation awarded for harm resulting from contract breach.

The mutual transfer of value within a contract (promises, goods, etc.).

A syllabus is not a contract; typically classroom expectations are considered as an agreement/expectation without legally enforceable obligations.

The mutual agreement between parties that forms the contract.

A promise that a court will uphold and require to be kept.

The amount of money awarded to a wronged party in a contract case, to put them in the same financial position they would have been in if the contract had been fulfilled.

Something of legal value given in exchange for a promise, a necessary element for a valid contract

Refraining from an illegal activity, is not considered a valid consideration for a contract.

Something of legal value given in exchange for a promise or performance in a contract.

A contract is considered with legal value if one party suffers a legal detriment or the other benefits.

A court case that highlighted the elements of consideration in a contract.

A promisee giving up something they're legally allowed to do (a legal right, but not an obligation), which acts as a valid consideration.

A mutually agreed upon exchange where each party gives up something to receive something from the other.

A person appointed by a will to manage and distribute assets.

A court case that illustrates the concept of consideration by showing how refraining from something legal can be a valid consideration for a contract.

A person who makes a will.

A formal objection to the opposing party's pleading in a lawsuit, arguing that even if everything they claim is true, it doesn't provide sufficient reason for a court to rule in the plaintiff's favor

A case highlighting how an implied promise of reasonable effort can create consideration.

The process or act of negotiating or interacting to reach an agreement or exchange.

A contract that is legally binding and can be upheld in court.

A promise that does not obligate a party to take any specific action. It lacks consideration, making the contract unenforceable.

In Justice Cardozo's opinion, it refers to the idea that strict adherence to specific words is no longer the sole deciding factor in contract law. Courts now consider broader context and implied obligations.

A promise that can be reasonably inferred from the terms of a contract, though not explicitly stated.

A case about a contract granting exclusive endorsement rights, where the defendant argued the agreement was unenforceable due to lack of specific, affirmative action by the plaintiff

Something of value exchanged between parties to a contract, motivating the agreement.

A motion to dismiss a case because, even if the facts were true, the plaintiff doesn't have a valid legal claim.

The right to be the only entity offering a particular good or service, or carrying out acts in a particular domain.

A public statement of approval of a product, service or entity.

A promise that is not explicitly stated in a contract but is understood from the context and actions of the parties.

The practical and functional effectiveness of a transaction or an agreement. A contract must make sense in a real business setting.

A contractual arrangement where one party has the sole right to act or representing another in a specific area or sphere.

Deduction of missing terms from the essence of a contract; implies additional elements that are crucial to the contract's fulfillment and practical operation.

The implied requirement that a party to a contract will act with due diligence and care in pursuing their obligations.

The process of determining the intentions and meanings of the parties to a contract, often using legal principles and considering the practicalities of the arrangement.

The principle that parties can freely negotiate and agree on the terms of a contract.

Legal case showing that past actions are not valid consideration for a future promise.

A promise is enforceable if it reasonably induces reliance and causing injustice.

Legal principle barring a party from denying a past statement or action.

Past actions are generally not valid consideration for a future promise.

A promise is binding if it reasonably induces action and injustice would result without enforcement.

Acting in reliance on a promise, resulting in a loss or harm and injustice if it's not kept.