Contract Law at Universität Augsburg

Flashcards and summaries for Contract Law at the Universität Augsburg

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Study with flashcards and summaries for the course Contract Law at the Universität Augsburg

Exemplary flashcards for Contract Law at the Universität Augsburg on StudySmarter:

Offeror 

Exemplary flashcards for Contract Law at the Universität Augsburg on StudySmarter:

Mixed Contract 

Exemplary flashcards for Contract Law at the Universität Augsburg on StudySmarter:

Restatement §1
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Exemplary flashcards for Contract Law at the Universität Augsburg on StudySmarter:

Contract

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Executory (Contract)

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Executed (Contract)

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Written (Contract)
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Bilateral Contract

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Valid (Contract)

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Unilateral Contract 

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Voidable (Contract) 
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Offer

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Exemplary flashcards for Contract Law at the Universität Augsburg on StudySmarter:

Contract Law

Offeror 
Person/Party proposing Contract (Promisor)

Contract Law

Mixed Contract 
If contracts are for both goods and services 

Contract Law

Restatement §1
A contract is a promise/set of promises for the breach of which, the law gives a remedy/performance of which the law in some way recognizes as a duty.

Contract Law

Contract
A voluntary, deliberate and legally binding agreement between 2 or more parties. Contracts are usually written but may be spoken/implied and generally have to do with employment, sale/lease or tenacy.

Contract Law

Executory (Contract)
NOT completed 

Contract Law

Executed (Contract)
ALL terms are completed 

Contract Law

Written (Contract)
All terms of Contract contained in a writing

Contract Law

Bilateral Contract
Both Parties exchange promises to do something 

Contract Law

Valid (Contract)
All Elements Met —> Enforceable

Contract Law

Unilateral Contract 
Offeror promising something in return for offerees performance

Contract Law

Voidable (Contract) 
Elements NOT met —> party has option to „void“ Contract

Contract Law

Offer
Proposal by the 1st Party to another intended to create legally binding agreement 

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