Contracts 1

Card Set Information

Author:
mbdavis707
ID:
292887
Filename:
Contracts 1
Updated:
2015-01-13 10:06:42
Tags:
Contracts
Folders:
Contracts 1
Description:
Contracts 1
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user mbdavis707 on FreezingBlue Flashcards. What would you like to do?


  1. Donative Promises
    A promise to give a gift (non-enforceable)
  2. Nominal Consideration
    Consideration is in form only. Value is used to be binding and hide true amount.
  3. Seal
    wax seal which could remove the need of consideration
  4. Promissory Estoppel
    A promise may be enforceable without consideration if the promisor should have reas. expected the promisee to rely on and did rely on promise
  5. Equitable Estoppel
    Defensive doctrine preventing one party from taking unfair advantage of another.

    Prevented from arguing no consideration if: 

    Facts misrepresented or concealed


    Knowledge of true facts

    Fraudulent intent

    Inducement and reliance

    Injury to complainant

    Clear, concise, unequivocal proof of actus (not by implication)
  6. Reliance Damages
    restore to where would have been if promise had not been made
  7. Expectation Damages
    Put in position would have been if promise had been kept. (Better off than before)
  8. Compensation
    $$ to make promisee equally well off.
  9. Out-of-Pocket Costs
    Costs incurred relying on promise
  10. Opportunity Cost
    Cost on missed opportunity by focusing on promised opportunity. Difference between prices.

    Ex: B goes to buy a $10,000 car. A says buy a different on and ill pay. B shops for diff one. A takes back promise. Old car goes up to $11,000. B buys that car and suffered opportunity cost of $1,000.

What would you like to do?

Home > Flashcards > Print Preview