BLAW 3301 Study Guide - Midterm Guide: Common Rule, Estoppel, Specific Performance
Document Summary
Unilateral contracts: only one party makes a promise, contract is formed when the other party performs. It is yet to take place and perform. Separate contract in which an offeror agrees not to revoke her offer for a stated amount of time in exchange for some valuable consideration. Stipulation: a condition or requirement that is specified or demanded as part of an agreement. Benefit which must be bargained for between the parties, essential reason for entering a contract. In a contract, one consideration (thing given) is exchanged for another consideration. Agree to do something which he had no duty to do. Legal principle that a promise is enforceable by law, even if made without formal consideration. When a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment. Misrepresentation: a false and material statement which includes a party to enter a contract. Treated as if it had never existed or happened.
