When a court orders a defendant to perform the contract as promised, it is referred to as: Specific relief .
When a court orders a defendant to perform the contract as promised it is referred to as?
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. ... At common law, a claimant’s rights were limited to an award of damages.
What are contract promises called?
A contract where the parties exchange a promise for a promise is known as a Bilateral Contract , whereas a contract where one party gives a promise and the other party performs an act is known as a Unilateral Contract. These legally enforceable promises may be in writing or oral.
Which contract classification is defined as a promise in exchange for an act?
Bilateral Contract . A contract of a promise for a promise. unilateral contract. exchange of a promise for an act. executed contract.
When an agreement involves a promise made in exchange for another promise or an act it is known as quizlet?
– A contract involves a promise or an exchange of promises.
When can a court order specific performance of a contract?
A suit for specific performance can be filed by any party , in a court of competent jurisdiction, who has suffered loss due to non-performance of contract on part of the other party to the contract. Remedy of specific performance which is affected in case of breach of contracts is provided by the equity courts.
What are the 4 requirements for a valid contract?
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality . In some states, element of consideration can be satisfied by a valid substitute.
What is the difference between agreement and contract?
An agreement is any understanding or arrangement reached between two or more parties . A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.
Is a promise a valid contract?
Lawful consideration
A promise to do something or to provide something without anything in return will not be enforceable at law and, therefore, will not be valid . ... A contract without consideration is a wagering contract or betting. Besides, the consideration must also be lawful.
What’s the difference between a promise and a contract?
A promise is not legally binding, but a contract is. ... The person to whom you made the promise must take reasonably foreseeable action to his or her detriment on the basis of the promise that you made, and the person’s reliance on your promise must cause him or her a financial injury.
What are the 3 requirements of consideration?
Each party must make a promise, perform an act, or forbear (refrain from doing something). 2.) Each party’s promise, act, or forbearance must be in exchange for a return promise, act, or forbearance. 3.)
What are two exceptions to the rule requiring consideration?
One exception to the rule requiring consideration is promissory estoppel . In a bilateral contract the considerations for each promise is a return promise. In a unilateral contract, the consideration is one partys consideration is the promise and the other partys consideration is the act.
What is the basic principle of a contract?
1. A contract is an agreement giving rise to obligations which are enforced or recognised by law. 2. In common law, there are 3 basic essentials to the creation of a contract: (i) agreement; (ii) contractual intention; and (iii) consideration .
Why do lawyers prefer to negotiate touchy subjects at the beginning of a relationship?
Why do lawyers prefer to negotiate touchy subjects at the beginning of a relationship? Because everyone is eager to make a deal , and lawyers want to avoid unpleasant surprises later on. Lawyers should work to facilitate deals, rather than hinder them.
Which of the following are the two most important sources of contract law?
Either 1) the common law or 2) the Uniform Commercial Code (UCC). What article of the UCC does a contract fall under if it is for the sale of a good?
When a promise is given in exchange for a promise in return?
In a unilateral contract, an agreement by which one party makes a promise in exchange for the other’s performance, the performance is consideration for the promise , while the promise is consideration for the performance. Consideration must have a value that can be objectively determined.
