Week 5 LAW 204 Legal Terms Assignment Instructions: Format each of your Answers as follows: MANDATORY: Use the following outline for your EACH of your num

Week 5 LAW 204 Legal Terms Assignment Instructions: Format each of your Answers as follows:

MANDATORY: Use the following outline for your EACH of your numbered answers:

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These are “Definition” Questions.

Format each of your Answers as follows:

Definition (quote from the Textbook, with page number)
Explanation in your own words
Example (either your own or one that is in the Text)
Find a website that supports and further explains your answer (not one that I have included in our Course; include the website in your answer)

The Questions

Define EACH of the following:

Offer
Acceptance
Consideration
Forebearance to sue Running head: DEFINITION OF LEGAL TERMS
Definition of Legal Terms
Kodja Schelte
4/5/19
1
DEFINITION OF LEGAL TERMS
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Legally Enforceable
A legally enforceable agreement refers to a transaction which is a legally binding contract
in the sense that it must have the tests of enforceability. Legally enforceable contracts need to have
a definite offer, an unconditional acceptance, and a consideration. A contract needs to have a
consideration for it to be considered as legally enforceable. Consideration refers to “what one party
to an agreement is giving” or what the party promises “in exchange of what is being given or
promised from the other side” (Stone & Devenney, 2017, pg. 116-117). For example, let’s take a
transaction where John is selling to Mark a car for 10,000 dollars. In this case, John is transferring
the ownership of his car to Mark and in consideration of this transfer, Mark is paying 10,000
dollars. Alternatively, it can be said that Mark is paying John the 10,000 dollars and in
consideration of that amount, John is transferring the ownership of his car to Mark. Therefore, the
agreement becomes legally enforceable as a result of the mutual agreement and the consideration
from both parties. If John gave Mark the car with any consideration from him, then that would be
considered as a gift and would not be a legally enforceable agreement.
Bilateral Contract
A bilateral contract refers to a contract in which “both parties negotiate the terms”
(Charman, 2013, pg. 347). Bilateral contracts will arise where John has promised to sell goods to
Mark and in return, Mark promises to pay John the purchase price. It becomes bilateral because
once John and Mark exchange these promises there will be a contract in which both of them are
bound. The same also applies to agreements to offer services. If John offers to do a service for
John and in return to pay a certain amount of fee then it becomes a bilateral contract between the
two parties. However, if there is no commitment from one party then the contract is not bilateral
(Stone & Devenney, 2017, pg. 76). For example, if John says that he will pay Mark 20 dollars if
DEFINITION OF LEGAL TERMS
3
Mark digs his garden the following week but Mark does not commit to being available to dig the
garden then the contract is not bilateral because Mark has not offered to offer the service at the fee
offered by John.
Most legally binding or legally enforceable contracts are actually bilateral contracts which
are made of mutual promises. Each of the parties involved has an obligation to do something which
they have promised to and in exchange, the other party also promises to do something. In these
contracts, both parties are bound by the exchange promises. They are different from unilateral
contracts whereby only one party promises to do something.
Express Contract
Express contracts refer to those agreements whereby the terms are stated by the parties
whether done through writing or orally. The parties’ intentions must be expressly reflected in the
contract. Once an express contract has been established between the parties then there cannot be a
parallel and similar implied contract (US Legal, 2016). Express contracts are formally and
explicitly stated in words. They arise from the declared intentions which the parties had at the time
of the contract. The difference from express contracts and implied contracts is that in implied
contracts the courts will infer the parties’ intentions to the contract based on their business dealings
and relations whereas in express contracts the intentions are already clearly declared.
Express contracts include express terms which include conditions, provisions, and words
which have been carefully made and both parties have agreed to them when the contract takes
effect. So in case of a dispute, the court will simply check if the specific terms were included
within the contract, whether they are verbal or written. Written contracts form the basis of evidence
to establish the express terms while in verbal contracts the courts have to find out what the parties
had said while entering the contract and establish their intentions (Field, 2016). The express
DEFINITION OF LEGAL TERMS
4
contract needs to have the parties’ mutual consent so that it is binding to them as well as a meeting
of the minds. For example, if John enters a contract with John to sell him the car and John agrees
to buy the car at a certain price of 10,000 dollars and they draft a written contract which they then
sign, that becomes an express contract.
UCC
The UCC (Uniform Commercial Code) and the common law are the two sources of law that
generally govern contracts. It contains two sets of rules, one set for merchants and the other set for
everyone. UCC governs “contractual transitions with goods and tangible objects” (The Presser
Law Firm, 2019). In UCC contract modification does not require consideration as a prerequisite
as is the case in common law. Also, unlike in common law, UCC a change to the terms of an offer
can still leave the contract binding based on the specific circumstances of the transaction and the
substance of the contract term that has been altered. Finally, UCC only specifies quantity as the
only thing which is a must in the contract unlike in common law contracts whereby the nature of
work, performance time, price and quantity need to be included in the contract.
Promissory Estoppel
Promissory estoppel was originated from the High Trees case. The word estoppel refers to
the process in which a court can stop an individual from saying something which he/she is
generally allowed to say. Promissory estoppel draws from that principle whereby one of the parties
may be excused from performing their contractual obligations in instances where the law is was
applied strictly then there would be an injustice which is obvious (Charman, 2013, pg. 73). It does
not remove the need for consideration and is also considered an equitable doctrine which takes
into account issues of justice and fairness as opposed to the strict application of the law or legal
DEFINITION OF LEGAL TERMS
5
principles (Field, 2016, pg. 46). For example, if John has made a promise that Mark goes ahead to
rely on to his detriment, even though Mark provided no consideration, John will be topped from
going back on the promise because it wouldn’t be fair or just to do that.
DEFINITION OF LEGAL TERMS
6
References.
Charman, M. (2013). Contract law. Willan.
Field, S. (2016). Introduction to the law of contract: Formation of a contract. Bookboon.com.
Retrieved
from
http://www.kolegji-juridica.org/new_web/wp-
content/uploads/2017/04/Introduction-to-the-Law-of-Contract.pdf
Stone, R., & Devenney, J. (2017). The modern law of contract. Routledge.
US Legal. (2016). Express and Implied Contracts. US Legal, Inc. Retrieved from
https://contracts.uslegal.com/types-of-contracts/express-and-implied-contracts/

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