Glossary

real property = real estate, as opposed to commercial goods, which are movable

deposit receipt = acknowledges receipt of land-buyer's deposit, can be a binding contract, See Mattei

satisfaction clause = clause stating that someone can pull out of a contract if they are not satisfied, does not necessarily preclude consideration, b/c of implied conditions. See Mattei

implied condition = condition implied by law (even if not written in contract) or implied by other conduct. Courts may use to find consideration when otherwise there would be none See Mattei, Wood, Zoltek

express condition = condition explicitly provided in contract See Mattei

illusory promise = promise that, by its form, does not bind promisor to do anything. Precludes consideration, but seemingly illusory promises may be saved by implied conditions See Mattei, Wood, Zoltek

good faith = 1) in commercial goods transactions: subj and obj standard (See UCC - Section - ), sometimes split b/w merchant and non merchant

unilateral contract = promise for performance, not binding until performance complete See Hamer, Ricketts

bilateral contract = promise for promise, typical, binding immediately

economic breach = breach of contract that may benefit one or both parties, see Sullivan Notes, Zoltek Notes

subjective standard = one guy's opinion (person, situation specific)

objective standard = what a reasonable person would think in specific situation

gratuitous promise = a promise made to give a gift asking nothing in return -- no consideration See Kirksey v Kirksey, Ricketts v Scothorn

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