BUS 205 Lecture Notes - Lecture 31: Estoppel, Executory Contract, British Rail Class 31
Document Summary
An agreement in which one or more parties have not yet fulfilled their obligations. An agreement in which all parties have fulfilled their obligations. One that satisfies all of the law"s requirements. Occurs when the parties intend to form a valid bargain. But a court declares that some rule of law prevents enforcing it. An agreement that may be terminated by one of the parties. A party that lacks mental capacity in which they did not understand the contract that they entered into. A contract that neither party can enforce because the bargain is illegal or one of the parties had no legal authority to make it. If you bought illegal drugs and you already paid for them but they weren"t delivered, you can"t go to court and get the money back. A plaintiff may use promissory estoppel to enforce the defendant"s promise if he can show that.
