Business Law, Contracts

Business Law, Contracts, Chapters 10, 11, 12, 13, 14, 15, 17, 18, 20, & 23
 
Created Oct 13, 2009
by bdazzledb4
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Side ASide B
Contract
 An agreement between two or more competent parties, for valuable consideration, to perform...
Objective Theory of Contracts
The parties' assent is judged not by the subjective intent of each party, but by the objective...
Requirements of a Valid Contract
Four requirements: Agreement, Consideration, Contractual capacity, legality.
Defenses to Enforceablitly of a Contract
Two Defenses: Genuineness of assent,  Form.
Bilateral Contracts
A bilateral contacat arises whent he offeror gives her promise in exchange for the offeree's...
Unilateral Contract
A unilateral contract arises when the offeree can only accept the offer by performance...
Promisor
The one making the promise
Promisee 
The person to whom the promisor made the promise
Formal Contracts
A contract that requires a special form or method of formation (creation) in order to be enforceable.In
Informal Contracts              (also called simple contracts)
A contract that does not  require a specified form or method of formation in order...
Express Contracts
A contract in which the terms of the agreement are explicitly stated either orally or in writing.
Implied-in-fact contract
A contract formed in whole or in part by the conduct (as opposed to the words) of the parties....
Executed Contract
A contract that has been completely performed by both or all parties.
Executory Contract
A contract that has not yet been fully performed by one or more parties
Voidable Contract
a contract that is valid but that one of the parties may legally avoid, cancel, or annul.
Unenforceable Contract
Valid contract rendered unenforceable by some statute or law.
Void Contract
A contract having no legal force or binding effect
Valid Contract
Has the elements necessary to entitle at least one of the parties to enforce it in court.  5...
Quasi contracts
Contract IMPLIED in law.   Fictional contracts created by courts and imposed on parties...
Quantum meruit
latin term for "as much as he or she deserves"
Agreement
A meeting of two or more minds in regard to the terms of a contract, through offer and acceptance
Offer
A promise or commitment to perform or refrain from oerforming some specified future act made...
 Revocation
 The withdrawal of an offer, communicated to the offeree or its agen prior to the offeree's...
 Option contract
 is created when an offeror promises to hold an offer open for a specified period of time...
 Promissory Estoppel
 when the promisor makes a clear and definite promise on which the promisee justifiably...
 Mirror Image Rule
 The offeree's acceptance must match the offeror's offer exactly.  Any change in...
 Mailbox Rule
 An aceptance is effective once the offeree places it in the mailbox
 Past Consideration
 Bargaining for something that has already taken place.  Must be present or future...
  Accord and Satisfaction
 An agreement between an obligor (debtor) and obligee (creditor), by which the obligor...
 Release
 Is a contract  in which one party forfeits the right to pursue a legal claim against...
 Covenant not to sue
 An agreement to substitute a contactual obligation for some other type of legal action...
 Disaffirmance
 Legally avoiding or setting aside a contractual obligation.  
 Necessaries
 items that fulfill basic needs, sucha s food, clothing, shelter, and medical services,...
 Ratification
 the act of accepting and givin legal force to an obligation that previously was not enforceable.
 Usury
 a lender who makes a loan at an interest rate above the lawful maximum commits usury....
 Blue Laws
 Some states and localities prohibit engaging in certain business activitites on Sundays....
 Unconscionable
grossly unfair as to be "void of conscience".  Unequal bargaining power in contract dealings,...
 Adhesion Contract
 a contract written exclusibely by one party, usually the dominant party, and presented...
 Exculpatory Clauses
 a contractual provision releasing a party from liability, regardless of fault.
 Mistakes
 The parties entered into a contract with different understandings of one or more MATERIAL...
 Scienter
 Intent to deceive
 Negligent Misrepresentation
 Untrue statement made by a person believeing it to be true who failed to exercise reasonable...
 Statute of Frauds
 A statute that requires certain types of contracts to be evidenced by a writing in order...
 Collateral promises
 third party assumes the debts or obligations of a primary party to a contract if that...
 Parole evidence rule
 A substantive rule of contract law, under which a court will not admit evidence of the...
 Integration
 the extent to which a written contact represents the final and exclusive agreement of...

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