Flashcard Set Preview
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| 1 |
Void contract
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no contract at all; no legal effect (lack capacity; illegal subject matter)
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voidable contract
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valid and enforeable but may be rejected due to fraud, menace, duress.
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uneforcable contract
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valid but cannot be proved
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valid contract
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is binding and enforeceable and has all the basic elements required by law.
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Basic Elements of All Contracts
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Legally Competent PartiesMutual Consent between the partieslawful objectivesufficient consideration
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Attorneyinfact
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the person holding hte power of attorney
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power of attorney
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legal doc that gives another person authority to act on his behalf.
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mutual consent
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meeting of the minds. offer by one party and acceptance by the other party.
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offer - mutual consent requirement
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shows contractual inent of the offeror. offer must be communicated to the offeree
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acceptance - mutual consent requirement
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unqualified agreement to the terms of the offer.
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counteroffer
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if the acceptance includes any changes it becomes a counteroffer.
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Genuine Assent - mutual consent requirement
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offer and acceptance are genuine and freely made by all parties.no genuine assent if the contract...
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| 13 |
no genuine assent if the contract includes:
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fraud; misrep; mistake; duress or menace; undue influence
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consideration
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promise for a promise; money, prperty, services, etc. any thing of value.
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| 15 |
parol evidence rule
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prohibits introducing any kind of outside evidence to vary or add to the terms of deeds, contracts...
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tender of performance
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an offer by one party to carry out his or her part of the contract. usually made at the...
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| 17 |
waiver
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relinquishment or refusal to accept a right.
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| 18 |
specific performance
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court action brought about by one party to force the other (breaching) party to fulfill the...
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| 19 |
Assignment
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transfers all interests of the assignor (principal) to the assignee. Assignor is not...
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3 remedies for breach of contract
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unilateral rescissionlawsuit for money damageslawsuit for specific performance
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| 21 |
discharge of contracts
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full performance; release by one or all of the parties; assignment; novation; breach of contract
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| 22 |
Statute of limiations for action on a liability created by statute; action for trespass on...
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3 years
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Statute of limitations for action on any written contract including most real estate contracts
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4 years
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Statute of limitations for action on a judgment or decree of any court in the usa.
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10 years
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Statute of limitations for action on a contract, not in writing; action based on a poilicy...
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2 years.
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