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MORT 234 Ethics And Laws I > 5-13 Contracts > Flashcards

5-13 Contracts Flashcards

1
Q
  • legally enforceable agreement
  • agreement between two or more competent persons which is enforceable by law
A

Contract

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2
Q

A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract

A

Breach of contract

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3
Q
  • a contract which will be enforced by the court
  • contract enforceable by the law
A

Valid contract

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4
Q

An agreement of no legal effect

A

Void contract

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5
Q
  • an agreement which is not in the form required by law, but can be made so by the parties
  • an agreement which is not currently binding / enforceable by law but can be made so by the parties
A

Unenforceable contract

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6
Q

A contract which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties

A

Voidable contract

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7
Q
  • contract in which parties express their intentions, either orally or in writing, at the time of the agreement
  • contract with terms of the agreement specified in words
A

Express contract

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8
Q

contract with major terms implied by the parties’ conduct / act or implied / deduced from the facts
(2 names)

A

Implied contract
Implied in fact contract

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9
Q

Those contracts which must be in a special form / manner of creation / produced in a certain way, such as under seal

A

Formal contract

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10
Q

Obligation entered into before a court to do an act required by law

A

Recognizance

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11
Q

Document of payment, such as a check

A

Negotiable instrument

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12
Q

Contract that is not formal, whether written, oral, or implied

A

Simple contract

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13
Q

Contract with terms in writing

A

Written contract

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14
Q

Contract with terms spoken

A

Oral contract

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15
Q

Contract in which terms have not been completely executed / carried out / fulfilled by the parties

A

Executory contracts

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16
Q

Contracts in which the terms have been fulfilled / fully performed by the parties

A

Executed contracts

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17
Q

A contract formed when an act is done in consideration for a promise

A

Unilateral contract

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18
Q

A contract which consists of mutual exchange of promises to perform some future acts

A

Bilateral contract

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19
Q
  • implied (in law) contracts
  • a fictional contract created or implied by a court for a person who is unable to contract for himself
  • an obligation which law creates in the absence of agreement
  • imposition of rights and obligations by law without a contract
  • is invoked by courts where there is unjust enrichment
  • the function of a quasi-contract is to raise an obligation in law where in fact the parties made no promises
A

Quasi contract

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20
Q

One benefiting unfairly at another’s expense

A

Unjust enrichment

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21
Q
  • an expression of willingness of offer or to enter contractual agreement
  • a proposal to make a contract
A

Offer

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22
Q

The party who initiates, or makes, an offer

A

Offeror

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23
Q

The person to whom an offer is made

A

Offeree

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24
Q

Binding promise to hold an offer open

A

Option

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25
Q

Merchant’s signed, written offer to sell or purchase goods saying it will be held open

A

Firm offer

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26
Q
  • an agreement to an offer resulting in a contract
  • drawee’s signed agreement to pay draft
A

Acceptance

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27
Q

Refusal to accept

A

Rejection

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28
Q
  • an intended acceptance which changes or qualifies an original offer and in effect, rejects that offer and becomes a new offer
  • offeree’s response that rejects offer by varying terms of initial offer
A

Counteroffer

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29
Q

the necessity that the parties desiring to enter into contracts meet all requirements

A

Contractural capacity

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30
Q

The repudiation of, or election to avoid, a voidable contract

A

Disaffirmance

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31
Q
  • those persons under full legal age
  • person under legal age to contract
  • by most states (but not all) the standard is under the age of 18
A

Minor

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32
Q

items, required or proper and useful, for sustaining a human being at an appropriate / reasonable living standard (ex: food, clothing, shelter)

A

Necessaries

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33
Q

Person found guilty by a court of a major criminal offense

A

Convict

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34
Q

Persons who are under the influence of alcohol to the extent that their judgment may be impaired

A

Intoxication

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35
Q

Persons who are afflicted with a serious mental disorder impairing their ability to function

A

Insane

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36
Q
  • approval of unauthorized act
  • confirming an act which was executed without authority or an act which was voidable
  • adult indicating contract made while a minor is binding
A

Rafitication

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37
Q

What a promisor demands / requires from another party and receives as a price for a promise

A

Consideration

38
Q

When all of multiple creditors settle in full for a fraction of the amount owed

A

Composition of creditors

39
Q

Refraining from doing something

A

Forbearance

40
Q

An agreement made and executed in satisfaction of the rights one has from a previous contract

A

Accord and satisfaction

41
Q
  • an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment
  • substitute for consideration when another acts in reliance on promisor’s promise
A

Promissory estoppel

42
Q

Mistake by one party to a contract

A

Unilateral mistake

43
Q

Mistake by both parties to a contract

A

Mutual mistake

44
Q

Willful failure to disclose pertinent information

A

Concealment

45
Q

Stating an untrue fact / false statement of a material fact

A

Misrepresentation

46
Q

False statement made in belief it is true / without any intention to deceive

A

Innocent misrepresentation

47
Q

Party engages in action that causes the fraud

A

Active fraud

48
Q

Fraud caused by failure to disclose information when there is a duty to do so

A

Passive fraud

49
Q

Defrauded party DID NOT INTEND to enter into a contract but false statement made by other party induced contract signing

A

Fraud in the execution

50
Q

Defrauded party INTENDED to make a contract but false statements were made about the terms or in obligations of the contract

A

Fraud in the inducement

51
Q

Judicial correction of a contract

A

Reformation

52
Q

To set a contract aside or cancel

A

Rescind (is to END)

53
Q

A relationship of trust and confidence, such as that which exists between partners in a partnership

A

Fiduciary

54
Q

A means of removing one’s free will, obtaining consent by means of a threat (to do harm to the person, his family, property, or earning power)

A

Duress

55
Q
  • person in special relationship causing another’s action contrary to free will
  • improper influence that is asserted by one dominant person over another, without the threat of harm
A

Undue influence

56
Q

Agreement in which the parties win or lose, based on chance

A

Gambling contract

57
Q

Exceeding the maximum rate of interest which may be charged on loans

A

Usurious contract

58
Q

Charging higher interest rate than law allows

A

Usury

59
Q

Higher legal rate of interest allowed

A

Maximum contract rate

60
Q

Interest rate applied according to statute when no rate specified and interest is to be paid

A

Legal rate of interest

61
Q

Contract with terms in writing

A

Written contract

62
Q

Obligation to pay in money or goods

A

Debt

63
Q

Breach of contractual obligation other than money

A

Default

64
Q

All payments on an instrument fully made and not all made by due date

A

Uncured default

65
Q

Oral testimony

A

Parol evidence

66
Q

Complete, written contract may not be modified by oral testimony unless upon evidence of fraud, accident, or mistake

A

Parol evidence rule

67
Q
  • law requiring certain contracts to be in writing in order to be binding or enforceable
  • statute originally enacted by English Parliament, and no enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form
A

Statute of Frauds

68
Q

A person not party to a contract, but whom parties intend to benefit

A

Third-party beneficiary

69
Q
  • a person who is NOT A PARTY to a contract to whom the promisor of a contract OWES an obligation or duty
  • the person to whom the promisee of a contract OWES an obligation or duty which will be discharged to the extent that the promisor performs the promise
A

Creditor beneficiary

70
Q

A third-party beneficiary to whom no legal duty is owed and for whom performance is a gift

A

Donee beneficiary

71
Q

Person who unintentionally benefits from performance of contract

A

Incidental beneficiary

72
Q

Two or more people INDIVIDUALLY agree to perform obligation

A

Several contract

73
Q

Contract obligating or entitling two or more people together to performance under the contract

A

Joint contract

74
Q

Transfer of duties from one person to another

A

Delegation

75
Q

Two or more people bound jointly and individually by contract and who are entitled to recover individually and as a unit

A

Joint and several contract

76
Q
  • the CHANGE of one of the PARTIES to a contract at the mutual agreement of the original parties
  • termination of a contract and SUBSTITUTION of NEW CONTRACT with same terms but a NEW PARTY
  • the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it
A

Novation

77
Q
  • transfer to another of tenant’s rights
  • conveyance of personal property rights in a contract to a person not a party
  • a means whereby one party in a contract conveys rights to another person, who is not a party to the original contract
A

Assignment

78
Q

The party making the assignment

A

Assignor

79
Q
  • the party to whom the assignment is made
  • person to whom contract rights are assigned
A

Assignee

80
Q

Termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law

A

Discharge

81
Q

Offer to perform in satisfaction of terms as specified in contract

A

Tender of performance

82
Q

Offer and ability to pay money owed as specified by contract

A

Tender of payment

83
Q

Any form of lawful money

A

Legal tender

84
Q
  • a law that restricts the period of TIME within which an action may be brought to court
  • time within which right to sue must be exercised or lost
A

Statute of limitations

85
Q

Contract provision excusing performance when extraordinary event occurs

A

Force majeure clause

86
Q

One party announces intention not to perform a contract prior to time to perform

A

Anticipatory breach

87
Q
  • a token award (generally $1.00) to symbolize vindication of the wrong done to the plaintiff
  • small amount awarded when there is technical breach but no injury
A

Nominal damages

88
Q
  • an award paid to the injured party to cover the exact amount of their loss, but no more
  • compensation amount equal to the loss sustained
A

Compensatory damages

89
Q

An award paid to the plaintiff to punish the defendant in excess of those required to compensate the plaintiff for the wrong done

A

Punitive damages

90
Q

Sum fixed / stipulated in a contract to be paid in the event one party breaches the contract, where actual damages are difficult to measure

A

Liquidated damages

91
Q
  • a contract remedy by which the court requires the breaching party to perform the contract
  • carrying out the terms of a contract
A

Specific performance

MORT 234 Ethics And Laws I (4 decks)

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