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BSAD 3200 > BSAD 3200 Exam 2 > Flashcards

BSAD 3200 Exam 2 Flashcards

1
Q

5 Elements that must be present for a contract to be validly

A

1) offer
2) acceptance
3) consideration
4) capacity
5) legality

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2
Q

offer

A

a commitment or promise to do something (or refrain from doing something) at a later time

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3
Q

offeror

A

the person making the offer

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4
Q

offeree

A

the person whom the offer is made

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5
Q

valid offer

A
  • communicate the offer to the offeree
  • make the offer with definite enough terms so a court could enforce it.
  • make the offer in a manner that evidences the offeror’s intent to be bound by it if the offeree accepts it.
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5
Q

bilatoral contract

A

Promise for a Promise

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6
Q

Unilateral contract

A

I promise —–> in return acceptence / act

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7
Q

Mirror image rule

A

the acceptance must match the offer exactly, or it’s considered a counter offer

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8
Q

acceptance

A

when the offeree voluntarily agrees to the terms set forth by the offeror in the offer.

  • an acceptance is accepted when it is mailed, not when it is received.
  • A accepted offer becomes a contract
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9
Q

consideration:

A

there must be something of value given

  • past considerations / current obligations do not count as consideration
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10
Q

capacity

A
  • cannot make a contract if you are a minor, under the influence and mentally ill
  • minors / mentally ill can DISSAFIRM
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11
Q

unconscionable

A

the terms are so grossly unfair to one party that the contract should not be enforced

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12
Q

Statute of frauds

A
  • requires that for someone to be bound contractually regarding certain transactions, that person must have signed a written document
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13
Q

Contracts that must be in writing

A
  • any contract for the transfer of real-estate
  • any contract that promises to pay someone else’s debt
  • any contract that will take more than 1 year
  • the sales of goods greater than $500
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14
Q

Assignment

A

a transfer of an obligated right from one person to another

  • assignor
  • assignee
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15
Q

Executed Contract & Executory Contract

A
  • Executed Contract: a contract that is completed

- Executory Contract: when there is still some duty due on the contract.

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16
Q

Accord

A

the agreement to settle a contract dispute

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17
Q

Compensatory Damages

A

dollars to compensate for a loss

  • Economic loss: repairs, hospital bills, lost wages.
  • Non Economic loss: pain and suffering
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18
Q

consequential damages

A

loss profit or opportunity

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19
Q

punitive damages

A

punish the defendant, payout has to make a dent

20
Q

nominal damages

A

$1—- opens the vault to punitive damages

21
Q

liquidated damages

A

the damages are written within the contract

  • cannot be punitive
22
Q

Restitution

A

“you damage his fence, make it whole”

23
Q

Injunction

A

when a party seeks a court order to stop another party from engaging in a certain action.

24
Q

Fraudulent Misrepresentation:

A

a person commits fraudulent misrepresentation when the person:

1) misrepresents a material fact
2) intends to deceive the other person
3) the other person justifiably relies on the misrepresentation

25
Q

UCC - Uniform Commercial Code

A
  • contains 9 articles, each article addresses a different area of business transaction.
26
Q

UCC Article 2

A
  • Sales of goods

- the laws that deal with the sales of goods differ from each party, dealer vs private seller

27
Q

Contracts

A
  • offer
  • acceptance
  • consideration
  • writing in certain circumstances, leases > $1000, sales of goods > $500
28
Q

Output contract

A

“I will buy everything you put out”

  • everything the producer produces
29
Q

Requirements Contract

A

“I will buy everything I need from you”

  • exclusive with producer
30
Q

Shipment Contract

A

Seller delivers goods to buyers chosen shipping company

  • title passes
31
Q

destination contract

A

seller must deliver goods to buyers chosen destination

  • title passes
32
Q

F.O.B

A

free on board

type of shipping contract

33
Q

Risk of Loss

A

the contract determines when the contract passes

  • intrustment of goods
34
Q

The perfect tender rule

A

you must deliver conforming goods to the buyer as specified b the contract

35
Q

Warrenty

A

tells the buyer certain things about the items being sold.

  • spoken in certain terms
  • written out in certain terms
36
Q

Puffing

A

not a warrenty

37
Q

Warranty of merchant ability

A

goods shall be fit for the general purpose of their sale

38
Q

warranty of fitness for particular purpose

A

the goods meet the functionality of the purpose, BUT NOT MY PURPOSE

39
Q

fitness for human consumption

A
  • consumer expectation test

- foreign substance test

40
Q

warranty of title

A

the seller warrants that he or she has good title to the product being sold.

41
Q

Sole Proprietorship

A
  • 1 single owner
  • no stock holders, no board of directors
  • all money you make is just personal income
  • all the ownership is yours and all liability is yours
  • everything you own is at risk
42
Q

E.I.N.

A

employer identification number

43
Q

Partnership

A
  • 2 or more people
  • no formal documents
  • each partner has manager rights
  • combined liabilities
  • partnership agreement
  • personally liable for each partners action
44
Q

partnership agreement

A

contract defining the relationship of the partnership.

  • the more you put into the agreement the less issues.
45
Q

limited partnership

A
  • 2 or more partners
  • at least 1 general partner
  • rest are limited partners
46
Q

general partner

A

manages day to day

  • unlimited liability
47
Q

limited partner

A

no management authority

  • limited liability
48
Q

LLC - Limited liability company

A
  • articles of organization, filed at Secretary of states office.
  • owners = members, members enjoy limited liability
  • operating agreement
  • pass through entity, you won’t be taxed twice, not taxed as a business.

BSAD 3200 (2 decks)

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