CH. 11,12,13,14 Flashcards
1
Q
Statutes of frauds
A
laws requiring that certain types of contract be in writing
2
Q
Statutes of Frauds only applies to executory contracts
True or False
A
True
3
Q
Executor or Administrator
A
one who handle properties of a deceased person
4
Q
Executor or Administrator personally responsible for the debt after the deceased
True or False
A
False
5
Q
Real Property
A
land rights of land and anything personally attached to that land
6
Q
Prenuptial agreement
A
agreement made by a couple planning to marry regarding obligations and rights to one another
7
Q
Memorandum
A
informal written evidence of a agreement required by the statute of frauds
8
Q
A Memorandum must have these five things
A
Name of two parties Subject of matter of agreement Consideration Reasonable terms with Certainty Only Signature of the party of who the enforcement is sought
9
Q
In a contract of guaranty, the guarantors promise to pay is secondary to the the debtors promise
A
True
10
Q
Except as provided by statute, oral contracts are just as enforceable as written contracts
True or False
A
True
11
Q
The statute of frauds applies only to executory contracts
A
True
12
Q
An oral promise to pay your own debt is not enforceable
True or False
A
False
13
Q
Martin agreed to work for Simmons for thirteen months this agreement would be considered enforceable over the phone
True or False
A
False
14
Q
E-Signatures are…
A
created to accommodate e-commerce
15
Q
Parole Evidence Rule
A
rule stating that terms of a written contract cannot be changed prior oral or written agreements
16
Q
Prior Evidence Rule applies to or prior to the written contract
True or False
A
True
17
Q
The______signature was invented to accommodate electronic commerce
A
Electronic
18
Q
A subsequent oral agreement modifying a written contract must be in writing if the written contract originally had to be_________
A
In Writing
19
Q
Oral changes to written agreement made subsequent to the writing are generally______unless the written agreement was required to be in writing under the statues of frauds
A
Permitted
20
Q
For writing to satisfy the statute of frauds it only need to to be signed by whom it is ________
A
enforced
21
Q
A contract put in the writing and intended to be the final and complete agreement between the parties is called________ contract
A
Integrated
22
Q
Ch12 common law and Article 2 of the UCC
A
allows the parties to an original contract to transfer their rights and duties to a different parties through delagation or assignment
23
Q
Assignment
A
transfer contracts from one person to another
24
Q
Assignee
A
Two whom the contract was transferred too
25
Obligor
one obligated to pay money or complete an act for one another under a contract
26
Assignor
one obligated to pay money or complete an act for another under a ac
27
The assignee has the same rights that the assignor had True or False
True
28
The assignor can guarantee that the obligor will perform after the assignment is made
False
29
If the original contract was in writing the assignment must also be in writing
True or False
True
30
Full performance
releases the obligor from any legal obligation to the assignee
31
Part Performance
reduces obligors responsibility to the assignee
32
What are the two rules if the Assignor assigns the same right to two different people
New York Rule
| English Rule
33
New York Rule
allows the first assignee to receive the assignment and all the rights
34
English Rule
First assignee to give notice to the obligor Prevails!
35
Delegations
Transfer of performance of ones duty under a contract to another
36
Obligee
person to whom a contractual duty is owed
37
Novation
A substitution of parties within a contract `
38
An obligor is a party to a contract who transfers rights and obligations to other people through and assignment
True or False
False
39
A notice of assignment always must always be in writing
| True or False
False
40
Contract rights legally can be transferred by an assignment
| True or False
True
41
Assigning rights under a contract does not entitle the assignee to the same rights that the assignor has before the assignment
False
42
Only nonpersonal rights may be transferred without permission
True or False
True
43
Personal duties may be delegated without permission
False
44
Clauses in contracts prohibiting assignments and delegations are invalid
True or False
False
45
Consideration is not required to have a valid assignment
| True or False
True
46
If a person owes money when he or she dies the responsibility for the debt is also assigned to the persons executor or administrator
True or False
True
47
"I Martin R. assign all rights under my contract with Jody DeMars to Todd Frank" create both an assignment of rights and delegation of duties
True
48
Name the Four ways a Contract can end
1. Performance
2. Agreement of Parties
3. Operation laws
4. Breach of Contract
49
Tender Performance
offer to perform obligations of a contract
50
Full Performance
agreement of both parties
51
Performance is usually the way contracts end
| true or false
True
52
Rescind
to cancel a contract and return parties to the positions that existed prior to the contract
53
Accord
agreement to accept performance differently than the original contract
54
substantial performance
performance in good faith of all but the minor details of a contract
55
A contract is discharged by full performance when a person in good faith fulfills all the major requirements leaving only minor details
False
56
Full performance is the most common method by which contracts are discharged
True
57
The offer to perform the terms of a contract or to pay money is called tender performance
True
58
When a contract ends the right and duties that existed under the contract also ends
True
59
If a contract is discharged by substantial performance the party who performed may recover the full contract price
False
60
Satisfaction
performance of the terms of a new agreement resulting from
61
Substitute
new contract entered to replace a contract before a breach occurs
62
Objective Impossibility
performance becomes absolutely impossible and therefore unavoidable because of some extreme difficulties
63
What Qualifies as obj. impossibility
1. Destruction of the subject matter of contract
2. Death
3. Change in law
64
Commercial Impracticability
doctrine recognizing unexpected events that make performing the assignment difficult
65
statute of limitations
law fixing a time limit which lawsuits must be started must be started
66
Alterations
deliberate material change in contract without party consent`
67
In a ________, the original contract is terminated and a new contract formed between the remaining party to the original contract and the new party
Novation
68
Under the common law a contract is discharged by ________ if a law is passed making the performance illegal
impossibility
69
All states have a _______ which fixes a time limit within which a lawsuit must be filed after a contract had been breached.
Statute of limitation
70
To legally call off a contract means to ______ the contract
Breach
71
What are the two types of breach
1. Actual Breach
| 2. Anticipatory Breach
72
Actual Breach
one party fails to perform the obligations required by a contract
73
Anticipatory breach
breach of contract occurring before stated time performance
74
Remedy
course of action an injured party may take to get satisfaction for breach of contract
75
What are the Remedies for breach
1. Material Breach
2. Waiver
3. Legal Remedies
4. Equitable Remedies
76
Material Breach`
Violations of contract so substantial that it destroys the contract and therefor excuses further performance
77
Waiver
Voluntarily surrender of given
78
What are the Legal Remedies
1. Compensatory
2. Consequential
3. Punitive
4. Nominal
5. Liquidated
79
Compensatory Damages
Damages awarded to the injured party by the breach of contract
80
Mitigation
attempt to hold damages down once a breach of contract occur
81
Consequential Damages
indirect damages for breach of contract that have or should been foreseeable
82
Liquidated Damages
Damages set in advanced by the parties
83
Nominal Damages
damages awarded for breach of contract when no real loss occurs
84
Punitive Damages
Money damages awarded to the injured party to punish the breaching party
85
Equitable Remedies
1. Rescission (Call off contract)
2. Specific Performance (Force the breaching party to go through with the contract)
3. Injunction (breaching party to the contract is ordered to refrain from carrying out his or her part of the agreement
86
Money damages are the usual remedy for a breach of contract
| True or False
True
87
Contracts are usually breached after the date set for performance
True or False
True
88
Money damages are intended to place the injured party in the same position he or she would have been in if the contract had been carried out
True or False
True
89
Specific performance is an equitable remedy
| True or False
True
90
If a contract is rescinded, the parties may keep the consideration received
True or False
False
91
What are the defenses for Breach
Fraud
Duress
Undue Influence
Mistake
92
Fraud
entering a contract making a false statement about a material fact
93
Duress
Forcing one to enter into a contract by using violence or threats
94
Undue Influence
power or dominance used to make persons enter into a contract against their will
95
Two Types of Mistakes
Unilateral and Mutual Mistakes
96
Unilateral Mistake
mistake made by one party
97
Mutual Mistake
mistake from both parties
98
The subject matter must exist at the time contract is made
| True or False
True
99
A person who wishes to bring an action against another based on the fraud must first show that there has been either false statement or a concealment of a _______
Material
100
A person who forces another to enter into a contract through violence is called
Duress
101
An error about certain material facts made by one party to a contract is called a __________ mistake
Unilateral
102
Fraud, Duress and undue influence makes a contract______
Voidable
103
______ are reasons offered by a defendant that release her or him from liability or responsibility
Defenses
104
Statute of Frauds requires a written agreement for sales of merchandise costing...
500 or more
105
A breach of contract that occurs before the performance date is called a(n)
anticipatory breach
106
Transfer of performance of one's duty under a contract to another.
Delegation
107
An attorney's services is a right that may?or may not? be assigned?
May Not
108
A(n) ________________ is a court order that forbids a person from doing a certain act.
Injunction
109
When a person dies, his or her rights and obligations are transferred ____________ to an executor or administrator
automatically
110
Failure to perform one's duty under a contract is
Breach of Contract
111
The one who transfers rights to another.
The Assignor
112
Both Accord and _________ are needed to discharge a contract.
satisfaction
113
Statute of Frauds only applies to what kind of contract?
Excecutory contract
114
If a contract can be carried out within one year, it does or does not need to be in writing?
Does Not
115
Personal duties under a contract cannot be transferred without ___________?
consent or permission
116
The usual remedy for a breach of contract.
money damages
117
Specific Performance is what kind of remedy?
Equitable Remedy
118
most common method of discharging contracts
full performance
119
Is admissible to show changes after the written contract was made
Parol Evidence
120
Occurs when two parties mutually agree to cancel a contract they had previously made.
Rescission
121
What happens to the rights and duties of a contract when the contract ends….
that also ends
122
Statute of Frauds covers how many contract areas?
6
123
If the contract put in writing is intended to be the final and complete agreement between the parties then it is considered to be….
Integrated
