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BUA 221 CH.1,2,3,4,5 > CH. 11,12,13,14 > Flashcards

CH. 11,12,13,14 Flashcards

1
Q

Statutes of frauds

A

laws requiring that certain types of contract be in writing

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2
Q

Statutes of Frauds only applies to executory contracts

True or False

A

True

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3
Q

Executor or Administrator

A

one who handle properties of a deceased person

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4
Q

Executor or Administrator personally responsible for the debt after the deceased
True or False

A

False

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5
Q

Real Property

A

land rights of land and anything personally attached to that land

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6
Q

Prenuptial agreement

A

agreement made by a couple planning to marry regarding obligations and rights to one another

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7
Q

Memorandum

A

informal written evidence of a agreement required by the statute of frauds

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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
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9
Q

In a contract of guaranty, the guarantors promise to pay is secondary to the the debtors promise

A

True

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10
Q

Except as provided by statute, oral contracts are just as enforceable as written contracts
True or False

A

True

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11
Q

The statute of frauds applies only to executory contracts

A

True

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12
Q

An oral promise to pay your own debt is not enforceable

True or False

A

False

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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

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14
Q

E-Signatures are…

A

created to accommodate e-commerce

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15
Q

Parole Evidence Rule

A

rule stating that terms of a written contract cannot be changed prior oral or written agreements

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16
Q

Prior Evidence Rule applies to or prior to the written contract
True or False

A

True

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17
Q

The______signature was invented to accommodate electronic commerce

A

Electronic

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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

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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

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20
Q

For writing to satisfy the statute of frauds it only need to to be signed by whom it is ________

A

enforced

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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

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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

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23
Q

Assignment

A

transfer contracts from one person to another

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24
Q

Assignee

A

Two whom the contract was transferred too

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25
Q

Obligor

A

one obligated to pay money or complete an act for one another under a contract

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26
Q

Assignor

A

one obligated to pay money or complete an act for another under a ac

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27
Q

The assignee has the same rights that the assignor had True or False

A

True

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28
Q

The assignor can guarantee that the obligor will perform after the assignment is made

A

False

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29
Q

If the original contract was in writing the assignment must also be in writing
True or False

A

True

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30
Q

Full performance

A

releases the obligor from any legal obligation to the assignee

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31
Q

Part Performance

A

reduces obligors responsibility to the assignee

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32
Q

What are the two rules if the Assignor assigns the same right to two different people

A

New York Rule

English Rule

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33
Q

New York Rule

A

allows the first assignee to receive the assignment and all the rights

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34
Q

English Rule

A

First assignee to give notice to the obligor Prevails!

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35
Q

Delegations

A

Transfer of performance of ones duty under a contract to another

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36
Q

Obligee

A

person to whom a contractual duty is owed

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37
Q

Novation

A

A substitution of parties within a contract `

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38
Q

An obligor is a party to a contract who transfers rights and obligations to other people through and assignment
True or False

A

False

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39
Q

A notice of assignment always must always be in writing

True or False

A

False

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40
Q

Contract rights legally can be transferred by an assignment

True or False

A

True

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41
Q

Assigning rights under a contract does not entitle the assignee to the same rights that the assignor has before the assignment

A

False

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42
Q

Only nonpersonal rights may be transferred without permission
True or False

A

True

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43
Q

Personal duties may be delegated without permission

A

False

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44
Q

Clauses in contracts prohibiting assignments and delegations are invalid
True or False

A

False

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45
Q

Consideration is not required to have a valid assignment

True or False

A

True

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46
Q

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

A

True

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47
Q

“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

A

True

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48
Q

Name the Four ways a Contract can end

A
  1. Performance
  2. Agreement of Parties
  3. Operation laws
  4. Breach of Contract
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49
Q

Tender Performance

A

offer to perform obligations of a contract

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50
Q

Full Performance

A

agreement of both parties

51
Q

Performance is usually the way contracts end

true or false

A

True

52
Q

Rescind

A

to cancel a contract and return parties to the positions that existed prior to the contract

53
Q

Accord

A

agreement to accept performance differently than the original contract

54
Q

substantial performance

A

performance in good faith of all but the minor details of a contract

55
Q

A contract is discharged by full performance when a person in good faith fulfills all the major requirements leaving only minor details

A

False

56
Q

Full performance is the most common method by which contracts are discharged

A

True

57
Q

The offer to perform the terms of a contract or to pay money is called tender performance

A

True

58
Q

When a contract ends the right and duties that existed under the contract also ends

A

True

59
Q

If a contract is discharged by substantial performance the party who performed may recover the full contract price

A

False

60
Q

Satisfaction

A

performance of the terms of a new agreement resulting from

61
Q

Substitute

A

new contract entered to replace a contract before a breach occurs

62
Q

Objective Impossibility

A

performance becomes absolutely impossible and therefore unavoidable because of some extreme difficulties

63
Q

What Qualifies as obj. impossibility

A
  1. Destruction of the subject matter of contract
  2. Death
  3. Change in law
64
Q

Commercial Impracticability

A

doctrine recognizing unexpected events that make performing the assignment difficult

65
Q

statute of limitations

A

law fixing a time limit which lawsuits must be started must be started

66
Q

Alterations

A

deliberate material change in contract without party consent`

67
Q

In a ________, the original contract is terminated and a new contract formed between the remaining party to the original contract and the new party

A

Novation

68
Q

Under the common law a contract is discharged by ________ if a law is passed making the performance illegal

A

impossibility

69
Q

All states have a _______ which fixes a time limit within which a lawsuit must be filed after a contract had been breached.

A

Statute of limitation

70
Q

To legally call off a contract means to ______ the contract

A

Breach

71
Q

What are the two types of breach

A
  1. Actual Breach

2. Anticipatory Breach

72
Q

Actual Breach

A

one party fails to perform the obligations required by a contract

73
Q

Anticipatory breach

A

breach of contract occurring before stated time performance

74
Q

Remedy

A

course of action an injured party may take to get satisfaction for breach of contract

75
Q

What are the Remedies for breach

A
  1. Material Breach
  2. Waiver
  3. Legal Remedies
  4. Equitable Remedies
76
Q

Material Breach`

A

Violations of contract so substantial that it destroys the contract and therefor excuses further performance

77
Q

Waiver

A

Voluntarily surrender of given

78
Q

What are the Legal Remedies

A
  1. Compensatory
  2. Consequential
  3. Punitive
  4. Nominal
  5. Liquidated
79
Q

Compensatory Damages

A

Damages awarded to the injured party by the breach of contract

80
Q

Mitigation

A

attempt to hold damages down once a breach of contract occur

81
Q

Consequential Damages

A

indirect damages for breach of contract that have or should been foreseeable

82
Q

Liquidated Damages

A

Damages set in advanced by the parties

83
Q

Nominal Damages

A

damages awarded for breach of contract when no real loss occurs

84
Q

Punitive Damages

A

Money damages awarded to the injured party to punish the breaching party

85
Q

Equitable Remedies

A
  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
Q

Money damages are the usual remedy for a breach of contract

True or False

A

True

87
Q

Contracts are usually breached after the date set for performance
True or False

A

True

88
Q

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

A

True

89
Q

Specific performance is an equitable remedy

True or False

A

True

90
Q

If a contract is rescinded, the parties may keep the consideration received
True or False

A

False

91
Q

What are the defenses for Breach

A

Fraud
Duress
Undue Influence
Mistake

92
Q

Fraud

A

entering a contract making a false statement about a material fact

93
Q

Duress

A

Forcing one to enter into a contract by using violence or threats

94
Q

Undue Influence

A

power or dominance used to make persons enter into a contract against their will

95
Q

Two Types of Mistakes

A

Unilateral and Mutual Mistakes

96
Q

Unilateral Mistake

A

mistake made by one party

97
Q

Mutual Mistake

A

mistake from both parties

98
Q

The subject matter must exist at the time contract is made

True or False

A

True

99
Q

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 _______

A

Material

100
Q

A person who forces another to enter into a contract through violence is called

A

Duress

101
Q

An error about certain material facts made by one party to a contract is called a __________ mistake

A

Unilateral

102
Q

Fraud, Duress and undue influence makes a contract______

A

Voidable

103
Q

______ are reasons offered by a defendant that release her or him from liability or responsibility

A

Defenses

104
Q

Statute of Frauds requires a written agreement for sales of merchandise costing…

A

500 or more

105
Q

A breach of contract that occurs before the performance date is called a(n)

A

anticipatory breach

106
Q

Transfer of performance of one’s duty under a contract to another.

A

Delegation

107
Q

An attorney’s services is a right that may?or may not? be assigned?

A

May Not

108
Q

A(n) ________________ is a court order that forbids a person from doing a certain act.

A

Injunction

109
Q

When a person dies, his or her rights and obligations are transferred ____________ to an executor or administrator

A

automatically

110
Q

Failure to perform one’s duty under a contract is

A

Breach of Contract

111
Q

The one who transfers rights to another.

A

The Assignor

112
Q

Both Accord and _________ are needed to discharge a contract.

A

satisfaction

113
Q

Statute of Frauds only applies to what kind of contract?

A

Excecutory contract

114
Q

If a contract can be carried out within one year, it does or does not need to be in writing?

A

Does Not

115
Q

Personal duties under a contract cannot be transferred without ___________?

A

consent or permission

116
Q

The usual remedy for a breach of contract.

A

money damages

117
Q

Specific Performance is what kind of remedy?

A

Equitable Remedy

118
Q

most common method of discharging contracts

A

full performance

119
Q

Is admissible to show changes after the written contract was made

A

Parol Evidence

120
Q

Occurs when two parties mutually agree to cancel a contract they had previously made.

A

Rescission

121
Q

What happens to the rights and duties of a contract when the contract ends….

A

that also ends

122
Q

Statute of Frauds covers how many contract areas?

A

6

123
Q

If the contract put in writing is intended to be the final and complete agreement between the parties then it is considered to be….

A

Integrated

BUA 221 CH.1,2,3,4,5 (11 decks)

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