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Law > Ch 12 Traditional & E-contracts > Flashcards

Ch 12 Traditional & E-contracts Flashcards

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1
Q

Contract

A

Agreement that can be enforced in court

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2
Q

Bilateral contract

A

Offeror makes an offer to the offeree

Offeree must promise to perform

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3
Q

Unilateral

A

Offeree can accept offer only by completing the contract performance

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4
Q

Formal contract

A

Statutes or rules which state that a contract must be in writing to be enforceable

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5
Q

Void

A

No contract

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6
Q

Voidable

A

Valid contract that can be avoided at the option of one of the parties

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7
Q

Requirements of a valid contract

A

Agreement, consideration, contractual capacity, legality

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8
Q

Agreement

A

The offer AND acceptance

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9
Q

Requirements for offer

A

Serious intention, definition of terms, communication

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10
Q

Offeror’s Serious Intention

A

Contract determined by what a reasonable person deems serious

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11
Q

Intent may be lacking with:

A

Expression of opinion, statement of future intent, preliminary negotiations, invitations to bid, ads and price lists

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12
Q

Expression of opinion

A

“I believe this car is worth $40,000 and I wouldn’t sell it for less”

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13
Q

Statement of future intent

A

“If Panthers win the SB, I’ll move houses”

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14
Q

Preliminary negotiations

A

Not a serious offer, just a suggestion

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15
Q

Ads/price lists

A

Belk’s has wrong price in ad, not required to honor it

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16
Q

Definiteness of terms requirements

A

Identify parties, object/subject matter of contract, consideration to be paid, time of payment/performance

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17
Q

Communication

A

Offeree must have knowledge of offer by person or person’s agent

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18
Q

Termination of offer may happen by

A

Action of the parties OR operation of law

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19
Q

Revocation

A

Can withdraw anytime before offeree accepts offer OR effective when offeree or agent receives it

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20
Q

Option contract

A

Promise to hold offer open for specified period of time in return of consideration

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21
Q

Counteroffer

A

Rejection of initial offer but make a new one

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22
Q

Mirror Image Rule

A

Any change in terms automatically terminates offer and substitutes counteroffer

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23
Q

Termination by law if:

A

Lapse of time, destruction of subject matter, death/incompetence, supervening illegality

24
Q

Acceptance

A

Voluntary act, expressed or implied, that shows assent to terms

25
Q

Unequivocal acceptance

A

Mirror image, acceptance must mirror offer

26
Q

Silence

A

Only acceptance when offeree has duty to speak

27
Q

General rule of bilateral contracts

A

Acceptance timely if made before offer is revoked or terminated

28
Q

Mailbox rule

A

Acceptance effective the minute it’s put in the mailbox

29
Q

Authorized means of acceptance

A

Sometimes the offer specifies how acceptance should be made

30
Q

Displaying the online offer should include

A

Seller’s hyperlink to page with full contract

31
Q

Online provisions

A

Acceptance of terms, payment, return policy, disclaimer of liabilities, limitation on remedies, privacy policy, dispute resolution, forum selection clause, choice of law clause

32
Q

Choice of law clause

A

Disputes settled in accordance with law of particular jusidiction

33
Q

Online acceptances

A

Click on agreements, Shrink-wrap agreements, browse-wrap agreements

34
Q

Click on agreements

A

Binding contract can be formed by clicking a box indicating you agree

35
Q

Shrink wrap agreement

A

Contract terms inside box which party agrees on upon opening box

36
Q

Browse wrap agreement

A

Scroll to bottom and it says “by reading this you agree to terms”; usually unenforceable

37
Q

E-SIGN

A

Gives e-signatures & e-docs legal force; to be enforceable both parties must have prior agreement

38
Q

Consideration

A

Value given in return for promise or performance

39
Q

Consideration must have:

A

Legally sufficient value, bargain for exchange

40
Q

Legally sufficient value

A

Something of legal value in the eyes of the law, promise to do something

41
Q

Bargained for exchange

A

Something of legal value must be exchanged b/w parties to provide basis to bargain

42
Q

Contractual capacity

A

Legal ability to enter into a contractual relationship

43
Q

Certain situations where capacity may exist but contract is not legally binding

A

Minor, intoxication, mental incompetence

44
Q

Legality

A

Legality of a contract; if specific clause is illegal the rest can still be enforceable

45
Q

Contrary to public policy is generally

A

Void

46
Q

Contracts not to compete in employment

A

Enforceable as long as time and geographic terms are reasonable

47
Q

Unconscionable contracts

A

Procedural and substantive

48
Q

Procedural contract

A

Contracts with inconspicuous print is void

49
Q

Substantive contract

A

Contracts oppressive or overly harsh

50
Q

Exculpatory clause

A

Releases party from liability in event of monetary or physical injury no matter who’s at fault

51
Q

Exculpatory clauses are enforceable when

A

They are not ambiguous or they don’t shield parties from intentional conduct

52
Q

Statute of frauds that must be in writing

A
  1. Interest in land
  2. Yearly agreements
  3. Collateral or secondary contracts
  4. Promise for marriage
  5. Sale of goods priced at $500 or more
53
Q

Transfer pf rights to third party is

A

Assignment

54
Q

Transfer of duties to third party is

A

Delegation

55
Q

Effect of delegation

A

Delegator remains liable if other doesn’t perform

Law (13 decks)

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