CH. 6,7,8,9,10 Flashcards
When a party to a contract fails to perform the agreement
Breech of Contract
A contract that i grossily unfair
Unconscionable Contract
Completely enforceable against all parties unless and until the party legally entitled to avoid it does so
Voidable Contract
An offered who makes a counter offer becomes the
Offeror
The serious illness of an offeror terminates the offer
false
Contract implied in law is known as the..
Quasi Contract
If no time period for acceptance is stated in an offer the offer ends at the end of
reasonable time
Four essential elements to create a contract
- Offer and acceptance
- Consideration
- Compacity
- illegality
Written acceptance of an offer generally takes affect when it is
Properly Sent
Love and affection is generally considered when making a contract
False
Two parties enter into in an agreement that both know is illegal
Peri Delicito
A contract whose terms are expressed orally or in writing is legally referred to as
Expressed Contract
A provision excusing one party from liability of neligence
Exculpatory Clause
An agreement lacking consideration is said to be
unenforceable
This doctrine sometimes allows enforcement of a promise even when an offeree gives no consideration for an offerors promise
Promissory Estopple
When a debtor and a creditor are in a agreement about how much money is owe this is..
Liquidated
A contract between a minor and adult is considered
Voidable
A promise for an act taken place is known as a
Past Consideration
This can be done by a minor-orally writing or implied from minor actions
Ratification
An agreement not to compete is legal if these two things are reasonable defined
- Restriction
2. Geographic Scope
Minors are generally liable for
Torts
