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Buisness Law > ch 7 & 8 > Flashcards

ch 7 & 8 Flashcards

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1
Q

the legal ability to enter a contract.

A

Capacity

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2
Q

can be challenged in a court of law.

A

Rebuttable Presumption

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3
Q

person has reached legal adulthood

A

Majority

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4
Q

person below the age of majority.

A

Minority

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5
Q

person who has not yet reached the age of adulthood.

A

Minor

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6
Q

minor who marries, or leaves the home, giving up all rights to parental support declared minors who are no longer under the control of their parents.

A

Emancipated

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7
Q

protection afforded them as minors.

A

Abandoned

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8
Q

when a minor claims to be over the age of majority, committing fraud.

A

Misrepresentation of Age

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9
Q

declare or void contracts.

A

Disaffirm

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10
Q

approve contracts made during minority.

A

Ratify

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11
Q

necessities, include food, clothing, shelter, and medical care.

A

Necessaries

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12
Q

unable to make judgments.

A

Mentally Impaired Person

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13
Q

mentally impaired person’s contracts are voidable.

A

Guardian

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14
Q

intoxicated by alcohol or drugs at the time they enter a contract.

A

Intoxicated Person

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15
Q

people who are living in this country but owe their allegiance to another country.

A

Aliens

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16
Q

free agreements.

A

Grauitious

17
Q

the exchange of benefits and detriments by parties to an agreement.

A

Consideration

18
Q

something that a party was not previously entitled to receive.

A

Benefit

19
Q

any loss suffered.

A

Detriment

20
Q

not doing something that you have legal right to do.

A

Forbearence

21
Q

law that supports agreements that have been bargained.

A

Bargained for exchange

22
Q

occurs when a great inequality in bargaining power exists between the parties, and the party with all or most of the power takes advantage of the other party.

A

Unconscionable

23
Q

agreements not to sue are negotiated even after lawsuit has started.

A

Release

24
Q

the agreed-to settlement as contained in the accord is the satisfaction.

A

Accord & Satisfaction

25
Q

a mark of an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner.

A

Seal

26
Q

establishes the time frame within which a party is allowed to bring suit.

A

Statute of Limitation

27
Q

a promise may be enforceable without consideration.

A

Promissory Estoppel

28
Q

consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specified period of time.

A

Option

29
Q

irrevocable offer, must be signed by the offeror.

A

Firm Offer

30
Q

appears at first glance to be contracts but on further scrutiny are revealed to be hollow.

A

Illusory Promise

31
Q

consideration that took place in the past or that is given for something that has already been done, is not regarded as legal by the courts.

A

Past Consideration

32
Q

legal obligation to do something, a promise to do that same thing is not a consideration.

A

Preexisting Duty

33
Q

What is consideration?

A

the exchange of benefits and detriments by parties to an agreement.

34
Q

What are some types of consideration?

A

goods

money

35
Q

what problems can arise considering consideration?

A

disputed amount, buyers are finding a better deal elsewhere.

36
Q

How is a disputed amount settled by accord and satisfaction?

A

They will accept a lower payment and settle with that.

37
Q

What agreements are enforceable without considerarion?

A 
Option
Promises after discharge in bankruptcy
Promises under seal
Promissory estoppel
Debt barred by the statutes of limitation
38
Q

Explain the legal doctrine of promissory estopel.

A

Used to prevent injustice when a person chanhes their position significantly in reliance on another person’s promise and the promise is not fulfilled.

Buisness Law (5 decks)

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