Question 1

choice-of-language clause

Accepted Answer

- a clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms

Question 2

choice-of-law clause

Accepted Answer

- a clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract

Question 3

course of dealing

Accepted Answer

- period conduct between parties to a contract that establishes a common basis for their understanding

Question 4

course of performance

Accepted Answer

- the conduct that occurs under the terms of a particular agreement; such conduct indicates what the parties to an agreement intended it to mean

Question 5

firm offer

Accepted Answer

-

Question 6

force majeure clause

Accepted Answer

- a provision in a contract stipulating that certain unforeseen events - such as war, political upheavals, acts of God, or other events - will excuse a party from liability for nonperformance of contractual obligations

Question 7

forum-selection clause

Accepted Answer

- a provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract

Question 8

fully integrated contract

Accepted Answer

- a written contract that constitutes the final expression of the parties' agreement - if a contract is fully integrated, evidence extraneous to the contract that contradicts or alters the meaning of the contracts in any way is inadmissible

Question 9

intangible property

Accepted Answer

- property that is incapable of being apprehended by the senses (such as by sight or touch); intellectual property is an example of intangible property

Question 10

lease agreement

Accepted Answer

- in regard to the lease of goods, an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments

Question 11

lessee

Accepted Answer

- a person who acquires the right to the possession and use of another's goods in exchange for rental payments

Question 12

lessor

Accepted Answer

- a person who transfers the right to the possession and use of goods to another in exchange for rental payments

Question 13

merchant

Accepted Answer

- a person who is engaged in the purchase and sale of goods - under the Uniform Commercial Code, a person who deals in goods of the kind involved in the sales contract

Question 14

output contract

Accepted Answer

- an agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of wha the seller produces

Question 15

parol evidence

Accepted Answer

- a term that originally meant "oral evidence," but has come to refer to any negotiations or agreements made prior to a contract or any contemporaneous oral agreements made by the parties

Question 16

predominant-factor test

Accepted Answer

- a test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services

Question 17

requirements contract

Accepted Answer

- an agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires

Question 18

sale

Accepted Answer

- the passing of title (evidence of ownership rights) from the seller to the buyer for a price

Question 19

sales contract

Accepted Answer

- a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price

Question 20

seasonably

Accepted Answer

- within a specified time period - if no period is specified, within a reasonable time

Brainscape's Knowledge GenomeTM

Chapter 16 - The Formation of Sales and Lease Contracts Flashcards

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