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Buisness Law > Chapters 5&6 > Flashcards

Chapters 5&6 Flashcards

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1
Q

any agreement enforceable by law.

A

contract

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2
Q

a proposal by one party to another intended to create a legally binding agreement.

A

offer

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3
Q

the second party’s unqualified willingness to go along with the first party’s proposal.

A

acceptance

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4
Q

a valid offer is met by a valid acceptance.

A

genuine agreement

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5
Q

the legal ability to enter a contract.

A

capacity

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6
Q

the exchange of things of value.

A

consideration

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7
Q

the final element of contract.

A

leaglity

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8
Q

has no legal effect.

A

void contract

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9
Q

when a party to a contract is able to void or cancel a contract for some legal reason.

A

voidable contract

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10
Q

the court will not uphold, generally because some rule of law, such as the statute of limitations.

A

unenforceable contract

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11
Q

stated in words and may be either oral or written.

A

express conract

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12
Q

comes about from the actions of the parties.

A

implied contract

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13
Q

contains a promise by only one person to do something, if and when the other party performs some act.

A

unilateral contract

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14
Q

contains two promises.

A

bilateral contract

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15
Q

advertisements in newspapers, magazines, and catalogs.

A

invitation to negotiate

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16
Q

acceptance must not change the terms of the original offer in any way.

A

mirror image rule

17
Q

the original offeror not obligated to go along, and no contract results.

A

counteroffer

18
Q

the taking back of an offer by the offeror.

A

revocation

19
Q

or refusal, of an offer by the offeree brings the offer to an end.

A

rejector

20
Q

a deliberate deception intended to secure an unfair or unlawful gain.

A

fraud

21
Q

cancel, the contract, or you may sue for damages.

A

rescind

22
Q

the fact that is important; it matters to one of the parties.

A

material fact

23
Q

passive fraud or nondisclosure, and it may be just as fraudulent as actively deceiving an innocent party.

A

concealment

24
Q

an untrue statement of facts, and the law gives you the right to rescind the contract.

A

misrepresentation

25
Q

an error on the part of one of the parties to the contract.

A

unilateral mistake

26
Q

both parties to a contract are mistaken about an important fact (mutual mistake).

A

bilateral mistake

27
Q

overcoming a person’s will by use of force or by threat of force or bodily harm.

A

duress

28
Q

consists of threats to a person’s business or income that cause him or her to enter a contract without real consent.

A

economic duress

29
Q

occurs when a person uses unfair and improper persuasive pressure to force another person to enter into an agreement

A

undue influence

30
Q

What is a contract?

A

A contract is an agreement between two or more parties that legally binds them.

31
Q

What are the elements of a contract?

A 
offer
acceptance
genuine agreement
capacity
consideration
legality
32
Q

What are the differences between valid void, voidable, and unenforceable contract?

A

Valid - Solid, good, legally enforced contract.
Void - bad contract, missing elements.
Voidable - good legal; valid contract but one party or other can make it a void contract.
Unenforceable - a contract that cannot be carried out due to violation of law.

33
Q

What is the difference between an expressed and implied contract?

A

Expressed - contract clearly stating action.

Implied - carry contract out without saying it, not expressing it in words.

34
Q

Explain the difference between Unilateral and Bilateral Contracts?

A

Unilateral contains one promise and bilateral contains two promises.

35
Q

What are the requirements of an offer?

A

serious intent
definite and certain
communication on the offeree

36
Q

What is the difference between an offer and an invitation to negotiate?

A

The difference is that an invitation to negotiate asks the other person to make an offer. If you make an offer your taking the first step.

37
Q

What are the requirements of an acceptance?

A

unconditional

has to follow certain rules

38
Q

What is the difference between an acceptance and a counter offer?

A

The difference between an acceptance is unconditional and a counter offer is if your changing terms.

39
Q

When is an offer terminated?

A

revoke
change terms
timelimit

Buisness Law (5 decks)

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