Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Reg New > Contracts > Flashcards

Contracts Flashcards

1
Q

Is a merchant’s firm offer revocable or irrevocable?

A

No, even if there was no consideration was given up.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is an implied in-fact contract?

A

Where the conduct of a party creates a contract.

Ex. Patient/doctor situation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Is an express contract written or oral?

A

Both

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Who can enforce/create a quasi-contract?

A

The courts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the mailbox rule?

A

When the offeree MAILS the acceptance, the acceptance is considered to be received.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

List some elements to contract formation.

A
  1. Offer
  2. Acceptance
  3. Consideration
  4. Capacity
  5. Mutual agreement
  6. Proper form (some must be written)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

List some defenses to formation of a contract

A 
Fraud or misrepresentation
illegality
incapacity
undue influence
duress
unconscionability
mistake
indefiniteness
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If a party terminates an offer before the offeree accepts it, is a contract formed?

A

No

Unless contract is unilateral, an option contract, or a merchant firm offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Name the ways an offeree can reject an offer

A
  1. Expressly
  2. Time lapse
  3. Counteroffer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Offers can be terminated by operation of law. List some examples.

A

Destruction or sale of subject matter
Illegal subject matter
Death of one of the parties
Insanity of one of the parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is consideration?

A

A promise for a promise (simply put)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

List 3 forms of a bargain

A

Payment of cash
Payment of some other property
Time commitment
Action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Difference between void and voidable contract?

A

VOID
Unenforceable by either party
Essentially, when contract is illegal or impossible. Cannot be ratified by either party.

VOIDABLE
A legal contract, but one party has the right to cancel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

I. Order for there to be a contract, both parties have to do something or give up something- T or F?

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

List 3 ways an offeror can revoke an offer

A
  1. Direct communication
  2. Indirect communication (must involve a reliable source to revoke. Offeree needs to clearly understand and accept revocation).
  3. Effective publication
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

One remedy for a breach of contract is discharge of a contract - T or F?

A

True

17
Q

List 3 types of contract breach

A

Material breach
Anticipatory breach
Minor breach

18
Q

What is a material breach?

A

One party’s failure to perform its contractual duties.

The non-breaching party can sue for damages, compel performance or discharge the contract.

19
Q

What is an anticipatory breach?

A

When a party has a clear indication the the other party won’t perform its duties under the contract.

Resolution options include discharging the contract, suing for damages, or waiting to see what happens.

20
Q

What is a minor breach?

A

Breach is immaterial.

Party who was breached can sue, but cannot discharge contract.

Other options include rescission, and reformation.

21
Q

Name 3 types of damages that a contract breacher could be responsible for.

A

Compensatory
Specific performance
Punitive

22
Q

List 3 elements of an offer

A

Seriously intended
Communicated to offeree
Definite in terms

23
Q

List 3 elements of acceptance

A

Must be unconditional (under common law -Adding a condition creates a counter offer).

Must be communicated by words or actions

Must be accepted by offeree

24
Q

Can offers be open-ended?

A

No

25
Q

List the 3 ways an offer can end.

A

Counter offer (common law)
Rejection
Revocation

26
Q

Under common law, can an offerer revoke an offer before acceptance?

A

Yes

27
Q

When do offers end?

A

After stated time

If no stated time, after a reasonable amount of time

28
Q

What is a bilateral contract?

What is a unilateral contract?

A

Promise for a promise

Promise for an act
Promise has to induce the act

29
Q

What are the 6 types of contracts that must be in writing according to the Statute of Frauds?

A 
Goods $500 or more
Real Estate
Marriage
Contracts > 1 year
A promise to answer a debt of another
Executer's promise to be liable for the debt of an estate
30
Q

What types of people does “capacity” acknowledge?

A

Minors
Insane
Inebriated

31
Q

Under the eyes of the law, are minors considered competent to create a contract?

A

No

They can disaffirm a contract anytime while a minor, and a reasonable amount of time afterwards, once an adult.

32
Q

How drunk does an inebriated person have to be to disaffirm a contract?

A

Very. If they understood the contract while inebriated, they cannot disaffirm.

33
Q

What are the 4 elements of a fraud charge.

A

Misrepresentation of material fact
Reasonable reliance by the injured party
Intent to mislead -scienter
Results in injury or damage

34
Q

What are the 4 elements of a gross negligence charge?

A

Material misstatement
Reasonable reliance by injured party
Reckless disregard for the truth
Results in injury or damages

35
Q

Fraud in the inducement creates what kind of contract?

A

Voidable contract

36
Q

Fraud in the execution creates what kind of contract?

A

Void contract

37
Q

List 2 defenses to breach of contract (that would void the contract)

A

Undue influence

Duress

38
Q

List contracts that can’t be assigned or delegated

A

Insurance contracts
Personal Services contracts that requires a special skill
If assignment materially increases risk or duties for other party
If the contract prohibits assignment

Most contracts are assignable-example is a mortgage contract that gets reassigned to different banks

39
Q

What is parol evidence

A

Facts outside a contractual agreement that may be used to interpret the agreement.

Reg New (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions