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Paralegal > Contracts > Flashcards

Contracts Flashcards

0
Q

What is a contract?

A

Is an agreement that is enforceable by a court of law

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1
Q

What are the agreements parties called?

A

The offeror

The offeree

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2
Q

What does offeror means?

A

The party who makes an offer to enter into a contract

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3
Q

What does oferee means?

A

The party to whom the offer is made

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4
Q

What are the elements of a contracts?

A

There are 4

  1. An agreement with offer and acceptance
  2. Consideration
  3. Capacity
  4. Lawful object
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5
Q

What does the offer sets forth?

A

The terms under which the offeror is willing to enter into a contract

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6
Q

What does an agreement require?

A

Both Offer and acceptance

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7
Q

What power has the offeree to creat an agreement?

A

Accepting the offer

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8
Q

Requirements for an offer to be effective

A
  1. The offeror must be objectively intended to be bound by the offer
  2. The terms of the offer must be defined or reasonably certain
  3. The offer has to be communicated to the offeree
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9
Q

What does acceptance mean?

A

The offeree accepts the terms of the offer

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10
Q

When can an offer be terminated?

A

The offeror can revoke an offer at any time prior to the acceptance.
If the offeree rejects it.
A counter offer terminates the old one and creates a new one.

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11
Q

Who has a legal power to accept an offer?

A

The offeree has legal power to accept and crete a contract

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12
Q

What is an expressed contract?

A

Are contracts stated in oral or written words

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13
Q

What is an implied contract?

A

Are contracts implied from the conduct of the parties

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14
Q

What elements must an implied contract meet?

A
  1. Plaintiff provided property or services to defendant
  2. Plaintiff expected to get paid by the defendant and did not provide services or property for free
  3. The defendant had the chance to reject the property or service from the plaintiff but didn’t do it
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15
Q

What is consideration

A

Is the thing of value given in exchange for a promise or something tangible

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16
Q

What are the most common types of consideration?

A

A tangible payment or the performance of act

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18
Q

How are gift promises also called?

A

Gratuitous promises

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19
Q

Are gift promises unenforceable?

A

No, because they lack consideration

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20
Q

Who doesn’t have the capacity to contract?

A 
Minors
Mentally incompetent people
Presumption of competence
Under the influence
Capacity of business to contract
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20
Q

What does UCC stands for

A

Uniform Commercial Code

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21
Q

Mention contracts that requiere to be in writting

A

For land
That cant be fulfilled in one year
Goods over $500
To pay the debt of another

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22
Q

Which state has not adopted all of the UCC?

A

Louisiana

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23
Q

How many articles has the UCC?

A

11 articles
Under 2 there is 2 and 2 A
Under 4 there is 4 and 4 A

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24
Q

What is holding?

A

Is a ratification rule

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25
Q

What is breach of contract?

A

The failure to perform a contract

26
Q

What does objectively mean?

A

From the outside

27
Q

What does subjectively mean?

A

From the inside

28
Q

Is advertisement an offer?

A

No, it is an invitation to do something

29
Q

Does performance constitutes an offer acceptance?

A

It could

30
Q

What does subject matter of the contract equals to?

A

Bargain for exchange

Called CONSIDERATION

31
Q

What is lawful object?

A

A contract to perform an illegal act

32
Q

What does the letter K stands for?

A

Contract

33
Q

What is failure to perform a contract called?

A

Breach of contract

34
Q

How many days do you have to cancel a contract?

A

Once you sign it you are bond to it

35
Q

Give examples of contracts you might breach

A

Door-to-door sales
Some home improvement contracts
Morgage or lien in your home
Health clubs, time sharing condos

37
Q

A(n) _______________ is an agreement that is enforceable by a court of law; a legally enforceable agreement.

A

Contract

38
Q

Every _______________ has at least two parties: an offeror, and an offeree.

A

Contract

39
Q

The _______________ is the party who makes an offer to enter into a contract (K).

A

Offeror

40
Q

The _______________ is the party to whom the offer is made.

A

Offeree

41
Q

To be an enforceable contract, the following four basic elements (requirements) must be met:

A

Agreement; consideration; capacity; and lawful object

42
Q

Agreement requires _______________ and _______________.

A

Offer and acceptance

43
Q

The _______________ sets forth the terms under which the offeror is willing to enter into the contract.

A

Offer

44
Q

The offeree has the power to create an agreement by accepting the _______________.

A

Offer

45
Q

Is this a valid offer?
“Are you interested in selling your house for $200K?”
______________________________
Why, or why not?

A

I is not an offer because it is an invitation to make an offer, or to negotiate

46
Q

Is this a valid offer?
“I will buy your house for $200K.”
______________________________
Why, or why not?

A

Yes it is a valid offer because it indicates the offeror’s present intent to contract

47
Q

List the three requirements for an offer to be effective:

A

The offeror must objectively intend to be bound by the offer; the terms of the offer must be definite or reasonably certain; and the offer must be communicated to the offeree

48
Q

Termination of the offer. A valid offer gives the offeree the power to accept the offer, creating a contract.
Does this power continue indefinitely?

A

No

49
Q

When may the offeror revoke (withdraw) an offer?

A

At any time prior to acceptance

50
Q

What happens when the offeree rejects the offer?

A

The offer is terminated

51
Q

A _______________ terminates the old offer and creates a new offer.

A

Counteroffer

52
Q

Explain acceptance.

A

Assent by the offeree to the terms of the offer

53
Q

What is Statutes of Fraud?

A

Is a law that say that mayor contracts should be in writing

54
Q

What contracts should be in writing?

A

Of things worth more than $500
To buy land
To pay someone elses debt
Contracts that can not be executed in a year

55
Q

How do I collect a judgment

A

If you are awarded a judgment, it will become final if not appealed within ten (10) days.

56
Q

What is mediation and how can it help me?

A

Mediation is a process in which an impartial person, the mediator, facilitates communication between the parties to promote understanding among the parties, reconciliation, and settlement.

57
Q

The mediator facilitates in

A

(1) defining the issues; (2) removing obstacles to communication; (3) exploring alternatives to resolution; and (4) reaching an agreement.

58
Q

If I have a dispute with a merchant, what can I do?

A
  1. Send a letter by registered mail;
  2. File a complaint with the Better Business Bureau and/or State Attorney General’s Office (send a copy of the letter to the merchant);
  3. Mediate your dispute with a third party; or
  4. File a claim in small claims court.
59
Q

What kind of writing is required under the Statute of Frauds?

A

A writing will satisfy the Statute of Frauds if it contains: (1) the identity of the contracting parties; (2) a description of the contractual subject matter; (3) the terms and conditions of the agreement; and (4) the signature of the party against whom the contract is being enforced.

60
Q

Express Warranties

A

An express warranty is almost anything said about the product or service that the buyer relies upon when he buys it.

61
Q

Implied Warranties

A

An implied warranty is one that the law imposes automatically.

62
Q

Special Statutory Warranties

A

The Texas Lemon Law is not a traditional warranty, but is properly thought of in the same terms. It applies to the sale of new cars
The remedies under the Lemon Law can never be disclaimed.

63
Q

DTPA

A

Deceptive Trade Practices Act

64
Q

types of warranties

A

implied, expressed and special statutory warrantes

Paralegal (25 decks)

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