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LES 305 > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Contracts

A

Enforceable agreements between parties

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2
Q

Bilateral contract

A

Involves 2 parties and 2 performances

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3
Q

Unilateral contract

A

Involves one performance which triggers a second performance

Only way to accept is by performing

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4
Q

Express contract

A

Parties knowingly and intentionally agree on the promises and performances

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5
Q

Implied contract

A

Agreement is reached by the parties actions or conduct

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6
Q

Quasi contract

A

You did not request anything but would be unjustly enriched if no contract is honoured

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7
Q

4 necessary elements of a valid contract

A

Mutual assent
Consideration
Capacity
Legality

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8
Q

A contract that lacks a required element or does not conform with the law is __________

A

Void

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9
Q

Unenforceable contract

A

When a party has a legal defence to performing the contract

Ex. Debt discharged in bankruptcy or violates statute of frauds

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10
Q

Contracts for services or real estate are governed by ___________

A

State common law

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11
Q

Contracts for goods or products are governed by ____________\

A

State statutory law

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12
Q

Hybrid contracts

A

Contracts that involve goods and services

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13
Q

Stages of contract transactions

A

Formation
Enforceability
Performance

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14
Q

Mutual assent

A

Idea that we’ve reached an agreement

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15
Q

Meeting of the minds

A

Parties have agreed to certain promises and obligations

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16
Q

Offer

A

A promise to do a specified activity

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17
Q

Acceptance

A

Offeree’s agreement to the offer terms

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18
Q

Mailbox rule

A

Acceptance of an offer is effective when you “put it in the mailbox”

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19
Q

Consideration

A

Each party gives up something of value and received something of value

Also called a legal detriment
Exchange

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20
Q

Forbearance

A

Giving up of a right that you legally possess, can be used in consideration

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21
Q

Preexisting duty rule

A

Applies in circumstances where one party claims he wishes to modify a contract

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22
Q

Illusory

A

A gift, promise of a gift, unenforceable

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23
Q

Promissory estoppel

A

A relying party may recover damages if the promise makes a reasonable promise, the promise relied on the promise, and the promisse’s relince was reasonably foreseen by the promisor

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24
Q

Enforceability of a contract

A

Contract must be of genuine assent

Must be in writing

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25
Q

Genuiness of assent

A

Contract is not misrepresented

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26
Q

________________ is when a party engaged in conduct has knowledge that it is misrepresented

A

Fraudulent misrepresentation

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27
Q

Duress

A

Using unfair coercion to enter in a contract

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28
Q

Undue influence

A

Contract avoidance due to unfair terms of the contract

Improper pressure

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29
Q

Unconscious ability

A

Avoiding a contract when a party suffers a grossly unfair burden

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30
Q

Statute of frauds

A

Governs which contracts must be in writing to be enforceable

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31
Q

Parol evidence rule

A

Any writing intended as the final expression of agreement cannot be contradicted by any prior agreements

32
Q

Ambiguous terms

A

Construed by the court against the agreement drafter

33
Q

Discharge

A

Completion of contractual obligations

34
Q

Substantial performance

A

The partying enforcing the contract was acting in good faith and mostly did the required performance

35
Q

Rescission

A

Neither party performs so they agree to cancel contract

36
Q

Accord and satisfaction

A

Parties agree to a substitute performance

37
Q

Substitute agreement

A

A compromise when parties dispute over contract terms

38
Q

Novation

A

Involves a substitute third party

39
Q

Events to cause contract impossibility

A

Destruction of subject matter
Death of a party
Means of performance can’t be performed
Performance of obligation has become illegal

40
Q

Impracticability

A

A contract discharge due to unforseeable and extreme costs

41
Q

Breach

A

When a party to an agreement fails to perform their obligation

42
Q

Anticipatory repudiation

A

When you can anticipate that the other party will not perform their contract so you sue them early

43
Q

Compensatory damages

A

Money lost due to not performing the contract

44
Q

Consequential damages

A

Foreseeable indirect losses due to breach of the contract

Hadley vs Baxendale- not foreseeable

45
Q

Restitution

A

Prevents unjust enrichment of one party

46
Q

Liquidated damages

A

Damages that parties agree to ahead of time

47
Q

Specific performance

A

Court orders breaching party to take specific action

48
Q

Injunctive relief

A

A court order to obtain from performing a particular act

49
Q

Reformation

A

Court changing a contract to confirm to parties intentions

50
Q

Duty to mitigates

A

Duty to avoid reasonably avoidable damages

51
Q

Assignment

A

Transferring current rights of a party in a contract to a third party

52
Q

Delegation

A

Transfer of current duties to a third party

53
Q

UNiform commercial code

A

Applies to sales contracts for sale of goods

54
Q

Output contract

A

buyer agrees to purchase all goods from a seller

55
Q

Requirements contract

A

Buyer agrees to purchase an agreed quantity from seller

56
Q

Merchants firm offer

A

When a merchant agrees in writing to sell goods for a certain time period

57
Q

Any sales contract for goods for ________ or more must be in writing

A

$500

58
Q

Tender of delivery

A

Seller must tender goods and give buyer appropriate notice of tender

59
Q

Cure

A

Sellers right to fix goods that buyer seems imperfect

60
Q

Tort

A

A civil wrong that the law recognises

61
Q

Tort law is governed by ______

A

State common law

62
Q

Strict liability

A

Liability regardless of intent

Cases of defective products and abnormally dangerous activities

63
Q

Public figure standard

A

If victim of defamation is a public figure the defamation must have been committed with malice

64
Q

Nelson vs Tradewind (2015)

A

A qualified privilege may be defeated if the holder acted with malice in defamation

65
Q

Product disparagement statutes

A

Protect the interest of a state’s major industries

66
Q

Pals Graf vs Long Island Railroad Co

A

The scope of your liability for negligent acts is defined by foreseeability of the harm

67
Q

Comparative negligence

A

Jury must divide proportion of negligence committed by each party in terms of percentage

68
Q

Zeidman vs Fisher

A

In order to judge based on assumption of risk party must have appreciated the risk

69
Q

Products liability cases

A

Negligence
Warranty
Strict liability

70
Q

Types of defects

A

Design or manufacturing
Inadequate warning
Improper packaging
Unavoidably unsafe

71
Q

Criminal procedure

A

Legal safeguards afforded to individuals during criminal investigations, arrest, trials, and sentencing

72
Q

Act requirement

Actus reus

A

Government must prove that a defendants actions satisfied the elements of a particular offence

73
Q

Racketeering

A

Wire fraud, mail fraud, and securities fraud

74
Q

Miranda vs Arizona

A

Any confession during a police interrogation where the suspect has not been informed of their rights is not admissible in court

75
Q

Braswell vs United States

A

An sore proprietor that acts as a custodian for a company cannot receive fifth amendment protection for private papers

76
Q

Exclusionary rule

A

Courts must exclude evidence obtained as a result of constitutional violation

77
Q

Herring vs United States

A

Police mistakenly thought they had a search warrant for Herring, searches him, found drugs, because they believed they had a search warrant evidence was admitted in court

LES 305 (2 decks)

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