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Business Law > Exam 3 > Flashcards

Exam 3 Flashcards

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1
Q

What is governed by Uniform Commercial Code (UCC)

A

Mainly concerned with sale of goods and securities.

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2
Q

What is governed by Common Law

A

Mainly deals with real estate, service, insurance, intangible assets and employment contracts.

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3
Q

UCC

A

Contract for Sale of Goods

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4
Q

Common Law

A

Contract for Services and Real Property

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5
Q

What is more important by figuring what would cost more

A

Substantial (Predominant) Factor Test

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6
Q

Up to what point can you revoke an offer?

A

Up until Acceptance

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7
Q

What are the 3 parts of a contract?

A

Offer
Acceptance
Consideration

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8
Q

When you change the offer?

A

Counter-offer

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9
Q

What is the difference between void and voidable contracts?

A

Void is always bad
Voidable is what someone can get out of

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10
Q

Voidable Contract

A

A valid contract that can be carried out if both parties agree. Someone can still get out of (few exceptions)

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11
Q

Void Contract

A

Unenforceable contract from creation

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12
Q

What are the exceptions to voidable contracts?

A

Military service, student loans, and necessities

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13
Q

What is a selling strategy? (This shirt is made of the softest cotton in the world.)

A

Puffing

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14
Q

What is the difference between puffing and guarantee?

A

Puffing is exaggerating to make a sale. (softest cotton in the world.)
Guarantee is the truth about the product. (100% cotton)

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15
Q

Concept that states that you finished the contract after doing the majority asked.

A

Substantial performance

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16
Q

Available in most contracts, but not all

A

Substantial performace

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17
Q

Contracts so bad that they shock your conscience

A

Unconscionable Contracts

18
Q

Seek to release yourself from all responsibility.

A

Exculpatory Clause

19
Q

Misrepresentation with intent

A

Fraud

20
Q

Giving false or misleading information

A

Misrepresentation

21
Q

What is the difference between misrepresentation and fraud?

A

Fraud is misrepresentation but with INTENT

22
Q

What happens when you sell your business and buyer does not want to compete?

A

Covenants not to compete

23
Q

What limits the seller from going into business in a certain area for a certain amount of time?

A

Covenants not to compete

24
Q

Doing something that you would not normally do under the influence of someone close to you

A

Undo influence

25
Q

Confidential relationships for undo influence

A

lawyer/client
parent/child

26
Q

Contracts are sometimes not enforceable to this age group (few exceptions)

A

minors

27
Q

What exceptions are there to not enforcing contracts with minors?

A

military, student loans

28
Q

Making someone enter a contract against their better judgement or without meaningful choice due to force/threats

A

duress

29
Q

You must have this in order to create a contract

A

Complete meeting of the minds

30
Q

Where all parties come together and agree on the contract

A

Complete meeting of the minds

31
Q

Contract with/over the internet

A

Point and Click Contract

32
Q

These are invitations to buy/sell
These are not contracts

A

Advertisements

33
Q

A contract that has not yet been fully performed or fully executed

A

Executory contracts

34
Q

A contract where both parties have completed their duties

A

Executed contracts

35
Q

What must be in writing

A

When land is involved

36
Q

Giving someone the right to use part of your land

A

Easement

37
Q

Interest of land (easement)

A

Must write down

38
Q

Contracts with illegal subject matter, incompetent people (deemed by judge)

A

Contracts void on face

39
Q

Provision in contract that lets you out of the contract due to unforeseen issues (tornado, covid, hurricanes)

A

forced majure clause

40
Q

substitute a party in a contract

A

novation

41
Q

example of novation

A

A and B have a contract. B cannot fulfil their duties, so they call C to replace them. C takes B’s place in contract. A and C now have a contract and B has no more obligation.

Business Law (3 decks)

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