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Business Law 210 > Exam 3 > Flashcards

Exam 3 Flashcards

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1
Q

What are the three requirements to make a valid offer?

A
  • Intent
  • Definiteness
  • Communication
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2
Q

How can someone terminate an offer?

A

They can reject the offer or make a counteroffer, or if the offer included the time in which they want the response by and the time goes by, that is a rejection. The offer can also be terminated by the operation of law.

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3
Q

What is an option contract?

A

An option contract keeps an offer open for a set of period of time provided consideration has been paid.

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4
Q

What are the three things an acceptance of an offer must be?

A

Unconditional, unequivocal, and legally communicated

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5
Q

What is the mailbox rule?

A

An acceptance is effective when it is placed in the mail; revocation is effective when it is received by the offeree.

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6
Q

What is a unilateral contract?

A

a contract that can only be accepted by the offerees action

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7
Q

What is consideration of a contract?

A

Consideration is something given of legal value in exchange for a promise and has to exist on both sides of a contract

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8
Q

What is capacity?

A

Capacity means that a contracting party has the ability to understand the agreement they are entering into. The right to disaffirm is only given to the one who lacks capacity.

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9
Q

What is an adhesion contract?

A

is when one party has greater bargaining power than the other party.

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10
Q

What is consent?

A

a lack of consent can occur when one or both parties lack knowledge and are this unable to consent to the terms of agreement.

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11
Q

What is fraud?

A

When one party defraud the other, the defraud party had the ability to collect damages ad rescind the agreement. The elements of fraud are:

  • misstatement of material fact that the defrauding party knew to be false
  • intent to deceive
  • reliance on the statement
  • proximate cause
  • damages
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12
Q

What is undue influence?

A

occurs when a party misuses their position of trust to influence the other party to enter into an agreement

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13
Q

What is duress?

A

When one party threatens the other party into an agreement

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14
Q

Most states adopted a form of the statute of fraud which requires a writiing for what kinds of contracts?

A
  • sale of land
  • contracts that cannot be performed within one year
  • promises to pay the debt of another
  • promises by an administrator to personally pay the debts of the estate
  • promises made in consideration of marriage
  • contracts for the sale of goods over $500
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15
Q

What is promissory estoppel?

A

one of the parties rely to his detriment on statements made by the other, but there is no contract established.

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16
Q

What is the parole evidence rule?

A

prevents oral evidence from being introduced in court to contradict the written terms of an agreement

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17
Q

What are the remedies to breach in contract?

A
  • Rescission
  • Restitution
  • Specific Performance
  • Reformation
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18
Q

What is rescission (in reference to breaches in contract)?

A

a remedy of by which a contract is cancelled and the parties are restored to their original circumstances, prior to entering the contract

19
Q

What is a quasi contract?

A

used in oder to prevent unjust enrichment

20
Q

What is restitution (in reference to breaches in contract)?

A

Restitution is where both parties must return goods, property or money previously exchanged

21
Q

What is specific performance (in reference to breaches in contract)

A

calls upon the performance of the act in the contract to be carried out. Thus occurs in cases where the consideration is considered unique, scarce, or not available in contracts for personal services.

22
Q

What is reformation (in reference to breaches in contract)?

A

an equitable remedy that allows a contract to be rewritten to reflect the parties true intentions

23
Q

What is the uniform commercial code?

A

the statutory law in every state but the common law of contracts is evolving.
Article 2 of the UCC expressly apples to the contracting for the sales of goods. Goods must be tangible, movable and of personal property.

24
Q

What is an express warranty?

A

written or verbal guarantee that a product will meet a certain level of quality and reliability

25
Q

What is implied warranty?

A

a warranty provided by statute or custom

26
Q

What is real property?

A

includes land, the things attached to the land, above the land and below the land. (air rights and mineral rights)

27
Q

What are fixtures?

A

personal property that become part of the real estate in such a way that they become a part of the real property and must be transferred with it

28
Q

What is a possessory interest?

A

free simple estate, life estate or leasehold estate- the right to possess land

29
Q

What is a non-possessory interest?

A

include easements, profits or licenses- right to use land for a specific purpose

30
Q

What are the 4 types of ownership?

A
  • Tenancy is common
  • Joint tenancy
  • Condominium
  • Cooperative
31
Q

What is tenancy is common?

A

an interest that passes to the estate of each owner upon ones death

32
Q

What is joint tenancy?

A

undivided interest with a right of survivorship

33
Q

What is condominium?

A

ownership is a fee simple estate in a portion of a building that is owned n common with other owners

34
Q

What is a cooperative?

A

a building owner by a cooperation where the occupants own share in stock

35
Q

What are the restrictions on ownership?

A
  • Easements (rights to anothers property for a specific purpose)
  • Restrictive Covenants (private restrictions on property)
  • Zoning (limit which types of properties may be located where)
  • Environmental Laws (restrictions on the use of property to protect natural resources and the health of the public)
  • Taxation (state and local level)
36
Q

What is eminent domain?

A

Permits governments to take private property for public purpose

37
Q

What is landlord tenant law?

A

Leases function as both a list of right of obligations of the owner (landlord) and possessor (tenant) of the property and as an encumbrance on the land. Commercial leases are more complicated than residential leases.

38
Q

What is trespass to land?

A

occurs when a person enters the property of another without permission. it also includes persons who remain on the property after permission is withdrawn

39
Q

What is private nuisance?

A

any action that unreasonably interferes with the owners use and enjoyment of their land

40
Q

What is public nuisance?

A

interference with a right held in common by the public

41
Q

What is personal property?

A

generally classified as items that can be moved (tangible or intangible)

42
Q

What is conversion?

A

results from unauthorized control or taking of person property by another- depriving the owner of the use of his or her property

43
Q

What is bailment?

A

a contractual relationship that arises with or without an express agreement where an individual transfers personal property to another individual with a temporary specified period of time
Bailor- original owner
Bailee- goven possession

Business Law 210 (4 decks)

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