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B-LAW > Exam 3 CHP 10 > Flashcards

Exam 3 CHP 10 Flashcards

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1
Q

An agreement, upon sufficient consideration, to do or not to do a particular thing.

A

Contract

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2
Q

It is a key element common in all contracts, contract center.

A

Promise

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3
Q

Withdrawal of the offer.

A

Revocation

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4
Q

A form of rejection. A proposal by the offeree to change the terms of the original offer.

A

Counteroffer by offeree

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5
Q

A contract with an exchange of promises.

A

Bilateral contract

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6
Q

A contract where there is acceptance by performance.

A

Unilateral contract

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7
Q

Something of value or something bargained for in exchange for a promise, that is, both parties to a contract get something and give up something.

A

Consideration

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8
Q

Legal ability to create a contract.

A

Contractual capacity

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9
Q

Status of a person under the legal age of majority. Most of the time 18.

A

Minority status

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10
Q

When one party to the contract has the right to avoid a legal obligation.

A

Voidable contract

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11
Q

A contract that does not exist at law, and so cannot be enforced.

A

Void contract

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12
Q

To approve and give formal sanction to; confirm. Example: A minor that reaches the age of majority.

A

Ratification

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13
Q

“Of unsound mind”, This phrase was first used in thirteenth-century English law to describe people afflicted by madness, the loss of memory or ability to reason.

A

Non compos mentis (NCM)

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14
Q

For a contract to be valid, its subject matter must be lawful.

A

Legality of contract

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15
Q

Charges above the maximum allowed interest rates are called…

A

Usury

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16
Q

Contracts legal when they were made, but a change in law made them unenforceable.

A

Unenforceable contracts

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17
Q

Releases one party from the consequences brought about by their wrongful acts or negligence.

A

exculpatory agreements

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18
Q

A contract that is grossly unfair to an innocent party, the courts, inequity, will not enforce it.

A

Unconscionable contracts

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19
Q

The customer sued a fridge company for the overcharging of a sale of a fridge.

A

Jones v. Star Credit case

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20
Q

A seller, or former employee, may not conduct business to compete against a previously sold business or become employed at a competitor’s business, respectively.

A

Covenant not to compete

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21
Q

Which state prohibits covenant not to compete?

A

California

22
Q

A person who enters into an agreement without understanding key information about the real nature of the transaction.

A

Genuiness of consent

23
Q

A party enters a contract with false information or accidentally makes an error in a significant matter.

A

Mistake

24
Q

The effort of a party to induce another party to enter into a contract based on false information.

A

Fraud

25
Q

Can be intentional or based on negligence, incorrect information is represented.

A

Misrepresentation

26
Q

A person enters into a contract because they are so dominated by another person, or have so much trust in that person, they are subject to improper persuasion.

A

Undue influence

27
Q

Woman sues a dance instructing company over manipulation of sales over many years. Woman wins.

A

Vokes v. Murray Case

28
Q

3-days to revoke contract by buyer

A

Texas rule under HSSA (Home Solicitation Sales Act)

29
Q

6-days to revoke contract by buyer

A

Texas timeshare Act

30
Q

When contracts must be evidenced by a writing to be enforceable.

A

Statute of frauds (real estate contracts, promises made in consideration of marriage)

31
Q

Restricts the use of oral statements.

A

Parol Evidence Rule

32
Q

The contract basically has been fulfilled, and payments must be made.

A

Substantial performance

33
Q

Party to a contract does not perform as required v. party has done substantially less than the requirements of the contract.

A

Breach v. Material Breach

34
Q

When parties are free to agree to modify or terminate a contract.

A

Discharge of contracts

35
Q

Is called a contract, but not a literal contract. To give relief to innocent parties or to prevent injustice, even though no true contract exists. Imposed by the law without a contract.

A

Quasi contract

36
Q

To avoid injustice. Something of value has been provided, but there was no contract or completion of contract.

A

Quantum meruit

37
Q

Parties agree that the contract should be terminated without performance.

A

Rescission

38
Q

An agreement by the parties to offer and accept performance that differed from the original agreement.

A

Accord

39
Q

When an event occurs that makes performance impossible.

A

Impossibility

40
Q

Damages that are an amount specified in the contract to be paid in the event of a breach.

A

Liquidation damages

41
Q

Damages rewarded when a plaintiff suffers a breach of contract but does not suffer a measurable economic loss.

A

Nominal damages

42
Q

These damages are usually awarded when the wrongdoer’s conduct has been willful or malicious and fraud was involved.

A

Punitive damages

43
Q

Reasonable efforts to lessen the losses that may be incurred.

A

Mitigation of damages

44
Q

Remedies such as specific performance or an injunction.

A

Equitable remedies

45
Q

An order of the court requiring a party who created a wrong to perform the obligations promised in a contract.

A

Specific performance for unique items

46
Q

If one party has unjustly enriched themself at the expense of another party, the court can order payment to be made.

A

Restitution

47
Q

A contract that expects actions rather than being expressed by the parties.

A

Implied contract

48
Q

A contract that is based around a written or oral expression of intent by the parties to enter into a legally binding agreement.

A

Expressed contract

49
Q

A promise to do something or to refrain from doing some specific thing.

A

Offer

50
Q

These damages are to allow the party suffering the breach to recover costs incurred as a result of relying on the promise of the other party.

A

Compensatory damages

B-LAW (11 decks)

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