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Buisness law > exam buisness law 2.0 > Flashcards

exam buisness law 2.0 Flashcards

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1
Q

acceptance

A

manifestation of a willingness to enter into a contract on the terms of the offer

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2
Q

acceptance following a prior rejection

A

first communication received by the offeror is effective

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3
Q

authorized means

A

usually any reasonable means of communication

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4
Q

commercial reasonableness

A

judgment of reasonable persons familiar with the business transaction

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5
Q

communication

A

offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree

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6
Q

conditional acceptance

A

acceptance of an offer contingent upon the acceptance of an additional or different term

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7
Q

consideration

A

the inducement to enter into a contract, consisting of an act or promise that has legal value

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8
Q

counteroffer

A

counterproposal to an offer

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9
Q

death or incompetency

A

of either the offeror or the offeree terminates the offer

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10
Q

defective acceptance

A

does not create a contract but serves as a new offer

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11
Q

defective acceptance

A

does not create a contract but serves as a new offer

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12
Q

definiteness

A

offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy

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13
Q

destruction of subject matter

A

of an offer terminates the offer

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14
Q

effective moment

A

acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication

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15
Q

firm offer

A

irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months

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16
Q

good faith

A

honesty in fact

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17
Q

intent

A

determined by an objective standard of what a reasonable offeree would have believed

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18
Q

irrevocable offer of unilateral contracts

A

a unilateral offer may not be revoked for a reasonable time after performance is begun

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19
Q

lapse of time

A

offer remains open for the time period specified or, if no time is stated, for a reasonable period of time

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20
Q

mirror image rule

A

an acceptance cannot deviate from the terms of the offer

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21
Q

offer

A

a proposal indicating a willingness to enter into a contract

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22
Q

offeree

A

person to whom the offer is made

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23
Q

offeror

A

person making the offer

24
Q

option

A

contract providing that an offer will stay open for a specified period of time

25
Q

output contract

A

an agreement of a buyer to purchase the entire output of a seller’s factory

26
Q

promissory estoppel

A

noncontractual promise that binds the promisor because she should reasonably expect that the promise will induce the promisee (offeree) to take action in reliance on it

27
Q

rejection

A

the refusal to accept an offer

28
Q

requirements contract

A

an agreement of a seller to supply a buyer with all his requirements for certain goods

29
Q

revocation

A

cancellation of an offer by an offeror; generally, an offer may be terminated at any time before it is accepted

30
Q

statutory irrevocability

A

offer made irrevocable by statute

31
Q

stipulated provisions in the offer

A

the communication of acceptance must conform to the specifications in the offer

32
Q

subsequent illegality

A

of the purpose or subject matter of the offer terminates the offer

33
Q

Unauthorized Means

A

acceptance effective when received, provided that it is received within the time within which the authorized means would have arrived

34
Q

without reserve

A

auctioneer may not withdraw the goods from the auction

35
Q

assumption of risk of mistake

A

a party may assume the risk of a mistake

36
Q

concealment

A

action taken to keep another from learning of a fact

37
Q

duress

A

wrongful or unlawful act or threat that overcomes the free will of a party

38
Q

effect of fault

A

upon mistake not a bar to avoidance unless the fault amounts to a failure to act in good faith

39
Q

fact

A

an event that took place or a thing that exists

40
Q

fiduciary

A

person who owes a duty of trust, loyalty, and confidence to another

41
Q

fraud in the execution

A

a misrepresentation that deceives the other party as to the very nature of the contract; renders the agreement void

42
Q

fraud in the inducement

A

misrepresentation regarding the subject matter of a contract that induces the other party to enter into the contract; renders the contract voidable

43
Q

improper threats

A

improper threats or acts, including economic and social coercion, render the contract voidable

44
Q

innocent misrepresentation

A

misrepresentation made withoutknowledge of its falsity but with due care

45
Q

justifiable reliance

A

reasonably influenced by the misrepresentation

46
Q

material

A

of substantial importance; likely to induce a reasonable person to enter into the contract

47
Q

misrepresentation

A

some positive statement or conduct that is not in accord with the facts

48
Q

mistake

A

an understanding that is not in accord with existing fact

49
Q

mutual mistake

A

both parties have a common but erroneous belief forming the basis of a contract

50
Q

negligent misrepresentation

A

made without due care

51
Q

opinion

A

belief in the existence of a fact or a judgment as to value

52
Q

physical duress

A

coercion involving physical force renders the agreement void

53
Q

puffing

A

sales talk that is considered general bragging or overstatement

54
Q

scienter

A

guilty knowledge

55
Q

undue influence

A

the unfair persuasion of a person by a party in a dominant position based on a relationship of trust and confidence

56
Q

unilateral mistake

A

erroneous belief on the part of only one of the parties to a contract

Buisness law (29 decks)

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