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Contract Law > Final Exam > Flashcards

Final Exam Flashcards

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0
Q

Emancipation

A

The declaration that a minor is no longer under the care or custody of parents or a guardian

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1
Q

Adjudicated incompetent

A

A courts determination that one in incompetent and cannot act in their own best interest

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2
Q

Minor

A

Also referred to as an infant. A person under the age of majority, usually meaning under age 18. Someone who is not an adult.

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3
Q

Ratify

A

To validate a contract after it’s execution

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4
Q

Alternative dispute resolution

A

ADR- non court proceedings where parties can settle disputes

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5
Q

Reliance damages

A

Damages that are awarded when compensatory damages are too speculative. It puts the party in the position as if the contract had never been made

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6
Q

Reformation

A

A re-writing of the contract. Used when court is invoking severability of a clause

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7
Q

Specific performance

A

An equitable remedy. Court orders the breaching party to perform the obligations of the contract

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8
Q

Foreseeable

A

Something a reasonable person would anticipate happening as a result of their actions

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9
Q

Legal remedy

A

Party seeks money damages

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10
Q

Consequential damages: special damages

A

Losses that do not flow directly and immediately from a breach.

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11
Q

Liquidated damages

A

Damages that the parties agree to in advance and is made a part of the contract

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12
Q

Restitution

A

To return to the non breaching party the property in question or it’s value

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13
Q

Equitable remedy

A

Usually damages other than money. Based on fairness

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14
Q

Guardian ad litem

A

A court appointed person to serve as an advocate, usually for a child, and to act in the best interest of that child during a specific hearing or specific litigation

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15
Q

Cognitive test

A

Determined by ones inability to understand the overall nature and consequences of a transaction

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16
Q

Volitional test

A

Determined by ones failure to act reasonable with respect to a particular transaction

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17
Q

Guardian

A

A person or entity appointed to look after a person. A guardian of a person.

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18
Q

Necessities

A

Things considered indispensable to life usually meant to be food clothing and shelter.

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19
Q

Conservator

A

A person or entity appointed to look after a persons assets. A guardian of assets

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20
Q

Click wrap agreement

A

Relevant to internet and software licensing. Requires user to affirmatively ascent to use by clicking ok or I agree button

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21
Q

Party to be charged

A

The party against whom enforcement of the contract is being sought. The party attempting to avoid contract liability

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22
Q

Consigner

A

One who borrows money jointly with another. One who is obligated jointly for the repayments of a debt

23
Q

Statute of frauds

A

A statutory provision that requires certain contracts be in writing to be enforceable

24
Q

Performance bond

A

A surety bond that guarantees performance of the contract according to the terms and specifications

25
Q

Surety

A

One who agrees to be responsible for the debt of another of the other fails to pay it perform under the debt

26
Q

Prenuptial agreement

A

Made in anticipation of marriage involving the division of property assets in the event of a divorce or other event. Aka antenuptial agreement

27
Q

Subscribe

A

Literally to write underneath popular usage means to sign the document at the end of the printed instrument

28
Q

MYLEGS is a mnemonic to help remember the six categories of contracts that fall under the statute of frauds

A

Marriage, years, land, estate debts of another, goods over $500, suretyship

29
Q

Agent

A

One who acts on behalf of another

30
Q

Straw person/buyer

A

A person who is not intended to have beneficial interest in the property but to who the property is conveyed to facilitate a more complicated transaction

31
Q

Delegate/delegation

A

The transfer of a duty or obligation to another

32
Q

Incidental beneficiary

A

A third party beneficiary who acquires no rights under the contract. They cannot sue on the contract

33
Q

Equal dignity rule

A

If the statute of frauds requires a contract to be in writing then the agency agreement concerning that contract must also be in writing

34
Q

Assign/assignment

A

The transfer of a right or property interest either by sale, donation, or other means of disposition

35
Q

Novation

A

The substitution of parties to a contract thereby making a new contract as to the parties but not as to the terms and conditions

36
Q

Intended beneficiary

A

A third party beneficiary intended to benefit from the contract and who Acquires rights under the contract.

37
Q

Privity

A

Having a relationship to the issue it contract at hand

38
Q

Agency coupled with an interest

A

The agent has a financial or personal stake in the outcome of the agency relationship

39
Q

Uniform commercial code

A

A comprehensive set of laws governing commercial transactions between the us and territories

40
Q

Sale

A

The passing of title from the seller to the buyer for a price

41
Q

Predominant purpose

A

A contract that involves the provision of both sales and service - is the contract predominantly for a sale or a service

42
Q

Chattel

A

An article of personal property; any species of property that is not land

43
Q

Goods

A

Any tangible thing that is movable

44
Q

Tangible

A

Capable of being touched

45
Q

Intangible

A

Property that has no intrinsic value in and of itself but represents value. (Stock certificate-debt)

46
Q

Good faith

A

Honesty in fact, the observance of reasonable commercial standards dealing in trade

47
Q

Frustration of purpose

A

Contract that has no remaining value for a party because of some unanticipated event

48
Q

Condition

A

An event not certain to occur

49
Q

Cure

A

The attempt to make god on a context. Once breached can the breaching party make it right

50
Q

Material breach

A

Breach of contract usually excusing the other party for future performed. Also known as a substantial breach

51
Q

Mitigate

A

To limit or reduce damages

52
Q

Force Majeure

A

Contract provision excusing performance for an event such as an act of god, labor strike, accident, transportation problem or other thing the parties may choose to cover

53
Q

Anticipatory breach

A

A belief that a party will not perform. It must be a clear cut belief, cannot be based on an assumption

54
Q

Time is of the essence

A

Any delay in performance constitutes a breach

55
Q

Repudiation

A

A party’s words or actions that indicate they intend to breach the contract or not to perform the contract

56
Q

Recision

A

A mutual agreement between the parties to cancel the contract

Contract Law (12 decks)

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