I don't know exam 3 study

Question 1

Mistake made by one party to a contract. Does not invalidate contract

Answer 1

Unilateral mistake

Question 2

Mistake by both parties to a contract. They are void or voidable

Answer 2

Mutual mistake

Question 3

Inducing another to contract as a result of an intentionally or recklessly false statement of a material fact.

Answer 3

Fraud

Question 4

Defrauded party intended to make a contract

Answer 4

Fraud in the inducement

Question 5

Party engages in action that causes the fraud

Answer 5

Active fraud

Question 6

When all of multiple creditors settle in full for a fraction of the amount owed, type of partial payment

Answer 6

Composition of creditors

Question 7

A party to whom money is owed

Answer 7

Creditor

Question 8

Refraining from doing something

Answer 8

Forbearance

Question 9

What is the sale of goods regulated under?

Answer 9

The uniform commercial code

Question 10

A substitute for consideration when another acts in reliance on promisor’s promise

Answer 10

Promissory Estoppel

Question 11

What are the steps pf a promissory estoppel?

Answer 11

1. A promise is made
2. The promisor reasonable reported the promise to induce action by the promise
3. The promise does act
4. Justice requires enforcement of the promise

Question 12

False statement of a material fact, purposefully knowing that it is false to induce the innocent party to act

Answer 12

Misrepresentation

Question 13

Failure to disclose information when there is a duty to do so, a relationship that exists between agent and principal, lawyer and client, physician and patient, ect.

Answer 13

Passive fraud

Question 14

False statement made in belief that it is true. Contract is voidable

Answer 14

Innocent misrepresentation

Question 15

Obtaining consent by means of a threat (physical, emotional, economic). Contract is voidable

Answer 15

Duress

Question 16

-Person in special relationship causing another’s action contrary to free will.
-When an individual is able to persuade another due to the relationship between them.
-The dominated party is helpless in the hands of the other

Answer 16

Undue influence

Question 17

All physical items except real estate

Answer 17

Movable personal property

Question 18

Land and things permanently attached to land

Answer 18

Real property

Question 19

Evidences of ownership of personal property

Answer 19

Intangible personal property

Question 20

Transfer of title to goods for a price

Answer 20

Sale

Question 21

Agreement to transfer title to goods for a price

Answer 21

Contract to sell

Question 22

Ownership

Answer 22

Title

Question 23

Consideration in a sales contract.
-Payable in money, goods, services

Answer 23

Price

Question 24

Common law concept that requires written contract for certain agreements to be binding. Such as real estate, sale of goods in excess of $500.
-Significant exceptions. Eg. oral contract where things have already begun

Answer 24

Statute of Frauds

Question 25

A contract that restores the parties to the same position they would have been in if no breach of contract occurred

Answer 25

Equitable remedy (just remedy)

Question 26

What are the most common equitable remedies

Answer 26

-Money damages
-Specific performance
-Rescission

Question 27

A remedy where where a court orders the person who breached the contract to pay the other person enough money to get what they were promised in the contract

Answer 27

Compensatory remedy

Question 28

A remedy where incidental loss includes expenditures that the non-breaching party incurs in attempting to minimize the loss that flows from the breach

Answer 28

Incidental

Question 29

A remedy that is the cancellation of a contract.
-May be unilateral, as when a party rightfully cancels a contract because of another party’s material breach.
-Can also be mutual, as when the contracting parties agree to discharge all remaining obligations

Answer 29

Recission

Question 30

A remedy where those awarded for the purpose of punishing a defendant in a civil action.
-Criminal sanctions are of course unavailable

Answer 30

Punitive

Question 31

What are the four elements required for validation and satisfaction under most state laws?

Answer 31

1. Proper subject matter
2. Competent parties
3. Meeting of the minds of the parties
4. Adequate consideration

Question 32

What is intangible personal property governed by?

Answer 32

Common law

Question 33

What are the three post inspections of a buyer receiving a product?

Answer 33

1.Conforming goods - accept
2. Nonconforming goods - reject
3. Revoke acceptance - product has stopped performing within a reasonable time

Question 34

A good that’s the subject of a contract that the seller has in their possession

Answer 34

Existing

Question 35

A good that can be made to exist. Contract is still valid, the good just does not exist yet

Answer 35

Future

Question 36

A good that becomes identified when you can identify the good that is going to fill the contract

Answer 36

Identified

Question 37

Document showing ownership of personal property.
-Lists all of the assets of importance and those classifies under the ___
-No lien or encumbrances on property

Answer 37

Bill of sale

Question 38

Rejection in common law

Answer 38

Refusal to accept

Question 39

Rejection in the UCC

Answer 39

Seller is given the right to cure (fix)

Question 39

The buyer is forced to let the seller know what needs to be fixed so the seller can cure.