Lesson 6 and 7 Flashcards

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1
Q

What must be in a contract?

A

agreement between two parties that create an obligation

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2
Q

jests

A

a reasonable person decides if an offerer or offeree is joking

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3
Q

statements made in anger or terror

A

not valid

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4
Q

preliminary negotiations

A

information communicated merely to induce someone to initiate a bargainer

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5
Q

social agreements

A

not contracts ex: going to a movie with friends

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6
Q

offer must be communicated to the offeree

A

true

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7
Q

essential items must be completed and defined

A

true

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8
Q

complete

A

identify the price, subject matter, quantity directly or indirectly

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9
Q

offeror

A

person who makes offer

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10
Q

offeree

A

person to whom the offer is made

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11
Q

consideration

A

promisor demands and generally must relieve in order to make their promise legally enforceable

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12
Q

express contract

A

all terms are expressly stated orally or in writing

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13
Q

implied in fact contract

A

terms not expressly stated but can be inferred from the parties’ acts or conduct
ex: eating out you will pay

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14
Q

unilateral contract

A

offeror promises something in return for the offeree’s performance and indicates that his performance is the way acceptance is to be made

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15
Q

bilateral contract

A

formed by a mutual exchange of legally binding promises
Ex: buying a car

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16
Q

offer

A

Prospal by an offeror to do something

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17
Q

three items required for an offer

A
  1. contractual intent must be present in the offer
  2. the offer must be communicated with the offeree
  3. essential terms of the offer must be completed
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18
Q

what will dictate a price?

A

the market price

19
Q

revocation by the offeror

A

right to withdraw an offer before it’s accepted

20
Q

reasonable length of time

A

tomatoes vs bulldozer

21
Q

counteroffer

A

I refuse our offer here is my proposal

22
Q

options

A

separate contract arising when the offeree gives the offeror something of value for a promise to leave on offer open

23
Q

firm offers

A

contractual proposal in writing by a merchant stating how long the offer is to stay open

24
Q

acceptance must match the offer

A

mirror image rule

25
Q

mirror image rule

A

requires that the acceptance must exactly match the terms contributed in the offer

26
Q

the relationship

A

parent/child/lawyer/client influence in a negative way

27
Q

valid

A

legally binding and enforceable contract

28
Q

materiality

A

a false statement will always be materiality makes it valid

29
Q

unilateral mistake

A

allows when 1 party holds an incorrect belief about facts or a law related to a contract (still valid)

30
Q

material facts

A

important facts that influence the parties’ decisions about the contract

31
Q

5 reasons Britney did not need a conservatorship

A

she was mentally capable, she could contact her attorney over and over, and she was;t old like most conservatorship old people need in their 90s, managing her kids and was allowed to take care of them on tour, she was able to write and make music-making her competent, trying to reach out to anyone finding ways to sneak away around her dad and mangar, taken advantage of by her dad for millions, she was able to manage herself and take care of her empire before her dad and before her different managers

32
Q

offer and acceptance

A

both parties agree on terms without changes

33
Q

genuine assent

A

no deceptions or unfair pressure

34
Q

legality

A

can’t be a crime

35
Q

consideration

A

on every contract

36
Q

capacity

A

legal ability to contract for themselves

37
Q

proper form

A

some contracts need to be in writing

38
Q

genuine assent

A

true and complete agreement

39
Q

voidable

A

cancel or avoid if no genuine assent

40
Q

ratification

A

acting toward the contract as one intends to be bound by it

41
Q

duress

A

when someone threats

42
Q

undue influence

A

pressuring someone to do bad things

43
Q

recission

A

get back what has already been put into the contract