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LGS Test 2 > LGS Chapter 12 > Flashcards

LGS Chapter 12 Flashcards

1
Q

What type of law deals with the formation and keeping of promise?

A

Contract Law

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2
Q

A person’s assurance that he or she will or will not do something

A

Promise

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3
Q

A person who makes a promise is known as?

A

Promisor

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4
Q

A person to whom a promise is made

A

Promisee

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5
Q

T/F- The common law governs all contracts except when it has been modified or replaced by statutory law, such as the Uniform Commercial Code (UCC) or by administrative agency regulations

A

True

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6
Q

Services Real Estate
Employment
Insurance
are all covered by what law?

A

Common Law

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7
Q

What does the Uniform Commercial Code (UCC) contracts relate to?

A

The sale of goods (Article 2)
The lease of goods (Article 2A)

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8
Q

an agreement that can be enforced in court; formed by two parties, each of whom agrees to perform or to refrain from performing some act now or in the future

A

Contract

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9
Q

a theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions

A

Objective Theory of Contracts

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10
Q

1) What a party said when entering into the contract
2) How a party acted or appeared
3) The circumstances surrounding the transaction
What are these an example of?

A

Objective Facts

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11
Q

What are the 4 requirements that must be met before a valid contract exists?

A

1) Agreement
2) Consideration
3) Contractual Capacity
4) Legality

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12
Q

An agreement to form a contract includes an offer by one party to enter into the agreement and an acceptance of the terms of the offer by another party

A

Agreement

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13
Q

Any promises made by the parties to the contract must be supported by legally sufficient and bargained- for consideration ( something of value received or promised, such as money, to convince a person to make a deal)

A

Consideration

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14
Q

Both parties entering into the contract must have the contractual capacity to do so- that is, the law must recognize them as possessing characteristics that qualify them as competent parties

A

Contractual Capacity

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15
Q

The contract’s purpose must be to accomplish some goal that is legal and not against public policy

A

Legality

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16
Q

What are 2 defenses to the enforceability of a contract

A

1) Voluntary Consent
2) Form

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17
Q

What is it called when the contract must be in whatever form the law requires

A

Form

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18
Q

What are the 3 types of contracts?

A

1) Formation
2) Performance
3) Enforceability

19
Q

a type of contract that arises when a promise is given in exchange for a promise

A

Bilateral Contract

20
Q

T/F- Performance, such as payment of funds or delivery of goods, needs to take place for a bilateral contract to be formed

A

False, no performance is needed

21
Q

A contract that results when an offer can be accepted only by the offeree’s performance

A

Unilateral Contract

22
Q

T/F-A bilateral contract is formed not at the moment when promises are exchanged but at the moment when the contract is performed

A

True

23
Q

a contract that by law requires a specific form, such as being executed under seal, to be valid

A

Formal Contract

24
Q

Negotiable instruments ( checks, drafts, promissory notes, bills of exchange, and certificates of deposit) are formal contracts because the UCC requires a special language to create them
These are examples of what form of contracts?

A

Formal Contracts

25
Q

A contract that does not require a specified for or formality in order to be valid

A

Informal Contract

26
Q

a contract in which the terms of the agreement are fully and explicitly stated in words, oral or written

A

Express Contract

27
Q

A signed lease for an apartment is an example of what type of contract?

A

Express Contract

28
Q

A contract formed in whole or part from the conduct of the parties ( as opposed to an express contract)

A

Implied Contract

29
Q

If the following conditions exist, a court will hold that an implied contract was formed:

A

The plaintiff furnished some service or property ( completion of tax return)
The plaintiff expected to be paid for that service or property, and the defendant knew or should have known that payment was expected (defendant was aware of fee for service
The defendant had a chance to reject the services or property and did not

30
Q

a contract has been completely performed by both parties

A

Executed Contract

31
Q

a contract that has not yet been fully performed

A

Executory Contract

32
Q

If one party has fully performed but the other has not, the contract is said to be what?

A

on executed on the side and executory on the other, but the contract is still classified as executory

33
Q

a contract that results when the elements necessary for contract formation (agreement, consideration, contractual capacity, and legality) are present

A

Valid Contract

34
Q

a valid contract rendered unenforceable by some statute or law

A

Unenforceable Contract

35
Q

T/F- Certain contracts must be in writing, and if they are not, they will not be enforceable except in certain exceptional circumstances

A

True

36
Q

a contract that may be legally avoided (canceled) at the option of one of the parties

A

Voidable Contract

37
Q

A contract having no legal force or binding effect

A

Void Contract

38
Q

Name the different types of Formation contracts

A

Bilateral
Unilateral
Formal
Informal
Express
Implied

39
Q

Name the different types of Performance contracts

A

Executed
Executory

40
Q

Name the different types of Enforceability contracts

A

Valid
Unenforceable
Voidable
Void

41
Q

a promise or commitment to perform or refrain from performing some specified in the future

A

Offer

42
Q

Reese says to Celia, “If you drive my car from New York to Los Angeles, I’ll give you $1,000.” Only on Celia’s completion of the act—bringing the car to Los Angeles—does she fully accept Reese’s offer to pay $1,000. If she chooses not to accept the offer to drive the car to Los Angeles, there are no legal consequences. What type of contract would this be if Celia accepts and does the act?

A

Unilateral

43
Q

Alex, a small-business owner, needs an accountant to complete his tax return. He drops by a local accountant’s office, explains his situation to the accountant, and learns what fees she charges. The next day, he returns and gives the receptionist all of the necessary documents to complete his return. Then he walks out without saying anything further to the accountant.

A

In this situation, Alex has entered into an implied contract to pay the accountant the usual fees for her services. The contract is implied because of Alex’s conduct and hers. She expects to be paid for completing the tax return, and by bringing in the records she will need to do the job, Alex has implied an intent to pay her.

LGS Test 2 (2 decks)

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