Other FINAL EXAM Vocab

Question 1

courts will honor decisions made in other courts

Answer 1

comity

Question 2

when you believe you have a contract and one party performs..such as painting the house, but then the home owner refuses to pay causing this _______.

Answer 2

unjust enrichment

Question 3

In order for a Contracts to be present:

1. ) unilateral or bilateral
2. ) Both parties must express (orally or written) that they want a contract must give consideration
3. ) It is implied in fact
4. ) Price does not need to be specified neccessarily

Answer 3

Contract formation

Question 4

must adopt all term of the contract and cannot change or modify terms.

Answer 4

mirror image rule

Question 5

an obligation of one party to another imposed by law independently of an agreement between the parties.

Answer 5

quasi contract

Question 6

if one party modifies the rules of the initial contract, but accepts and sends back to offeror they now become the offeror because they created a new contract

Answer 6

counter offer

Question 7

A promisor—one who makes a promise—makes a gratuitous promise that he should reasonably have expected to induce action or forbearance of a definite and substantial character on the part of the promisee—one to whom a promise has been made. The promisee justifiably relies on the promise. A substantial detriment—that is, an economic loss—ensues to the promisee from action or forbearance. Injustice can be avoided only by enforcing the promise.

Answer 7

promissory estoppel

Question 8

must have the mental capacity to enter into a contract

Answer 8

contractual capacity

Question 9

one party is in superior bargaining position and takes advantage of the other party.

Answer 9

unconscionability

Question 10

A party who demonstrates that he or she did not genuinely assent to the terms of a contract may avoid the contract. Genuine assent may be lacking due to …
5 things

Answer 10

mistake
misrepresentation
intentional misrepresentation/fraud
undue influence
duress

Question 11

if a contract is in writing then look to the contract for any misaligned facts. Must go by what is stated in the contract.

Answer 11

parole evidence rule

Question 12

when an unforeseen event undermines a party’s principle purpose for entering into a contract, and both parties knew of this principle purpose at the time the contract was made.

Answer 12

frustration of purpose

Question 13

Who takes responsibility for losses in a shipment contract?

Answer 13

buyer

Question 14

what takes responsibility for losses in a destination contract?

Answer 14

seller

Question 15

If parties don’t agree on who carries the responsibility for loss in the contract then it is agreed upon be the default rule. Who does the default fall on?

Answer 15

shipment contract

Question 16

A type of foreign check that is guaranteed by the issuing bank, but that is not payable in full until a specified amount of time after it is received and accepted. Time drafts are a type of short-term credit used for financing transactions of goods in international trade.

Answer 16

time draft