Quiz 2 Study Guide Flashcards
An agreement to an offer resulting in a contract
Acceptance
That which the promisor demands and receives as the price for a promise
Consideration
An agreement between two or more competent persons which is enforceable by law
Contract
A contract in which the parties express their intentions, either orally or in writing, at the time of the agreement
Express contract
Those contracts which must be in special form or produced in a certain way, such as under seal.
Formal contract
One in which the terms of the contract are implied by acts or conduct of the parties
Implied contract
A proposal to make a contract
Offer
The person to whom an offer is made
Offeree
The party who initiates, or makes, an offer.
Offeror
An agreement which at the current time is not enforceable by law
Unenforceable contract
A contract which will be enforced by the court
Valid contract
An agreement of no legal effect
Void contract
A contract which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
Voidable contract
An intended acceptance which changes or qualifies an original offer and in effect, rejects that offer and becomes a new offer
Counteroffer
A means of removing one’s free will, obtaining consent by means of a threat to do harm to the person, his family, his property, or his earning power
Duress
The intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment
Fraud
Stating an untrue fact
Misrepresentation
Refusal to accept
Rejection
The annulment or cancellation of an instrument, act or promise by one doing or making the offer
Revocation
Improper influence that is asserted by one dominant person over another, without the threat of harm.
Undue influence
The repudiation of, or election to avoid, a voidable contract
Disaffirmance
Those persons under legal age; by most states (but not all), the standard is under the age of eighteen
Minor
Items, required or proper and useful, for sustaining a human being at an appropriate living standard (examples: food, clothing and shelter)
Necessaries
Conforming an act which was executed without authority or an act which was voidable
Ratified (ratification)
Exceeding the maximum rate of interest which may be charged on loans.
Usury (usurious)
A statute originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form
Statute of Frauds
The party to whom the assignment is made
Assignee
A means whereby one party in a contract conveys rights to another person, who is not a party to the original contract
Assignment
The party making the assignment
Assignor
The substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it
Novation
Person not party to a contract, but whom parties intended to benefit
Third-party beneficiary
A permanent judicial order or decree forbidding the performance of a certain act.
Injunction
A breach of contract by a professional person; failure to perform a professional service with the ability and care generally exercised by others in the profession
Malpractice
A contract remedy by which the court requires the breaching party to perform the contract.
Specific performance
A law that restricts the period of time within which an action may be brought to court
Statute of Limitations
It’s whatever the promisor demands and receives as the price for a promise.
Consideration
Charitable contributions (pledges)
Voluntary subscriptions
Judgments or liens
Debts of record
Substitute for consideration when another acts in reliance of promisor’s promise
Promissory estoppel
It’s a contract law concept devised to stop entities from going back on promises, even if not written in a contract.
Promissory Estoppel
