Quiz 3 Flashcards
A court may consider______only when a contract term is ambiguous.
Extrinsic Evidence
Is the officers act of withdrawing an offer?
Revocation
Is the one who’s amount has been settled?
Liquidated debt
Is the legal, avoidance, or setting aside, of a contractual obligation
Disaffirmance
Has all the elements necessary to entitle at least one of the parties to enforce it in court.
Valid contract
Is a promise of set of promises, for the breach of which the law gives a remedy
Contract
A_______is no contract at all
Void contract
Is the value given in return for a promise or performance?
Consideration
Is refraining from an action that one has a legal right to undertake
Forbearance
Is a contract, and which one party for fits the right to pursue a legal claim against the other party
Release
Is a voluntary act by the offeree that shows assent to the terms of an offer
Acceptance
Is a declaration by a person to do or not do a certain thing
Promise
Is one whose amount has not been agreed on
Unliquidated debt
Is the unmaking of a contract so asked to return the parties to the positions they occupy before the contract
Resassion
A_______ is a valid contract, the one that can be gotten out of by one or both parties
Voidable contract
Is a contract that has not yet been fully performed
Executory contract
Substitutes a contractual obligation for some other type of legal action based on a valid claim
Covenant not to sue
Discharges, a party from liability in the event of monetary or physical injury no matter who is at fault
Exculpatory clause
Is a contract that has been completely perform by both parties
Executed contract
Is the act of accepting and giving legal force to an obligation that previously was not enforceable
Ratification
Is the person who makes the promise
Promisor
Consist of two events - an offer by one party, and an acceptance by the other party
Agreement
In a ________ the terms of the agreement are fully and explicitly stated in words, either oral or written.
Express Contract
requires a special form or method of creation to be enforceable.
Formal contract
Occurs where a person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery
Promissory estoppel
Is a promise or commitment to do or refrain from doing some specified action in the future.
Offer
Are contracts implied in law, but not actual contracts.
Quasi contract
Is the legal ability to enter into a contractual relationship.
Contractual capacity
Is a promise for a promise
Bilateral contract
In a ______ the conduct of the parties, rather than their words, creates and defines the terms of the agreement.
Implied contract
Laws that stipulate what types of contract must be in writing are known as?
Statute of Frauds
Is the knowledge only part of the misrepresenting party that facts have been falsely presented.
Scienter
The use of threats to force a party to enter into a contract constitutes
Duiess
_________is a contract that has been completely performed by both parties
Executed contracted
Requires no special form to be enforceable
Informal contract
Is a promise for an act
Unilateral contract
When__________is lacking, there is no true meeting of the minds.
Voluntary consent
If a person does not exercise, reasonable care in uncovering the facts,_________occurs
Negligent misrepresentation
If a person makes a statement that she believes to be true but that actually misrepresents material facts, the person guilty of__________.
Innocent misrepresentation
__________ is a contractual promise to refrain from the rivaling in business another party for a certain period of time and within a certain geographic area.
Covenant not to compete
