Quiz 8 Review Flashcards

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1
Q

acceptance

A

a manifestation of assent to the terms made by the offeror in a manner invited or required by the offeror

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2
Q

assignee

A

one to whom a legal right is transferred

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3
Q

bilateral contract

A

a contract between parties based on exchange of promises

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4
Q

capacity to contract

A

legal ability to enter into a binding agreement

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5
Q

compensatory damages

A

amount awarded a plaintiff to compensate for injury for losses suffered

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6
Q

consideration

A

a benefit or detriment bargained for by parties who form a contract

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7
Q

corporation

A

an entity with legal powers chartered under law and designed to exist indefinitely where ownership is vested in stockholders

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8
Q

express contract

A

a contract where the terms have been expressed orally or in writing by the parties

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9
Q

implied contract

A

an agreement or acquiescence manifested by a person’s actions or inaction

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10
Q

limited liability company

A

a business structure combining aspects of both corporations and partnerships, in which the members are insulated from actions of others in the company

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11
Q

mutual assent

A

an understanding between parties manifested by an offer and an acceptance

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12
Q

offer

A

a manifestation of a willingness to enter into an agreement which justifies another person in understanding that his assent can conclude the agreement

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13
Q

parol evidence rule

A

A rule of law providing that when a contract is complete, oral agreements made prior to or at the time of execution of the contract cannot be admitted in evidence to vary or contradict the terms of the contract absent fraud, mistake or illegality

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14
Q

partnership

A

an association of two or more people who carry on business for profit as co-owners and share in the profits and losses

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15
Q

pre-existing duty

A

a duty, the performance of which does not constitute a valid consideration for a contract

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16
Q

promissory estoppel

A

a doctrine of contract law under which a promise, even though made without consideration, may be legally enforceable if the promise induces action on the part of the promissee

17
Q

sole proprietorship

A

a business owned a operated by one individual

18
Q

statute of frauds

A

a statutory law patterned after an English statute that requires certain contracts to be in writing

19
Q

suretyship

A

a written contract whereby one party agrees to become liable for the debt or default of another party

20
Q

Uniform Commercial Code

A

Model code adopted by most states to help facilitate interstate commerce

21
Q

unilateral contract

A

a contract formed by a promise being made in exchange for performance of an act

22
Q

void contract

A

an agreement that cannot be enforced by law

23
Q

voidable contract

A

an agreement that a party can choose to set aside