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Business Law > Semester One Final > Flashcards

Semester One Final Flashcards

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1
Q

What must be in a contract?

A

Offer and acceptance, genuine assent, legality, consideration, capacity, proper form

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2
Q

Offer and acceptance

A

both parties agree on terms without changes

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3
Q

genuine assent

A

no deceptions or unfair pressure

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4
Q

legality

A

can’t be a crime

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5
Q

capacity

A

legal ability to contract for themselves

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6
Q

proper form

A

some contracts need to be in writing

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7
Q

requirements of an offer

A

contractual intent must be present, offer must be communicated to the offeree, essential terms must be complete and definite

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8
Q

jests

A

a reasonable person decides if an offerer of offeree is joking

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9
Q

preliminary negotiations

A

information communicated merely to induce someone to initiate bargaining

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10
Q

complete term

A

identify price, subject matter, quantity (directly or indirectly)

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11
Q

Definite

A

each essential term must be identified clearly

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12
Q

offeror

A

a person who makes an offer

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13
Q

offeree

A

person to whom the offer is made

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14
Q

consideration

A

promisor demands and generally must receive in order to make their promise legally enforceable

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15
Q

executed contract

A

fully performed both sides complete

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16
Q

executory contract

A

not been fully performed one side or both aren’t complete

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17
Q

implied in fact contract

A

terms, not expressly stated but can be inferred from the party’s acts or conduct

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18
Q

unilateral contract

A

offeror promises something in return for the offeree’s performance and indicates that his performance is the way acceptance is to be made

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19
Q

bilateral contract

A

formed by a mutual exchange of legally binding promises

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20
Q

How can offers be ended?

A

Revocation by the offeror, time stated in the offer, rejection by the offeree, counteroffer

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21
Q

revocation by the offeror

A

right to withdraw an offer before it’s accepted

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22
Q

counteroffer

A

I refuse your offer but here is my proposal

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23
Q

firm offer

A

contractual proposal in writing by the merchant on how long the offer is to stay open

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24
Q

What is required of an acceptance

A

only offerees may accept, the acceptance must match the offer, and acceptance must be communicated to the offeror

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25
Q

acceptance must match to offer

A

mirror image rule

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26
Q

acceptance must be communicated to the offeror

A

promises as acceptance, performance as acceptance, when acceptance is effective

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27
Q

when acceptances are effective

A

using certain communication methods to accept time

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28
Q

acceptance

A

occurs when a party to whom an offer has been made

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29
Q

mirror image rule

A

requires that the acceptance must exactly match the terms continued in the offer

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30
Q

Duress includes

A

threats of illegal or tortious conduct, threats to report crimes, threats to sure, economic threats

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31
Q

valid

A

legally binding and enforceable contract

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32
Q

genuine assent

A

true and complete agreement

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33
Q

voidable

A

cancel or avoid if no genuine assent

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34
Q

recession

A

get back what has already been put into the contract

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35
Q

ratification

A

acting towards the contract as one intends to be kept by it

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36
Q

duress

A

when someone threats

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37
Q

undue influence

A

pressuring someone to do bad things

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38
Q

contractual mistakes

A

misrepresentation, fraud, and remedies for fraud

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39
Q

misrepresentation

A

statement that is material to the transaction or is fraudulent

40
Q

untrue statement of fact

A

active concealment

41
Q

Fraud and remedies for fraud

A

misrepresentation must be intentional or reckless, misrepresentation or concealment must injure

42
Q

punitive damages

A

big money

43
Q

unilateral mistake

A

occurs when one party holds incorrect beliefs about facts or law related to the contract making it still valid

44
Q

mutual mistake

A

both parties have incorrect beliefs about an important fact or law not valid

45
Q

material facts

A

important facts that influence the party’s decisions about the contract

46
Q

innocent misrepresentation

A

party to the contract doesn’t know a statement they made is untrue is voidable

47
Q

fraudulent misrepresentation

A

party to contract knows a statement is untrue is voidable

48
Q

fraud

A

misrepresentation but with 2 elements

49
Q

consideration

A

person demands must receive to make her promise legally binding, must include promise, contract exchanges and legal value

50
Q

promise, act, or forbearance

A

refrain from doing something

51
Q

contract exchanges

A

promise and promissee

52
Q

nominal consideration

A

token amount identified in the written contract when parties either cannot or don’t wish to state the amount precisely ex: put one dollar

53
Q

consideration definition

A

distinguishes a contract promise from a promise to make a gift

54
Q

gift

A

transfer of ownership without receiving anything in return

55
Q

legal value

A

change in the legal position of a party as a result of a contract

56
Q

illusory promise

A

a contract contains a clause that allows you to escape the legal obligation (if I have time)

57
Q

existing duty

A

promise to do something already obligated to by law or prior contract

58
Q

liquidated debts

A

parties agree that debt exists and the amount of the debt

59
Q

release

A

party settles a claim at the time the tort occurs the liability is unliquidated because the extent of damages is uncertain

60
Q

past performance

A

contractual bargaining takes place in the present for immediate future performance by both parties and cannot serve as consideration for a later promise

61
Q

exceptions to their requirements of consideration

A

promissory estoppel

62
Q

promissory estoppel

A

prevent promises from stating in court that didn’t receive consideration or their pormises “a promise to make a gift generally isn’t legally enforceable”

63
Q

What is capacity?

A

under disaffirmance protect party is to receive whatever they have put into it

64
Q

contractual capacity

A

ability to understand the consequences of a contract

65
Q

age of majority to contract

A

age that entitled to manage their own affairs

66
Q

minor

A

under the age of majority usually 18

67
Q

necessaries

A

things needed to maintain life

68
Q

emancipation

A

serving parent relationship

69
Q

scope of authority

A

within the range of contractual acts for which organizations have authorized them to be responsible

70
Q

Disaffirmance

A

refusal to be bound by previous legal commitments

71
Q

loss of value

A

most states if minors are unable to return exactly what was received under contract they can still get everything back they gave

72
Q

Contracts that cannot be disaffirmed

A

court approved contracts

73
Q

Revenue license

A

purpose is to raise revenue rather than protect the public contracts can be valid

74
Q

Which agreements are illegal?

A

agreements made without a required competency license, agreements that affect marriage negatively

75
Q

recessions prior to an illegal act

A

party rescinds before the illegal act occurs then restitution will be liable

76
Q

divisible contracts

A

separate consideration given for the legal and illegal party of the contract court can uphold legal parts

77
Q

unconscibolabe

A

grossly unfair that parties under ordinary circumstances wouldn’t accept it ex: take it or leave it, no liable alternative, overwhelming bargaining power

78
Q

statute of frauds

A

a law stating that certain agreements aren’t enforceable in court they are evidenced by signed writing

79
Q

Statute of fraud requirements

A

name of the parties, subject matter description, price, quantity, signature, and other essential items including time or method of delivery or financing

80
Q

types of contracts within the statute of fraud

A

contract for the sale of goods for $500 or more, contract to sell an interest in real property, contracts that require more than one year to complete, contracts to pay a debt or answer for another’s debt, contract in which the consideration is marriage

81
Q

contract for which consideration is marriage

A

signed writing is required for agreements in which one party promises to marry in return for something more than the other’s promise to marry

82
Q

How are contracts interpreted?

A

acknowledgment of final agreement, parol evidence rule, specific rules of interpretation where conflicting terms the later portion will guide court like added handwritten stuff

83
Q

parol evidence rule expectations

A

clarify ambiguities in a written agreement, a written agreement wasn’t intended to be a complete agreement, a condition necessary to the existence of the contract never occurred, if fraud forgery, or mistake occurred

84
Q

The transfer of contract rights and duties

A

assignable rights, non-assignable rights

85
Q

assignable rights

A

the party gave contractual duties to another person getting the same outcome

86
Q

non assignable rights

A

contractual rights may not be assigned if performance requirements could be materially changed as a consequence

87
Q

discharge of contractual obligations

A

by performance, by subsequent agreement, operation of law

88
Q

novation

A

everyone has to agree to change the contract

89
Q

assignment

A

legal action where a party to a contract transfers to another person their rights to the benefits of a contract

90
Q

breach of contract

A

failure to provide complete performance

91
Q

substantial performance

A

just about all the duties are performed but minor duty remains

92
Q

alteration

A

a material change in terms of a written contract without the consent of the other party to discharge the contract alteration must be materially made intentional

93
Q

Remedies possible for breach

A

remedy for a minor breach, remedies for a major breach, money damages like compensatory, punitive, nominal, spefiic performance

94
Q

recission and restituion

A

canceling the contract and returning whatever has been received under it

95
Q

factors affecting choice of remedy

A

conflict of remedies, the duty to mitigate, waivers, the statute of limitations, bankruptcy

96
Q

duty to mitigate

A

tame steps to minimize the harm done

Business Law (6 decks)

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