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Bus 250 > test 2 > Flashcards

test 2 Flashcards

1
Q

requirements of a contract

A

offer
acceptance
consideration
legality
capacity
consent
writing

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2
Q

offer

A

must be clear and definite. Meeting the Minds

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3
Q

acceptance

A

must adhere to offer aka Mirror image rule; or must be reasonable

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4
Q

consideration

A

thing of value and bargained for exchanged

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5
Q

legality

A

subject matter must be legal

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6
Q

capacity

A

age

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7
Q

consent

A

no tricks or force

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8
Q

writing

A

not always

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9
Q

quasi contract elements

A

the plaintiff gave some benefit to the defendant
the plaintiff reasonably expected to be paid
unjust enrichment

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10
Q

statements that usually do not constitute an offer

A

invitations to bargain
price quote
letters of intent
advertisements

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11
Q

ways to terminate an offer

A

revocation
rejection
counter offer
expiration
party who made the offer becomes incapacitated
the subject matter of the offer is destroyed

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12
Q

consideration- types of value examples

A

product
real estate
cash
inaction
action

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13
Q

there is no consideration if…

A

the promise is illusory (if I want to..)
there is a pre-existing duty (lifeguard)
past consideration (completed act)

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14
Q

exculpatory clauses

A

insulates itself from future liability- must be clearly written and readily visible

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15
Q

exculpatory clauses cannot:

A

exclude liability intentional wrongdoing
exclude activities in the public interest
be enforced when there is unequal bargaining power

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16
Q

statute of frauds

A

must be in writing

17
Q

statute of frauds examples

A

land sale
cannot be performed within a year
debt of another
debts of an estate
marriage contract
sale of goods over $500 or more

18
Q

principal

A

a person who has someone else acting on their behalf

19
Q

agent

A

a person who acts on behalf of someone else

20
Q

creation of the agency relationship

A

the principal and agent muse mutually consent that the agent will act on behalf of the principal and be subject to the principal’s control, therefore establishing a fiduciary relationship

21
Q

consent

A

an agent has to consent to act of behalf of the principal

22
Q

control

A

the principal is the one who tells the agent what to do

23
Q

fiduciary relationship

A

act in good faith, be candid, and always act in their best interests.
the agent must always keep the principal’s secrets

24
Q

an agency relationship does not require:

A

a written agreement
a formal agreement
compensation

25
Q

gratuitous agent

A

an agent who is not compensated. in this type of situation, the standard is gross negligence

26
Q

duties of principals to agents

A

indemnify (pay for) for any reasonable expenses or damages
indemnify for tort claims brought by third parties
indemnify for attorney’s fees
cooperate

27
Q

cooperate

A

do not unreasonably interfere, pay the agent if there is an agreement for payment

28
Q

terminating the agency relationship

A
  1. “term agreement”
  2. agency at will. if no agreement, either principal or agent can terminate
  3. regardless of the situation, principal or agent can terminate. but if it is wrongful (violates agreement), the wronged party can sue for damages
  4. if one party can no longer perform his or her duties, the the relationship ends
  5. subject matter of agency relationship is destroyed
29
Q

the principal is liable to a third party for the actions of her agent if

A

the agent has authority
principal ratifies the agent’s actions

30
Q

express authority

A

principal grants authority to agent or the agent reasonably believes he has authority based on the words or actions of the principal

31
Q

implied authority

A

An Agent that has authority to handle a transaction or project, has the implied authority to do whatever is reasonably necessary to accomplish his task.

32
Q

apparent authority

A

A Principal can be liable for the unauthorized actions of her Agent if the Principal’s actions or conduct made the third party reasonably believe that the agent has authority

33
Q

ratification

A

The Principal ratifies the acts of an Agent if he accepts the benefits of an Agent’s actions,
or
the Principal fails to repudiate the Agent’s actions

34
Q

agent must always…

A

Disclose who they are acting on behalf of. If she fails do that, then she can be liable for the contractual obligations of the Principal.

35
Q

respondent superior

A

“let the master answer.”
A Principal is liable for the negligent actions of his Agent in a tort case regarding work

36
Q

employee v independent contractor

A

employer is typically liable for the actions of an employee
employer is typically not liable for the action of an independent contractor.

37
Q

types of authority

A

expressed
implied
apparent

Bus 250 (4 decks)

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