vocab

Question 1

Contract

Answer 1

A written/spoken agreement intended to be enforceable by law

Question 2

Uniform Commercial Code

Answer 2

A sequence of laws governing the law of sales and commercial transactions within the US, with the intended goal of harmonizing state/federal law regarding this matter

Question 3

Offer

Answer 3

An explicit proposal to contract, which if accepted, completes the contract and binds both parties to its terms

Question 4

Mirror image rule

Answer 4

States a contract offer must be accepted directly as stated, with no modifications whatsoever

Question 5

Consideration

Answer 5

The object of bargain for two parties in a legal contract; can take many forms

Question 6

Voidable

Answer 6

Can be made void depending on certain conditions

Question 7

Void

Answer 7

Anything null/no effect

Question 8

Undue influence

Answer 8

If someone is pressured through intimidation or unfair means into accepting a contract’s terms

Question 9

Adhesion contract

Answer 9

Also called standard form, when a contract is drafted by one party and signed by another

Question 10

Unconscionable contract

Answer 10

When the terms of a contract are some BS

Question 11

Warranty

Answer 11

A written guarantee from a manufacturer to the consumer to repair/fix a defective product within a certain time period

Question 12

Implied warranty of fitness

Answer 12

A statement from a producer that a product will be fit for use with a specific intended purpose

Question 13

Statute of frauds

Answer 13

Requires that contracts be in writing between two parties to be considered valid

Question 14

Assignment

Answer 14

The transfer of rights from one party in a contract scenario to another party

Question 15

Delegation

Answer 15

The assignment of duty from one party to another

Question 16

Specific performance

Answer 16

Element in a contract which requires one party to perform a specific action

Question 17

Cover

Answer 17

Solution available to a buyer when the provider fails, also provides compensation for price difference in repurchase

Question 18

Mitigation of damages

Answer 18

The concept that someone who has suffered injuries should take every possible action to avoid further injuries

Question 19

Reformation

Answer 19

The addition of elements to a contract upon request from a party, only executed if there is reasonable proof that one party had grounds to misunderstand a contract

Question 20

Quasi contract

Answer 20

Legal obligation between two parties lying outside of an explicit contractual statement

Question 21

Promissory estoppel

Answer 21

Legal principle that a promise is enforceable by law, if reliance upon said promise led to the detriment of a party due to a lack of fulfillment