Ba 230 Quiz 7

Front 1

whats an express contract

Back 1

a contract where all the terms are stated verbally or in writing

Front 2

Whats an implied contract

Back 2

a contract where not all terms are stated

Front 3

3 requirements for an implied INFACT contract

Back 3

Somebody recieved a good or service from someone, The person did the work for pay and the other one knew it, and the person who recieved work must of had the opportunity to say no and didn't

Front 4

Whats an implied in law contract?

Back 4

Theres no contract, but the court will treat it as a contact because one party will be enriched by another

Front 5

This fills in when thers a lack of consideration, where one person made a clear promise to another and the other personreasonably relies on that promise to there detremine, and its unfair for the promiser to break the promise

Back 5

promissory estoppel

Front 6

This is a contract that the court will enforce

Back 6

valid contract

Front 7

A contract with everthing needed but the court wont uphold. 2 examples why

Back 7

unenforceable contracts, minors or land isn't written

Front 8

A contract where one party can avoid having the contract being enforced

Back 8

voidable contract- minors

Front 9

explain void agreements

Back 9

court will never enforce, not a contract its an agreement

Front 10

This means that the parties no longer have duties of performance. the concept of discharge from contract

Back 10

executed contracts

Front 11

a Binding agreement in which one or more of the parties has not fulfilled its obligations

Back 11

executory contract

Front 12

all the states have the same source for common laws?

Back 12

false

Front 13

Law thats made from other courts rulings

Back 13

common law

Front 14

This creates a common sense on how business works. Its recognized by all 50 state. whats the key about it?

Back 14

uniform commercial code- Applys only to the sales of goods!

Front 15

Define sales and define goods

Back 15

transfer ownership for a price, and moveable, tangible existense

Front 16

The sales of housing falls under which? common law or uniform commercial code

Back 16

common law, but a moblie home on WHEELS is UCC

Front 17

3 examples of common law CEL

Back 17

land sales, copy rights, and employee contracts

Front 18

How are merchants treated differently under uniform commercial contract

Back 18

they are treated differently because they're considered experts

Front 19

2 definitions for experts

Back 19

routinely deal in goods of those kinds, and if you represent yourself as having expertise in those goods

Front 20

Whats the contract based on under UCC

Back 20

must be a good, but the contract is based on intent of both parties, if they both have the intent the it applies

Front 21

one difference between common law and UCC contracts

Back 21

Common law has no open terms, but UCC can have open terms because thats how real business works

Front 22

3 open terms that canbe upheld but not in the contract

Back 22

price- if its reasonable its ok, delivery- if unspecified its sent to place of business, and payment- if unspecified, its due on delivery

Front 23

If quantity is not specified is there a contract, unless? 2 reasons

Back 23

no, requirements contract- you say everything I need, or outputs contract- everything they can produce

Front 24

A mutual assent

Back 24

an agreement

Front 25

3 requirements for a valid offer

Back 25

They must show serious intent in the offer, the terms must be sufficently definite, and the offer must be communicated to the offeree

Front 26

4 things that should be in a valid offer?

Back 26

whats being exchanged, price, when payments due, and whens delivery expected

Front 27

This must be clear, unequivocal and communicated, you must tell the person that you except

Back 27

acceptance

Front 28

If acceptance changes the original offer, its a counter offer, because your forcing a different offer. whats this mean

Back 28

common law mirror image rule

Front 29

This is the new offer because the original one was denied

Back 29

counter offers

Front 30

If there is a contract problem about goods then its always a ... and what doesn't apply

Back 30

uniform commercial code case and there is no common law mirror image rule

Front 31

What happens if there are new or different terms i nacceptance of a goods contract

Back 31

it could be a new contract but not always, if its between two merchants then it usually is a contract, if its one merchant and one nonmerchant, it is not valid

Front 32

2 ways the agreement is invalid in a UCC contract

Back 32

the offeror timely rejects, if the new terms materially changes the offer

Front 33

This is the bargain for an exchange of legal value

Back 33

consideration

Front 34

3 things that will never have legal value in consideration

Back 34

past consideration, pre-existing duty, and illusory promises

Front 35

Whats pre existing duty

Back 35

how can you doing what you already do be worth a contract

Front 36

Whats an illusory promise?

Back 36

something that looks like a promise with no commitment

Front 37

Do offers live forever?

Back 37

no

Front 38

When can you revoc a contract?

Back 38

at any time before exceptance

Front 39

When are unilateral contracts unrevocable?

Back 39

once work has began on the offer it is unrevocable

Front 40

this is when the offeree says no

Back 40

the offer is gone, rejection by offeree

Front 41

this is a negotitation of the offer, NOT A REJECTION, example

Back 41

its a note, 500$ MIGHT be to high how bout 400$

Front 42

If i said 500 is too high, I will buy it for 400, its a

Back 42

counteroffer

Front 43

Whats by passage of time when talking about termination of a contract

Back 43

if stated or a reasonable amount of time then terminated, reasonable time is depends on the product, fruit is one day

Front 44

If the subject matter in the contract is destroyed or death of one of the parties

Back 44

its termination of the offer

Front 45

If the offer was legal, but a law passes making it illegal its invalid, this is called?

Back 45

superveneing illegality

Front 46

whats a noncompete agreements and 3 reuirements

Back 46

what we did with shrock, insulary to business deal, resonable to time, and resonable to geographic area

Front 47

you sign this before skiing, these cannot exclude intentional acts or essential public services

Back 47

exculpatory clauses

Front 48

What are unconscionable contracts?

Back 48

contracts that the courts wont enforce extremely one sided terms when one party clearly doesn't understand, simply unfair

Front 49

once a contract is voided what the remedy?

Back 49

restitution, it puts people back to pre contract conditions

Front 50

Consent to an agreement must be, if not?

Back 50

freely given, then rescind the contract

Front 51

this is lieing, if you agree to a lie its not a contract and its an example of

Back 51

misrepresentation

Front 52

This is when you say a lie but you thought it was true

Back 52

innocent misrepresentation

Front 53

you say a lie on purpose, what happens to the contract

Back 53

fradulent misrepresentation- you can cancel or ratify and sue for the difference

Front 54

Talking up a product isn't misrepresentation, its not a misstatement about fact

Back 54

puffery is notmisrepresentation

Front 55

If they know the roof leaks, but don't tell you, its sometimes misrep. if its a hidden defect, the seller has a positive duty to disclose it is misrep. whats this mean?

Back 55

nondisclosure as misrepresentation