Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
47 Cards in this Set
- Front
- Back
|
What do we call the legal ability to enter into a contract?
|
Capacity
|
|
|
A person who has not yet reached the age of adulthood.
|
Minor
|
|
|
A person who has reached the age of adulthood is said to have reached his or her _______________.
|
Majority
|
|
|
What is the age of majority in most states?
|
18 yrs. old
|
|
|
What do we call a minor who is no longer under the legal control of his or her parents?
|
Emancipated minor
|
|
|
The act of agreeing to go along with a contract that could have been voided.
|
Ratification
|
|
|
Not doing what you have the right to do.
|
Forbearance
|
|
|
A legal principal that holds that nobody should be allowed to do something that harms the public.
|
Public policy
|
|
|
Something that a party receives in an agreement.
|
Benefit
|
|
|
A state law that requires certain laws to be in writing.
|
Statute of Frauds
|
|
|
Something that a party gives up in an agreement.
|
Detriment
|
|
|
A legal way to settle contract disputes by which one party agrees to accept less than the amount due as full payment.
|
Accord and Satisfaction
|
|
|
To show the intent not to live up to a contract.
|
Disaffirm
|
|
|
The exchange of benefits and detriments by the parties to a contract.
|
Consideration
|
|
|
The legal ability to enter into a contract.
|
Capacity
|
|
|
A take-it-or-leave it offer
|
Adhesion contract
|
|
|
The principle that a promise made without consideration may be enforced to prevent injustice
|
Promissory estoppel
|
|
|
When the consideration is so out of line that it shocks the court.
|
Unconscionable Contract
|
|
|
Contracts entered into by mentally impaired individuals are considered to be ___________.
|
Void
|
|
|
Is it possible for a contract entered into by a mentally impaired to be valid.
|
Yes - if the person was not suffering from the mental impairment at the time the contract was made or if the person was still able to understand what they were doing and the consequences of their actions
|
|
|
Who determines if someone is mentally impaired?
|
A doctor
|
|
|
What type of contracts must be in writing?
|
1. Contracts to pay someone else's debt
2. Contracts to pay the debt of a person who has died 3. Contracts requiring more than 1 year to perform 4. Contracts in consideration of marriage 5. Contracts tor the sale of goods over $500 6. Contracts to sell real property |
|
|
What do we call land and anything permanently attached to the land?
|
Real property
|
|
|
Under what 3 conditions are minors automatically emancipated?
|
1. when they get married
2. When they move into their own households 3. they seek the court's permission for emancipation |
|
|
If a minor disaffirms a contract, can he/she still keep the goods they purchased
|
No - if they still have the goods, they must return them
|
|
|
What do you call a promise not to compete?
|
Restrictive Covenant
|
|
|
The good reputation of a business is called ___________.
|
Goodwill
|
|
|
What will the courts do if a contract contains both legal and illegal parts?
|
Enforce the parts of the contract that are legal and cancel the parts that are not.
|
|
|
What do you call the elimination of competition with the intent to control prices?
|
Restraint of trade
|
|
|
What are the 3 types of detriments?
|
1. Giviing up something that you have the right to keep
2. Doing something that you have a right not to do 3. Not doing something that you have a legal right to do |
|
|
What rule says that oral statements made before signing a written agreement cannot be presented in court to change or add to the terms of that written agreement
|
Parol Evidence Rule
|
|
|
What law protects children from abusive parents and holds that the state can act as a child's parent when natural or adoptive parents cannot or will not perform their parental duties?
|
Parens Patriae Doctrine
|
|
|
A promissory estoppel is an example of an exception to the requirement of which element of a contract?
|
Consideration
|
|
|
Contracts for the sale of goods exceeding $________, have to be in writing.
|
$500
|
|
|
A minor who claims to be over the age of majority commits what crime?
|
Fraud
|
|
|
Tha assumption that another person has th capacity to contract is called _________?
|
Rebuttle presumption
|
|
|
This rule requires that the original written agreement (not a copy) be uses as evidence in court.
|
Best Evidence Rule
|
|
|
What type of contracts can minors not disaffirm?
|
1. They have to pay for the fair value of necessaries
2. They cannot disaffirm military enlistment agreements 3. Minors will have to honor contracts for items required by law such as auto insurance |
|
|
The acceptance by the person you owe money to accept a lesser amount as payment in full.
|
Accord
|
|
|
The agreed-to lower price as contained in the accord.
|
Satisfaction
|
|
|
An agreement that seems to require someone to do something (consideration) but in fact does not requires any action.
|
Illusory Promises
|
|
|
Can the promise of giving someone a gift at some later date or promising to leave them in your will qualify as consideration.
|
NO
|
|
|
Can past consideration (something you did for someone in the past)be used as consideration for a current contract?
|
No!
|
|
|
What is a preexisting duty?
|
A situation where a person already has to do something and this action cannot be used again as consideration for a current oontract
|
|
|
What are the 3 characteristics of consideration?
|
1. Must involve a bargained for exchange
2. Must be something of value 3. Detriments must be legal |
|
|
What is the rule with regard to intoxication and whether or not someone can be held liable for a contract that is signed while intoxicated.
|
The person must be so impaired (drunk) that they didn't know what they were doing when they entered into the contract.
|
|
|
What ordinary things might be consideration in a contract?
|
Cash, property, promise not to sue, services
|
