Business Law 301 Final

Front 1

What is Illegality?

Back 1

If the enforcement of a an agreement would create a threat to a public policy, a court may determine that it is illegal.

Front 2

What are the Three Main Categories of Illegality?

Back 2

1. Violates puble policy set by Courts.
2. Violates Statue.
3. Unconscionable Contract or Contract of Adhesion.

Front 3

Straub V. BMT.. Why did the court find this contract void and illegal and did the court hold the father responsible in the end?

Back 3

It was void because no one can deny a child's support benefits and he was held responsible.

Front 4

What is Regulartory?

Back 4

Purpose is to proctect individuals from dishonest or incompetent practitioners.

Front 5

What is revenue-raising?

Back 5

an agreement to pay a person for performing an act for which she is not licensed will generally be enforced.

Front 6

Which will cause a contract to be unforceable Regulatory or Revenue-Rasining?

Back 6

Regulatory.

Front 7

Was Riggs v. Woman to Woman P.C. a standard appellate case or a certified question case?

Back 7

Appellate case.

Front 8

What type of statute did the court decide: Regulatory or Revenue-Raising?

Back 8

Revenue-Raising

Front 9

Non-Compete Clauses have Three Elements.

Back 9

1.Legitimate Business Purpose.
2. Reasonable Restriction in Time, Place, and Scope.
3. No undue hardships on the party charged.

Front 10

The definition of Contract of Adhesion?

Back 10

In which a stronger party is able to determine the terms of a contract, leaving the weaker party no practical choice but to add here terms.

Front 11

The two types of Unconscionability?

Back 11

Procedural and Substantive.

Front 12

The difference between the two?

Back 12

Procedural has more power than the other and Substantive is harsher.

Front 13

Oral contract are generally enforceable as long as you can..

Back 13

Prove it.

Front 14

Why does Statue of Frauds exists?

Back 14

So, people wouldn't be able to lie about contracts.

Front 15

The types of Contracts covered by Statute of Frauds

Back 15

Applies to bilateral contracts, executory contracts, and land sales contracts.

Front 16

The two exceptions to where Statue of Frauds does not apply?

Back 16

Full performance of the seller or buyer. Partial Performance

Front 17

Contracts for the sale of goods over 500?

Back 17

They don't have to be in writing and both parties have to be merchants.

Front 18

Contracts in the sale of land must be in ...

Back 18

Writing

Front 19

Contracts cannot be performed in...

Back 19

One year's time.

Front 20

If a contract is performed in the one year rule then SOF does not apply why?

Back 20

Because the deed has been done and the other person has to pay too.

Front 21

The parol evidence rule?

Back 21

a written contract they intend as a complete integration. Meaning what is on the paper matters. Applies to written contract.

Front 22

Watkins v. Iams Co... why the court held the prior oral agreement between the parties unenforceable?

Back 22

because it was not a written agreement.

Front 23

Exceptions to Parol Evidence Rule

Back 23

1. Partially Integrated Contracts.
2. Ambiguities in a contract.
3. Subsequent Agreeement
4. Conditions in the contract.
5. Invalidity.

Front 24

Assignment is

Back 24

Equal Rights. There is no specific language needed to create an assignment or consideration.

Front 25

Delegation is

Back 25

People's duty. There is no specific language needed to create an delagation or consideration.

Front 26

Reasons for Assignment of rights is

Back 26

Paying of Debts and Finacing.

Front 27

Reasons against Assignment of Rights

Back 27

1. Violates Public Policy
2. Adversely Affect on the Obligor.
3.Personal services contracts

Front 28

Anti-Assignment Clauses are..

Back 28

Generaly enforcable but constructed narrowly. UCC contracts only prohibit the delegation of duties under Anti- Assingment Clauses.

Front 29

Delegation of Duties

Back 29

party delegating duties under a contract still liable for performances after delegation unless there is a novation

Front 30

Novation defined

Back 30

a particular type of Substituted contract in which the obligee agress to discharge the original obligor and to substitute a new obligor in his place.

Front 31

Third Party Beneficiaries..main types?

Back 31

Inteneded benificaries are either Creditor Beneficiaries and Donee Beneficiareis. Incidental Beneficiary

Front 32

Incidental Beneficiary is...

Back 32

when the benefit derived by that third party was merely an unintended by-product of a contract that was created for the benifit of those who were parties to it.

Front 33

Performance of a contract is...

Back 33

when both parties uphold their part

Front 34

Strict Performance is

Back 34

a standard performance that requires virtually perfect compliance with terms.

Front 35

Substantial Performance is

Back 35

lower standard for duties that are difficult to perform.

Front 36

Condition precedent is

Back 36

a future, uncertain event that creates the duty to perform.

Front 37

Concurrent Conditon is

Back 37

When the contract calls are parties to perform at the same time.

Front 38

Material Breach of contract

Back 38

is when a contract has been breached when a partys performance falls below the other partys standards

Front 39

Anticipatory breach

Back 39

occurs before the contract starts.

Front 40

Anticipatory Repudiation

Back 40

is when one party says they will not perform.

Front 41

Impossibility of performance is when

Back 41

no one can perform the stated contract. like death of a promisor or destruciton of a contract subject matter.

Front 42

Bush V. Pro Travel International

Back 42

shows impossiblity. like blizzard.

Front 43

General Remedies are ?

Back 43

Damages or Equitable Remedies

Front 44

Equitable Remeidies have

Back 44

Injunction and Declartory Relief

Front 45

Damages recovery have

Back 45

reasonable certaninty required..forseeable at time contract was made.