Business Law

Front 1

Duress

Back 1

Conduct that deprives the victim of free will and that gives the victim the right to set aside any transactions antered into.

Front 2

Undue influence

Back 2

Influence thats's asserted upon another person by one who dominates that person.

Front 3

Active Concealment

Back 3

Constists of a positive act of hiding info from another person by phisical concealment or reckelessly furnishing the wrong info.

Front 4

nondisclosure

Back 4

serves to make a contract voidable especially when the nondisclosure consists of active concealment and pasive failure to volunteer info.

Front 5

Confidential

Back 5

relationshiprelationship in which b/c of legal status of the parties or their respective physical or mental conditioning or knowledge, partly places full confidence and trust in the other.

Front 6

reformation

Back 6

remedy by which a written instrument is corrected when it fails to express the actual intent of both parties b/c of fraud, accident, or mistake.

Front 7

Contracts minors cannot avoid

Back 7

Cannot avoid educational loans, medical care contracts, business contracts, contracts approved by a court, contract made in performance of legal duty, relating to bank accounts insurance policies, and corporate stock.

Front 8

factual incapacity

Back 8

may exist when, b/c a mental condition, drugs, illness, or age, a person doesn't understan that a contract is being made or understand its general nature.

Front 9

status incapacity

Back 9

to protect classes of people who lack contractual capacity by giving them the ppower to get out of unwise contracts

Front 10

conditional promisses

Back 10

promise that depends on the occurrance of a specifice condition in order for the promise to be binding.

Front 11

forbearance as consideration

Back 11

refraining from doing an act that an individual has legal right to do, or it may consist of a promise of forbearance.

Front 12

good-faith adjustment

Back 12

to enfore a 2nd promise to pay a contractor a greater amount for the performance of the orgininal conrtact when there are extraordinary circumstances caused by unforeseeable difficulties and when it is a reasonable amount.

Front 13

promissory estoppel (4things)

Back 13

1 promisor makes a promise that lacks consideration 2 promisor intents or should reasonably except that the promisee will rely on the promise 3 promisee relies on the promise in some definite and substantial manner 4 enforement of the promise is the only way to avoid injustice.

Front 14

illusory promise

Back 14

doesn't impose any obligation on the promisor.
*Unenforeable and no consideration.

Front 15

law # 2-209 (5things)

Back 15

1 agreement needs consideration to be binding 2 signed argument which excludes modification or resession can't be modified or rescinded w/o signed writing 3 statue of frauds must be satisfied if the conduct as is modified is w/i provisions 4 recession or modification can operate as a waiver. 5 strict performance will be requirred of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.