Business Law Ch.10-19

Front 1

Promise

Back 1

a persons assurance that the person will or will not do something

Front 2

Contract

Back 2

a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law on in some way recognizes as a duty

Front 3

Promisor

Back 3

the one making the promise

Front 4

Promisee

Back 4

The one to whom the romise was made

Front 5

Implied contract

Back 5

the conduct of the parties creates and defines the terms of the contract. requires offer, acceptance, consideration

Front 6

Quasi Contract

Back 6

contracts implied in law, that are not actual contracts. they are fictional contracts created by courts and imposed on parties in the interest of fairness and justice. usually imposed to avoid the unjust enrichment of one party

Front 7

Offer

Back 7

promise or commitment to do or refrain from doing some specifed thing in the future

Front 8

Intention

Back 8

An effective offer must have _______________

Front 9

Promissory Estoppel

Back 9

the promisor (offeror) is barred from revoking the offer, sometimes because the promisee has already changed their course of actions in reliance on the offer

Front 10

Counteroffer

Back 10

rejection of the original offer and the simultaenous making of a new offer

Front 11

Acceptance

Back 11

voluntary act by the offeree that shows assent to the terms of an offer - either words or conduct

Front 12

Consideration

Back 12

the value given in return for a promise or in return for a performance

Front 13

Covenant not to sue

Back 13

an agreement to substitute a contractual obligation for some other type of legal action based on a valid claim

Front 14

Covenant not to compete

Back 14

a restraint of trade agreement that is reasonable and contained in an ancillary clause in a contract

Front 15

Unconscionable

Back 15

contracts that are grossly unfair as to be "void of conscience" - can be on procedural or substantive grounds