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;
19 Cards in this Set
- Front
- Back
|
Fictional Contract created by a court
Elements: One party confers a benefit on another Both are aware of the benefit and Retention of the benefit without compensation would be unfair and unjust. ex-if you were aware a painter was painting your house without permission, but you did nothing to stop it then you would be held responsible under this contract. |
implied in law contract (quasi contract)
|
|
|
are Ones to Do Something Illegal or Against Public Policy—Neither Side Can Enforce
Example: Contract to buy drugs ------are illegal and do not exist at law! |
void contracts
|
|
|
True/False-A contract can be partially void. ex-charging an excessive interest for a loan. the loan must be repaid but the interest would not be enforceable.
|
True
|
|
|
are Contracts in Which One Party has the Right to End the Contract
Example: Contracts of minors are voidable |
voidable contracts
|
|
|
a contract that cannot be honored judicially because of some procedural problem. ex-filing suit too late, or a contract that should be in writing, but is not is ------
|
unenforceable contract, unenforceable
|
|
|
---------- is a contract in Which the Promises Under the Contract Have Been Performed
|
Executed Contract
|
|
|
------------is a contract That Has Been Entered Into But Not Yet Performed
|
executory
|
|
|
Contracts Can Be Partially Executory/Executed if
|
One Side Has Performed
|
|
|
is the First Part of the Contract
Parties: Offeror = person who makes offer Offeree = person who receives offer |
offer
|
|
|
person who makes offer is. person who receives offer.
|
offeror, offeree
|
|
|
the offeror must ------ to contract at the time the offer language is used. Distinguishes offers from negotiations
|
intend
|
|
|
courts use an -------- standard not a ------ standard in determining the intent of the parties when determining whether or not a contract was formed. ex-jokingly saying id sell my company vs. talking with a prospective buyer.
|
objective standard, subjective.
|
|
|
Offeree cannot accept offer that ------
|
never arrives
|
|
|
Ads are generally considered ------------------ for offers—not offers
|
invitations
|
|
|
occurs when the offeror notifies the offeree that the offer is no longer good. Offer Can be Revoked any Time Prior to Acceptance.
|
revocation
|
|
|
t/f a letter in which an offer is made is not an offer until the letter reaches the offeree.
|
True
|
|
|
a limitation that makes an offer irrevocable which pays the offeror for the time needed to consider the offer.
|
option
|
|
|
under the ucc which form of an option makes an offer irrevocable even without the offeree's payment?
|
a merchant's firm offer
|
|
|
Offer by merchant signed in writing states it will be kept open (irrevocable) for period stated (maximum of three months)
|
UCC merchant’s firm offer UCC 2-205
|
