Business Law Test 4

Front 1

Statute of frauds 2 components

Back 1

1. evidenced by a writing
2. signed by the person sought to be bound

Front 2

statute of frauds 6 subjects contract to terms

Back 2

1. Ks evidencing an interest in real property
2. Ks which by their terms exceed one year
3. Promises to answer for th debt of another (Collateral K)
4. Promises of an executor to pay estate debts from personal funds
5. Promises arising from a promise to marry (prenuptual or post nuptual)
6. Contracts over $500 (UCC)

Front 3

3 Exceptions to the statue of frauds

Back 3

1. Partial performance
2. partial payment
3. judicial admission

Front 4

What kind of writing can be used in a statute of frauds

Back 4

any writing: memos, billing slips, letters, etc.

Front 5

definition of parole

Back 5

cant bring in outside evidence to contradict a written agreement

Front 6

4 exceptions to parole

Back 6

fraud, accident, mistake, duress

Front 7

3 rules of Construction and Interpretation

Back 7

1 Look at whole agreement
2. good faith (law expects you to act in it "bona fide")
3. ambiguities are construed against the drafting parties

Front 8

Hierarchy of writings

Back 8

hand written OVER type written OVER pre-printed

Front 9

3 rules of conduct and custom

Back 9

1. course of performance (how was it done when it worked for all parties)
2. course of dealing (the same parties earlier contracts)
3. custom and usage of trade (1st contract)

Front 10

2 types of 3rd party beneficiaries

Back 10

Creditor, Donee

Front 11

what "3rd party beneficiary" is not actually a beneficiary

Back 11

Incidental

Front 12

Creditor has a case against who?

Back 12

Obligor and obligee

Front 13

Donee has a case against who?

Back 13

Obligor

Front 14

Incidental can sue for what?

Back 14

tort of negligence but not under the contract

Front 15

You assign what?

Back 15

rights

Front 16

you delegat what?

Back 16

duties

Front 17

Assignee takes teh contract subject to what 3 things?

Back 17

claims, defenses, and set offs

Front 18

5 contracts that are not assignable

Back 18

1. personal services
2. increasing the burden
3. personal satisfaction
4. credit transactions
5. prohibt assignment in contract

Front 19

3 types of conditions

Back 19

1. condition precedent
2. condition subsequent
3. condition concurrent

Front 20

If you tender the wrong product the _____________________ says you can make it right

Back 20

doctrine of cure

Front 21

Time is of the essence means

Back 21

if something is not done in a certain amount of time it is a breach of contract

Front 22

substancial performance involves what 2 things?

Back 22

non-material breach
non intentional

Front 23

Discharge through time limit

Back 23

contract is void after a certian amount of days

Front 24

discharge through both canceling

Back 24

both parties decide contract is done

Front 25

discharge trough both rescinding

Back 25

both give back objects (money for bike)

Front 26

discharge through destroying or changing the contract

Back 26

contract is made moot

Front 27

discharge through substitution

Back 27

whole new contract made, but same parties

Front 28

discharge through novation

Back 28

same contract but one new party

Front 29

accord

Back 29

payment

Front 30

satisfaction

Back 30

the amount paid is waht was expected

Front 31

waive

Back 31

give up part of the contract

Front 32

Impossibility is....

Back 32

subjective (I can't do it)

Front 33

Impossibility can be discharged by

Back 33

destruction of the subject matter

Front 34

temporary impossibility is discharged by

Back 34

only if time is of the essence

Front 35

Frustration of purpose is discharged by

Back 35

the courts granting relief if almost totaled

Front 36

Commercial impraticability is discharged by

Back 36

an event outside of the control fo either party cause a burden to one side (must be unusual circumstances)

Front 37

2 exceptions of discharge

Back 37

Frustration of purpose and commercial impracticability

Front 38

2 ways to discharge by law

Back 38

bankruptcy and statute of limitations

Front 39

statute of limitations

Back 39

time limit under which a claim can be brought

Front 40

contractual limitations

Back 40

same as statute of limitations but in private matters

Front 41

2 types of anticipatory breach

Back 41

express (spoken) and conduct (action)

Front 42

breach in contract recieves

Back 42

damages

Front 43

breach in quasi contract recieves

Back 43

remedies

Front 44

5 types of equitable remedies

Back 44

1. recission
2. restitution
3. reformation
4. specific performance
5. injunctive relief

Front 45

5 types of damages

Back 45

1. compensatory
2. consequential
3. nominal
4. punititve
5. liquidated

Front 46

compensatory damages

Back 46

give non breaching party the benefit of the bargain

Front 47

consequential damages

Back 47

(UCC cover "duty to mitigate") flows naturally, probably, and foreseable from the breach

Front 48

nominal damages

Back 48

$1

Front 49

Punitive damages

Back 49

losing party is forced to pay more than would have been for the benefit of the bargain

Front 50

Liquidated

Back 50

sum that is agreed upon becuase actual is to ohard to prove

Front 51

personal property

Back 51

tangible, moveable, not attatched

Front 52

real property

Back 52

attatched to the land

Front 53

fixtures

Back 53

attatched but could be removed

Front 54

gifts

Back 54

between the living

Front 55

gift inter vivos

Back 55

donative intent, delivery, righ tot possesion ut not actual possesion

Front 56

gift in causa mortis

Back 56

gift in fear of anticipation of immediate death, matters what you die from

Front 57

mislaid property, who owns

Back 57

can be found by retracing steps, custody belongs to owner of facility

Front 58

lost property, who owns

Back 58

cant retrace steps, custody belongs to ownder

Front 59

abandoned wild animal belongs to

Back 59

whoever finds it

Front 60

abandoned domesticated animal belongs to

Back 60

who ever owns it

Front 61

escheat

Back 61

process by which property becomes the state's, (unclaimed funds)

Front 62

tenants in common

Back 62

equal percentage of value is passed on from generation to generation

Front 63

jtwros-"right of survivorship"

Back 63

once part of generation dies off the two originals get his portion

Front 64

2 marital estates

Back 64

tenants by the entirety, community property

Front 65

bailment

Back 65

dont have control of rented space but of things in it

Front 66

rental

Back 66

the rentor has exclusive control over rented property

Front 67

bailor

Back 67

my stuff

Front 68

bailee

Back 68

you watch my stuff

Front 69

bailment (language)

Back 69

agreement (can be free or paid)

Front 70

exclusive benefit of the bailee

Back 70

slight negligence standard is used

Front 71

exclusive benefit of the bailor

Back 71

you're responsible if gross negligence is shown

Front 72

mutual benefit (bailment)

Back 72

both get somethin from bailment