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22 Cards in this Set
- Front
- Back
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offer |
An indication of a willingness to enter into a contract that is communicated to the offeree. |
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Acceptance |
A manifestation of assent to the terms of the offer made in such a manner as invited or required by the offer |
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Manifestation |
The expressions, the display, the words, the accordions, the body language one exhibits when interacting iwth another |
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Consideration |
The detriment to each party in an exchange. It is the give and take in a contract |
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Express Contract |
Contract with significant, clear, definate, unambiguous terms stated orally or in writing |
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Implied Contract |
A contract that is not manifested by words but gathered by implication or actions |
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Bilateral contract |
A contract in which both parties make promises. A promise for a promise |
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Unilaterial Contract |
A contract that is formed when one party acts in response to another party's promise. a promise for an act |
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Void Contract |
An agreement with no legal afect. as if it never existed. Not enforceable. |
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Voidable Contract |
One party has the power to void the contract if they so choose |
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Assignment |
the transfer of a right or property interest |
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Delegation |
The transfer of a duty or obligation to another party |
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Mutual Assent |
An agreement; the meeting of the minds. |
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Pre-Existing duty rule |
Promising to do something that one already has a legal obligation to do |
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Promissory Estoppel |
Legal theory that a promise is enforceable by law when the promisor makes a promise to the promisee who rules on that promise to his or her detriment |
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Statute of Frauds |
Statutory provision that requires that certain contracts be in writing to be enforceable |
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Suretyship |
One who agrees to be responsible for the debt of another if the other fails to pay or perform under the debt |
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Uniform Commercial Code |
a comprehensive set of laws governing commercial transations |
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Sole Proprietorship |
A business owned and operated by one individual |
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Partnership |
An association of two or more persons who carry on a business for profit as co-owners and share in the profits and losses |
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Coproration |
A legal entity created by law and designed to exist indefinitely where ownership is vested in stockholders |
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LLC (Limited Liability Companies) |
A hybrid business organization that has the characteristics of both a partnership and a corporation |
