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39 Cards in this Set
- Front
- Back
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acceptance
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offeree assents to the terms of the offer
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avoid
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repudiated...gotten out of
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bargain
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an agreement
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bilateral contract
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is a contract containing two promises, one made by each party to the contract
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capacity
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legal competency
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commerce clause
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gives Congress the power to regulate commerce with foreign nations and among the different states.
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condition precedent
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is an event that must first occur before an agreement becomes effective.
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contract
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any agreement that is enforceable in a court of law.
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contract implied in fact
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a contract that arises from the conduct of the parties rather than from their express statements.
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contract implied in law
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a court imposed obligation.
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counter offer
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when an offeree makes an offer in response to an offer made to them.
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disaffirm
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repudiated or gotten out of
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executed
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contracts that are completely carried out
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executory
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contracts that are in existence but not yet carried out
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express contract
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a contract that the terms of the contract are stated by the parties, either orally or in writing.
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full, faith, and credit clause
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requires each state to recognize the laws and court decisions of every other state.
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implied contract
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a contract that the terms of the contract are not stated by the parties.
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infant
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the legal name for a minor.
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invitation to deal
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advertisements, price tags, prices on merchandise, signs and prices in catalogs.
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invitation to negotiate
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advertisements, price tags, prices on merchandise, signs and prices in catalogs.
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majority
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adulthood
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necessaries
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not only what maintains life but also what is required to preserve the standard of living to which an individual is accustomed.
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nullity
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not good, no legal effect
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offer
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a proposal
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offeree
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the person to whom the offer is made.
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offeror
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the person who makes the offer
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quasi
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as if, almost as it were.
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quasi contract
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a contract implied in law
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ratify
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approve or affirm
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rejection
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the refusal by he offeree of an offer
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restitution
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to restore the other person to the original position prior to the loss.
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revocation
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occurs when the offeror has a change of mind and calls back the offer before it is accepted by the offeree
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supremacy clause
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Makes the U.S. Constitution and federal laws the supreme law of the land
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unenforceable contract
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a contract that is valid but cannot be enforced for some legal reason.
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unilateral contract
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a contract containing only one promise in exchange for an act
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unjust enrichment
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occurs when one person retains money, property, or other benefit that in equity and justice belongs to another
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valid
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good, meets the requirements of law.
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void
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not good, no legal effect.
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voidable
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a contract that may be gotten out of by one of the parties, if he or she wishes, because of some rule of law that excuses that party's performance
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