Lw121 Quiz 3

Front 1

statute of frauds

Back 1

a state statute that requires certain types of contracts to be in writing.

Front 2

Contracts that must be in writing

Back 2

transfer of ownership interest in real property must be in writing to be enforceable.

Front 3

part performance

Back 3

allows the court to order an oral contract for the sale of land or transfer of an other interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.

Front 4

one year rule

Back 4

an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.

Front 5

guaranty contract

Back 5

a promise in which one person agrees to answer for the debts or duties of another person.

Front 6

Section 201 of the Uniform Commercial Code

Back 6

all contracts for te sale of goods costing $500 or more must be in writing to be enforceable.

Front 7

promissory Estoppel

Back 7

parties enter into an oral contract that should be in writing, the oral promise is enforceable again the promisor if three conditions are met 1. the promise induces action or forbearance of an action by another. 2. the reliance on the oral promise was forseeable, and 3. injustice can be avoided only by enforcing the oral promise.

Front 8

Required signature

Back 8

a written contract is to be signed by the party against whom enforcement is sought.

Front 9

breach of contract

Back 9

a contracting partys failure to perform an absolute duty owed under a contract.

Front 10

compensatory damages

Back 10

intended to compensate a nonbreach party for the loss of the bargain.

Front 11

Construction contracts

Back 11

Compensatory damages recoverable for a breach of a construction contract vary with the stage of completion the project is in when the breach occurs. Contractor may recover lost profits they would have made if the owner breached the contract before construction begins.

Front 12

Liquidated Damages CLAUSE

Back 12

damages to which parties to a contract agree in advance should be paid if the contract is breached.

Front 13

Liquidated damages clause

Back 13

considered a penalty if actual damages are clearly determinable in advance or if the liquidated damages are excessive or unconscionable. Penalty is not enforceable.

Front 14

rescission

Back 14

an action to rescind a contract. available there has been a material breach of contract, fraud, duress, undue influence, or mistake.

Front 15

restitution

Back 15

the terun of goods or propery recieved from the other party to rescind a contrac. If the actual goods or property is not available, a cash equivalent must be made.

Front 16

punitive damages

Back 16

damages that are awarded to punish the defendant, to deter the defendant from similar conduct in the future, and to set an example for others.

Front 17

joint and several liability

Back 17

tort liability of partners together and individually. A plaintiff can sue one or more of the partners seperatly. If successful, the plaintiff can recover the entire amount of the judgement from any or all of the defendant partners.

Front 18

Joint liability

Back 18

liability of partners for contracts and debts of the partnership. A plaintiff must name the partnershihp and all of the partners as defendants in a lawsuit.

Front 19

coovenant

Back 19

is an unconditional promise to perform

Front 20

Condition

Back 20

a qualification of a promise that becomes a covenant if it is met.

Front 21

Condition precedent

Back 21

a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.

Front 22

personal satisfaction test

Back 22

subjective test that applies to contracts involvin personal taste and comfort.

Front 23

reasonable person test

Back 23

objecetive test that applies to commercial contracts and constracts involving mechanical fitness.

Front 24

concurrent condition

Back 24

a condition that exists when the parties to a contract must render performance simultaneously, each partys absolute duty to perform is condition ont he other partys absolute duting to perform.

Front 25

implied in fact condition

Back 25

a condition that can be implied from the circumstances surrounding a contract and the parties conduct.

Front 26

mutual recission

Back 26

requires the parties to enter into a second agreement that expressly terminates the first one.

Front 27

substituted contract

Back 27

parties toa contract may enter into a new contract that revokes and discharges a prior contract. new contract is called a substituted contract.

Front 28

novation

Back 28

substitutes a third party for one of the original contracting parties.

Front 29

accord and satisfaction

Back 29

the agreement whereby the parties agree to accept something different in satisfaction of the orginal contract is called an accord. performance of ana ccord is called satisfaction.

Front 30

Impossibility of performance

Back 30

1. death or incapacity of the promisor prior to the performance of a personal service contract.
2. destruction of subject matter.
3. supervening illegality.

Front 31

force majeure clauses

Back 31

in which the parties specify certain events that will excuse nonperformance.

Front 32

Elements of a contract

Back 32

1. agreement: offer and acceptance.
2. consideration: bargained for exchange.
3. contractual capacity: insanse do not have contractual capacity.
4. lawful object

Front 33

Defenses to the enforcement of a contract

Back 33

1. gebuiness of assent
2. writing and form

Front 34

common law of contracts

Back 34

contract law

Front 35

objective theory of contracts

Back 35

theory that says the intent to contract is judged by the reasonable person standard and not by yhe subjective intent of the parties.

Front 36

quasi contracts

Back 36

allows court to award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed between the parties.

Front 37

formal contract

Back 37

require a special form or method of creation.

Front 38

informal contract

Back 38

valid informal contracts are fully enforceable and may be sued open if breached.

Front 39

E-contracts

Back 39

enforcable.

Front 40

UCITA

Back 40

creates contract law for the licensing of information technology rights.

Front 41

Licenscing

Back 41

a contract that transfer limited rights in intellectual property and informational rights.

Front 42

licensing agreement

Back 42

a detailed and comprehensive written agreement between a licesnor and a licensee that sets forth the express terms of their agreement.

Front 43

Not bound by unilateral electronic error if:

Back 43

1. upon learning error, notifies licensor of error.
2. does not use or recieve any benefit from the info.
3. delivers all copies to the licesnor.
4. pays all shipping, reshipping, and processin costs of the licensor.

Front 44

Intentional Misrepresentation Fraud

Back 44

1. wrongdoer made a false representation of material fact.
2. wrongdoer had knowledge that the represesntation was false and intended to decieve.
3. innocent party relied on misrepresentation
3. innocent party was injured

Front 45

Elements of Negligence

Back 45

1. defendant owed a duty of care to the plaintiff.
2. defendant breached this duty
3. plaintiff suffered injury.
4. defendants negligent act was the actual cause of injuries.
5. defe

Front 46

duty of case

Back 46

obligation we all owe each other not to cause any unreasonable harm or risk of harm

Front 47

breach of duty

Back 47

failure to exerise care or to act as a reasonable person would act.

Front 48

injury to plaintiff

Back 48

personal injury or damage to his or her property that enables him or her to recover monetary damages for the defendant negligence

Front 49

actual cause

Back 49

actual cause of negligence act is not liable unless actual cause can be proven.

Front 50

Superseding or Intervening Event

Back 50

an event for which a defendant is not responisble, not liable for injuries casued by the superseding or intervening event.

Front 51

assumption of the risk

Back 51

used a gainst a plaintiff who knowingly and voluntarily enters into or participates in a risky activity that results in injury.

Front 52

contributory negligence

Back 52

a plaintiff who is partially at fault for his or her own injury cannot recover against the negligent defendant.

Front 53

comparitice negligence

Back 53

a doctrine under which damages are apportioned according to fault.

Front 54

strict liability

Back 54

liablit without fault.
1. there are certain activities that can place the publilc at risk of injury even if reasonable care is taken.
2. the public should have some means of compensation if such injury occurs.

Front 55

negligence

Back 55

tort related to defective products in which the defendant has breached a duty of due care ad caused harm to the plaintiff

Front 56

chain of distribution

Back 56

all manufacturers, distributors, wholesalers, retailers involved at strictly liable.

Front 57

punitive damages

Back 57

monetary damages that are awarded to unish a defendant who either intentionally or recklessly injured the plaintiff.

Front 58

failure to warn

Back 58

defect that occurs whena manufactuer does not place a warning on the packaging of products that could cause injury if the danger is unknown.

Front 59

generally known dangers

Back 59

defense that acnkowleges that certain products are inherently dangerous and are known tot he general population to be so.

Front 60

misuse

Back 60

defense that relives a seller of product liability if the user abnormally misued the product.