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;
11 Cards in this Set
- Front
- Back
|
What is a contract? |
A legally binding agreement |
|
|
7 aspects to a simple contract? |
Offer Acceptance Consideration Capacity Possibility Goodfath Genuiness |
|
|
What is execution consideration |
Consideration that is to be given as soon as possible |
|
|
What is excurionaly consideration |
Consideration that should be given on a specific date |
|
|
Types of misrepresentation? |
Innocent misrepresentation Fraudulent misrepresentation Negligent representation |
|
|
Rules of acceptance |
Acceptance must be done on the specific time mentioned time mentioned and if acceptance is in a letter it is as soon as the letter is posted |
|
|
What is innocent representation? |
When the party honestly thought that what they did was what they were supose to do |
|
|
What is Fraudulent misrepresentation |
Misrepresentation when one party knows the other is misunderstanding but dosint correct them |
|
|
What is unilateral agreement |
a one-sided contract agreement in which an offeror promises to pay only after the completion of a task by the offeree |
|
|
What is Bilateral agreement? |
an agreement between two parties in which each side agrees to fulfill their side of the bargain. |
|
|
What is Bilateral contract |
a contract in which both parties exchange promises to perform. |
