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34 Cards in this Set
- Front
- Back
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Contract
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Legally Enforceable Agreement
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Valid
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Are done correctly and are legally enforceable
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Void
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Are so wrong that they are not enforceable
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Voidable
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A person can choose whether to void or validate
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Express
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Expressed by words
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Implied
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Expressed by actions
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Formal
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Have to follow specific form
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Simple
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Everything else, No specific form necessary
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Excutory
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Contracts that are still being worked on
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Executed
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Contracts that are finished or completed
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Unilateral
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One promise
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Bilateral
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Two promises
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3 Types of offers
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Definite, Communicated, Seriously Intended
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Ways a contract can be Terminated
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Revoked, Rejection, Lapse of Time, Performance becomes illegal, death
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Counter Offer
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Rejection of the offer and making a new offer
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Acceptance
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Offeree accepts the contract
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Consideration
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The stuff of value that gets exchanged, does not have to be equal
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Capacity
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Minors, Mental incompetence, Intoxicated of under the influence
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3 Defects of a Contract
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Mistake, Fraud, Opinion
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3 Acts of Fraud
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Execution, Inducement, Deceptive Behavior
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Duress
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Emotional, Physical Financial, Undue Influence
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Illegal
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Lawful means to carry out purpose
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Written Documents
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Statute of Fraud, Parole evidence role
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Statute of Fraud
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Law requiring certain contracts to be in writing
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Beneficiary
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The person that receives benefits
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Donee
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Donates the gift
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Novation
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New party for one of the original parties
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Assignment
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Conveyance of rights in a contract to a person, not a party
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Delegation
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Transfer of duties
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Performance
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Executed or Terminated
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Operation of Law
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Statute of Limitations (SOL) (legal deadline to file lawsuit)
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Accepting of Breach
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Side who can't or won't follow contract
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Rescind
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Unmaking of a contract between parties
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Damages
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$$$$$ Compensatory, nominal, punitive, liquidated
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