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12 Cards in this Set
- Front
- Back
Common Law
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Law that is made via rulings of the appellate courts. Governs most contracts, including employment, services, insurance, real property, patents, and copyrights.
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Uniform Commercial Code
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Governs sales of all personal goods (or personal property). Sale is a transfer of title from seller to buyer, and goods are tangible personal property.
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Requirements of a Contract
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Mutual assent, consideration, legality of object, and capacity
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Mutual assent
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Parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. Usually offer and acceptance.
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Consideration
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Each party must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange.
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Legality of Object
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The purpose of a contract must not be criminal, tortious, or against public policy.
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Capacity
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The parties must have the ability to enter into a contract. Minors, those judicially declared incompetent, and intoxicated persons cannot enter into contracts. Every one else can.
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Bilateral contract
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A contract that comes into existence by an exchange of promises.
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Unilateral contract
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Only one person makes a promise. That promise need not be fulfilled until the the other acts or refrains from acting.
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Void Contract
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Not a contract. Does not meet all of the requirements, will not be enforced.
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Voidable contract
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A contract that in the matter it comes to being, allows one or more of the parties to avoid the legal duties of the contract. If a voidable contract is avoided, both parties are free form their legal duties under the contract.
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Unenforceable Contract
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A contract for the breach of which the law provides no remedy. Can be because of a Statute of limitations, for example.
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