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46 Cards in this Set
- Front
- Back
Contract |
Binding agreement that the courts will enforce |
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Uniform Commercial Code (UCC) |
Governs the sales of goods |
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Sale |
Transfer of title from buyer to seller |
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Goods |
Tangible personal property |
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Breach |
Failure to properly perform a contractual obligation |
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Mutual Assent |
Parties to a contract must manifest by words that they have agreed to enter a contract |
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Capacity |
Parties to a contract have a contractual policy |
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Implied Conract |
Agreement of party is inferred from their conduct |
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Express Contract |
Agreement stated in words, orally or written |
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Bilateral Contract |
Both parties exchange a promise |
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Unilateral Contract |
One party makes a promise |
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Valid |
Meets all requirements of a binding contract |
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Void |
No contract at all, no legal effect |
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Voidable |
Capable of being void |
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Unenforcable |
The law provides no remedy for breach |
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Executed Contract |
Contract fully performed by all parties |
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Executory Contract |
The Contract has not been fully performed yet |
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Promissory Estoppel |
-Doctrine enforcing some non-contractual promises -Requirements - a gratuitous promise -Remedy - a court will enforce the promise to the extent necessary to avoid injustice **Gift cannot be given back |
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Quasi Contract |
An obligation based on an implied contract Requirements - Plaintiff confers a benefit for the defendant Remedy - recovers reasonable value of the benefit for the defendant **Not a gift |
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Offer |
Indication of willingness to enter into a contract |
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Intent |
Determined by an objective standard of what a reasonable offeree would have believed |
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Revocation |
An offer may be terminated at any time before it is accepted |
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Rejection |
Refusal to accept an offer terminates power of acceptance |
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Counteroffer |
Counter proposal that normally terminates the original offer |
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Death or Incompetency |
Offer-er or offer-ee terminates the offer |
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Destruction of Subject Matter |
Offer terminates the offer |
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Subsequent Illegality |
Purpose or subject matter of the offer terminates the offer |
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Undue Influence |
Taking unfair advantage of a person by reason of dominant position based on a confidential relationship |
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Duress |
Wrongful act or threat that overcomes the free will of a party |
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Fraud |
False statement of a material fact intentionally or recklessly made causing the other party to rely on his determinant |
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Misrepresentation |
False Statement of a material fact causing other party to rely on determinant |
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Mutual Mistake |
Parties from an untrue conclusion through no fault of another party or they don't have the same matter in mind (contract can be rescinded)
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Unilateral Mistake |
One person makes a mistake (normally no remedy) |
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Mutual Consideration |
Each party to the contract must give consideration in some form (benefit or legal detriment) |
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Legal Benefit |
Getting something that had no prior legal right |
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Legal Detriment |
Doing an act one is not legally obligated to do |
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Illusory Promise |
Specific enough that they are enforceable, it is a want or a wish. No obligation on the promisor |
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Output Contract |
Agreement to sell all of one's production to a single buyer |
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Requirements Contract |
Agreement to buy all of one's needs from a single buyer |
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Exclusive Dealing Contract |
Exclusive dealing to ta specific franchisee or licensee |
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Conditional Contract |
Operations are contingent upon the occurrence of a stated event |
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Accord and Satisfaction |
Offer of a lesser sum as payment in full on a debt disputed in good faith. Acceptance of lesser sum discharges contract balance MUST SAY "paid in full" |
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Disputed Debt |
A lesser sum as payment in full is legally sufficient. Good faith factual dispute |
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Undisputed Debt |
A lesser sum as payment in full is NOT legally sufficient. NO good faith factual dispute |
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Conditional Contract |
Promise based on the condition (I will sing at your party if it is sunny out, sun controls) |
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Optional Contract |
Promise based on your own option (you choose if I sing at your party) |