Blw 201 Stiles Ch 8

Front 1

A legally enforceable promise or set of promises.

Back 1

Contract

Front 2

Requirements that a promise has to meet before it is considered a contract

Back 2

(1) an agreement (an offer and an acceptance of the offer) (2) supported by consideration (3) voluntarily entered into (4) by parties having capcity to contract (5) to do a legal act or acts.

Front 3

The drafters of the Uniform Commercial Code (UCC) had what purposes in mind?

Back 3

promoting fair dealing and higher standards of behavior in hte market place and establish a uniform law to govern commercial transactions that often take place across state lines.

Front 4

Article 2 of the UCC applies to what kind of contracts?

Back 4

The sale of goods

Front 5

The term goods in regards to Article 2 means

Back 5

tangible personal property.

Front 6

The test the courts most frequent use to determine whether Article 2 applies to a particular contract is

Back 6

to ask which element - goods or services - predominates in the contract.

Front 7

If a contract is not for the sale of goods, what principle is used?

Back 7

Common law

Front 8

True or False. Transactions such a software would not qualify as goods under the UCC.

Back 8

True

Front 9

A contract that is grossly unfair or one sided

Back 9

Unconsciousable Contract

Front 10

The UCC imposes certain standards of quality on sellers of goods as a matter of law called

Back 10

Implied warranties

Front 11

True or false. Some sections of the code impose a higher standard of behavior on merchangts than on nonmerchants.

Back 11

True

Front 12

A person that regularly deals in the kind of good being sold, or pretends to have some special knowledge about the good

Back 12

Merchant

Front 13

The United Nations Convention on Contracts for the International Sale of Goods (CISG) fundamental goal is

Back 13

to unify and codify an international law of sales.

Front 14

Provides rules governing the information of international contracts and regulates teh transfer of goods under those contracts

Back 14

United Nations Convention on Contracts for the International Sale of Goods (CISG)

Front 15

Differences between the UCC and CISG

Back 15

1) CISG applies only to commercial ales of goods while the UCC governs both consumer and commercial transactions. 2) The UCC has some provisions holding merchants to higher standards than those imposed on nonmerchants, the CISG does not. 3) The UCC requires contracts for the sale of goods in excess of $500 to be in writing. The CISG has no writing requirement nless the contract contains a written provision requiring that modifications for terminations be in writing. 4) the CISG generally requires that accpetance be a mirror image of the offer, while the UCC focuses on which temrs of the offer and acceptance are the same.

Front 16

What is the Hague Convention on the Law Applicable to Contracts for the International Sale of Goods (Choice of Law Convention)?

Back 16

It resulted from an attempt to harmonize choice-of-law rules with the CISG. It provides courts in the signatory countries with rules for determining which law applies to contracts for the sale of goods when those contracts involve parties from different countries. It allows contracting parties to specify which country's laws will apply to their transaction but also provides a way for the court to decide if the parties have not so chosen.

Front 17

If a country has not adopted the CISG, which country will have governing law when not specified in the cotnract?

Back 17

The law of the country in which the seller's place of business is located.

Front 18

A contract that meets all hte legal requirements for a contract and is enforceable in court.

Back 18

Valid Contract

Front 19

A contract that meets the basic legal requirements for a contract but will not be enforced due to some other legal rule.

Back 19

Unenforceable contract

Front 20

A contract that may be canceled by one or both of the parties. It is enforceable against both parties unless a party with the right to cancel the contract has done so.

Back 20

Voidable contract

Front 21

This contract lacks one or more of the basic requirements for a contract It has no legal force or effect.

Back 21

Void Contract

Front 22

In this type of contract only one of the parties makes a promise. The other party performs an act in exchange for that promise.

Back 22

Unilateral contract

Front 23

In this type of contract both parites make a promise.

Back 23

Bilateral contract

Front 24

A contract in which all the parties have fully performed their duties under the contract.

Back 24

Executed

Front 25

A contract in which the duties have not been fully performed.

Back 25

Executory

Front 26

A contract when the parties have directly stated its terms at the time the contract was formed.

Back 26

Express contract

Front 27

A contract in which the surrounding facts and circumstances indicate that an agreement has infact been reached.

Back 27

Implied Contract

Front 28

A legal fiction created by teh court to avoid injustice in cases. It requires the defendant to act as if he had promised to pay for the benefit he voluntarily received.

Back 28

Quasi Contract

Front 29

Cases in which denying enforcement would produce serious injustice by allowing a person who made a promise to claim no contract was made would cause an injustice on the person who relied on the promise. It protects reliance.

Back 29

Promissory estoppel