Business Law - Test 2

Front 1

recission

Back 1

cancellation

Front 2

rescinded

Back 2

cancellation

Front 3

anticipatory repudiation

Back 3

An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.

Front 4

reformation of the contract

Back 4

x

Front 5

substantial performance

Back 5

x

Front 6

substantial performance

Back 6

x

Front 7

repudiation

Back 7

x

Front 8

novation

Back 8

The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, novation involves the substitution of a new party for one of the original parties to the contract.

Front 9

commercial impracticability

Back 9

A doctrine that may excuse the duty to perform a contract when performance becomes much more difficult or costly due to forces that neither party could control or contemplate at the time the contract was formed.

Front 10

UCC

Back 10

uniform commercial code

Front 11

Article 2 of UCC governs...

Back 11

contracts for the sale of goods

Front 12

UCC: predominant-factor test

Back 12

a test courts use to determine whether a contract is primarily for the sale of goods for for the sale of services

Front 13

Three most common open terms for which the UCC provides provisions to fill the gaps in a contract

Back 13

open price, open payment, and open delivery term

Front 14

nonconforming goods

Back 14

x

Front 15

perfect tender rule

Back 15

requires a seller to deliver or hold at the buyer's disposal goods that conform to the contract's terms in every respect. If goods or tender of delivery fails in any respect to conform to the contract, the buyer or lessee has the right to accept the goods, reject the entire shipment, or accept part and reject part. See Performance of Sales and Lease Contracts.

Front 16

warranties

Back 16

an assurance by the seller concerning the goods

Front 17

Sources of International Law

Back 17

International customs • Evidence of a general principle accepted as law by the Statute of theInternational Court of Justice •

Treaties and international agreements• International organizations • Composed of representatives from member nations, usuallyestablished by treaty

Front 18

comity

Back 18

One nation will defer to the laws of the other nation, as long as thoselaws are consistent with the laws and public policy of theaccommodating nation.

Front 19

act of state doctrine

Back 19

• The judicial branch of one country will not examine the public acts of another foreign government within its own territory.

• This doctrine is important for businesses in foreign countries in determining whether property was confiscated or expropriated.

Front 20

Force majeure:

Back 20

Acts of God or unforeseen political events will excuse a party

Front 21

6. Which section of which act provides for the extraterritorial effect of U.S. antitrust laws?

Back 21

Section 1 of the Sherman Act

Front 22

Implied contract:

Back 22

the conduct of the parties determines the terms

Front 23

Executory contract:

Back 23

a contract that has not been fully performed

Front 24

Unenforceable contract:

Back 24

a valid contract thatcannot be enforced due to a defense or statute

Front 25

Shrink-wrap agreement:

Back 25

the terms are expressed in the box which packages the goods.

Front 26

disaffirmance

Back 26

Minors can enter into contracts, but they are voidable at the minor’s request

Front 27

Usury –

Back 27

charging an illegal interest rate

Front 28

Statute of Frauds, certain contractsmust be written

Back 28

• Contracts involving land

• Contracts that cannot be performed within one year and one day of execution

• Contracts to answer the debts of another

• Promises in consideration of marriage

• Contracts for the sale of goods $500 or more