Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
43 Cards in this Set
- Front
- Back
contract |
a "promise or a set of promises for the breach of which the law gives a remedy, ort the performane of which the law in some way recognizes as a duty. Or simply an agreement that can be enforced in court. |
|
objective theory of contracts |
a theory under which the intent to form a contract will be judged by outward objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person than by the party's own secret, subjective intentions. |
|
bilateral contract |
a contract in which an offeree can accept simply by promising to perform. No performance, such as payment of funds or delivery of goods, need take place for a bilateral contract to be formed. |
|
unilateral contract |
if the offer is phrased so that the offeree can accept the offer only by completing the contract performance. |
|
formal contracts |
are contracts that require a special form or method of creation to be enforceable, such as negotiable instruments. includes checks, drafts, promissory notes, bills of exchange . |
|
informal contracts |
a contract that does not require a specified form or formality in order to be valid. |
|
express contract |
in this contract the terms of the agreement are fully and explicitly stated in words, oral or written. |
|
implied contracts |
the conduct of the parties, rather than their words, creates and defines the terms of the contract. |
|
executed contract |
contract that has been fully performed on both sides |
|
executory contract |
contract that has not been fully performed by the parties |
|
valid contract |
has the elements necessary to entitle at least one of the parties to enforce it in court. Meets the 4 basic requirements. |
|
voidable contracts |
a valid contract but one that can be avoided at the option of one or both parties. |
|
unenforceable contracts |
is one that cannot be enforced because of certain legal defenses against it. |
|
void contract |
is no contract at all |
|
agreement |
the parties must agree on the terms of the contract and manifest their mutual assent to the same bargain. Ordinarally, agreement is evidenced by an offer and an acceptace. |
|
offer |
is a promise or commitment to do or refrain from doing some special action in the future.
3 elements must be present.
1) the offeror must have serious intention to become bound by the offer.
2) the terms of the offer must be reasonably certain, or definate, so that the parties and the court can ascertain the terms of the contract.
3) the offer must be communicated to the offeree. |
|
revocation |
the offeror's act of withdrawing an offer |
|
option contract |
created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree. |
|
counteroffer |
rejection of an old offer while simultaneously making a new offer. |
|
mirror image rule |
requires the offeree's acceptance to match the offeror's offer exactly- to mirror the offer. |
|
acceptance |
a voluntary act by the offeree that shows assent (agreement) to the terms of an offer. |
|
mailbox rule |
if the authorized mode of communication is the mail, then an acceptance becomes valid when it is dispatched (placed under control of the Postal Service)- not when it is received by the offerror. |
|
form selection clause |
online contracts contain one. It indicates the forum or location (such as a court or jurisdiction), in which contract disputes will be resolved. |
|
click-on agreement |
click on an "I agree" clause. |
|
shrink-wrap agreement |
agreement and terms are expressed inside the box. |
|
browse-wrap agreements |
like click-agree agreements that do not require a user to clicnk on agree to use or download. |
|
consideration |
the value (Such as cash) given in return for a promise or a specific action. |
|
forbearance |
refraining from an action that one has a legal right to undertake. |
|
bargained for exchange |
distinguishes a contract from a gift |
|
recission |
the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made. |
|
past-considerationj |
is no consideration |
|
covenant to compete |
employee agrees not to compete with the employer for a certain period of time after the employment relationship ends. |
|
contractual capacity |
the legal ability to enter into a contractual relationship. |
|
disaffirmance |
legal avoidance, or setting aside, of a contractual obligation |
|
usury |
charging more than the law states for interests |
|
unconsciounable |
contracts that are grossly unfair |
|
exculpatory clause |
release a party from liability in the event of a monetary or physical imnjury no matter what is at fault. |
|
statute of frauds |
stipulates what types of contracts must be in writing. |
|
privity of contract |
refers to the rights of the parties in a contract. |
|
assignment |
the transfer of rights to a third party |
|
delegation |
the transfer of contractual duties to a third party is known as delegation |
|
third party beneficiery |
a third person that benefits from a contract |
|
intended beneficiery |
a third party for whose benefit a contract is formed. An intended benfirciery can sue the promisor if such a contract is breached. |