Flashcards
Chapter 9
Cards in this deck (18)
- 1contracta legally enforceable promise or set of promises
- 2Contract requirements:1. agreement
2. supported
3. voluntarily
4. capacity
5. legal act - 3laissez-fairefree market
- 4Uniform Commercial Code(UCC)promoting fair dealing and higher standards of behavior in the marketplace
- 5merchantregularly deals in the kind of goods being sold
- 6Contracts for the International Sale of Goods CISGprovides rules governing the formation of international contracts and regulates the transfer of goods
- 7valid contractmeets all the legal requirements
- 8unenforceable contractmeets the basic legal requirements but will not be enforced due to some other legal rule
- 9voidable contractmay be cancelled by one or both of the parties
- 10void contracylacks one or more of the basic requirements
- 11unilateral contractonly one of the parties makes a promise
- 12bilateral contractboth parties make a promise
- 13executedwhen all the parties have fully performed their duties
- 14executoryit has not been fully performed
- 15expressthe parties have directly stated its terms at the time the contract was formed
- 16implied contractsurrounding facts and circumstances indicate that an agreement has been reached
- 17Quasi contracta legal fiction created by the court to avoid injustice in such cases
- 18promissory estoppelallowing the person who made such a promise to argue that no contract was created
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- Flashcards on Chapter 9, created by Shatavia Fullwoo on 06/10/2015.
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- Shatavia Fullwoo
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