Chapter 10 Flash Cards

adamchik
Flashcards by adamchik, updated more than 1 year ago
adamchik
Created by adamchik almost 5 years ago
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College Business Law Flashcards on Chapter 10 Flash Cards, created by adamchik on 11/10/2015.
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Question Answer
Promise A declaration by a person to do or not do something
Contract Agreement that can be enforced in court
Objective Theory of Contracts Contracting parties are only bound by terms that can be objectively inferred
Bilateral Contract promise for a promise
Unilateral Contract Promise for an act, only fulfilled when performed
Formal Contract Contract that requires specific form for validity
Informal Contract Contract does not require specific form
Express Contract Terms of agreement are stated in words
Implied Contract Contract formed on conduct of parties
Executed Contract Contract fully performed on both sides
Executory Contract Contract has not been fully performed
Valid Contract Has all four elements (agreement/capacity/consideration/legality)
Voidable Contract Still a valid contract but can be avoided at option of one or both parties
Unenforceable Contract Still a valid contract, however cannot be enforced due to a legal defense
Void Contract No Legal Contract
Agreement Meeting of the minds, includes offer and acceptance
Offer Promise to perform or refrain from an act in the future
Revocation Withdrawal of contract offer by the offeror. Becomes effective when offeree receives notification
Option Contract Offeror cannot revoke offer during certain time frame
Counter Offer Offeree rejects original offer and at the same time makes a new offer
Mirror Image Rule Offeree's acceptance must match offeror's offer to form a valid contract
Acceptance Voluntarily agreeing through words or conduct
Mailbox Rule Acceptance takes effect when offeree sends communication to offeror
E-Contract Contract that is formed electronically
Forum-Selection Clause Provision in contract designating jurisdiction for trial
Click-On Agreement Agreement that arises when online buyer clicks the "I agree" box
Shrink Wrap Agreement Agreement whose terms are expressed in document located in a packaged box
Record Information inscribed in a tangible medium
Consideration Value given in return for a promise
Forebearance Act of refraining from an action that one has legal right to take
Recission Contract is canceled and parties returned to previous positions
Past Consideration Act has already taken place and cannot be used for consideration later
Covenant Not to Compete Contract where one party promises not to compete with another for specific period of time in geographic area
Disaffirmance Legal avoidance of a contract obligation, used by minors
Reformation Court ordered correction of a written contract
Unconscionable Void contract based off that one party was forced to accept unfair or harsh terms
Exculpatory Clause Clause that releases a party from liability, regardless of who is at fault
Statute of Frauds Certain contracts must be in writing or are void
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