Term
When does the Exam come up?
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Definition
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When is the Exam due?
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Definition
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What chapters will the exam cover?
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Definition
Chapter 1, 2, 3, 4, and 6.
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Term
What is the Hairy Hand Case?
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Definition
Hawkins vs. McGee
The surgeon told McGee that he would have a perfect hand that would function as before after the skin graft. However the skin graft resulted in McGee having hairy hands which caused inferior performance.
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Term
What is Inferior Performance?
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Definition
Did not perform based on the contract's terms and conditions or your true expectations.
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Term
What is consideration in regards to contracts?
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Definition
The burden you take on, for agreeing to a contract, or the benefit you promise to the other party.
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Term
What is a promisee?
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Definition
A person to whom a promise is made
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Term
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Definition
The person who makes a promise to the other person.
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Term
Once you start a job, in some states, if your job wants you to sign a contract they must provide new consideration in what form?
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Definition
A form outside of employment
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Term
Once you start a job, in some states, if your job wants you to sign a contract they must provide new consideration, that is not a form outside of employment, but rather what?
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Definition
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Term
What is a Unilateral contract?
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Definition
A contract that is completed once its terms are satisfied.
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Term
Can moral obligation act as consideration?
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Definition
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Term
Are you responsible for unforeseeable circumstances that come about when referring to contracts?
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Definition
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Term
If you don't mitigate your damages, do you get a pay out?
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Definition
No, the court normally returns you to where you were before, for every breach of contract case.
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Term
If you know there is something that could happen to mess up your contract agreement, what do you do?
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Definition
Make sure you are covered.
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Term
In what cases are contracts not good?
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Definition
A void contract and a voidable contract.
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Term
What is a void contract?
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Definition
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Term
What is a voidable contract?
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Definition
When one party is burdened, the other party can void the contract.
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Term
If whatever made a contract voidable is fixed, then what happens to the contract?
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Definition
It becomes legally binding
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Term
What is Partial Performance?
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Definition
The contract has been partially, significantly, completed.
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Term
What is an Equitable Remedy?
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Definition
Specific Performance, Injunction
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Term
What are types of Damages?
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Definition
Compensatory: Foreseeable monetary loss stated in the contract.
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Nominal: You give them a dollar
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Consequential: Foreseeable damages.
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Liquidated
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Punitive: To Punish a Party for doing something not necessarily illegal
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Term
What is unjust enrichment?
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Definition
Making someone rich, who doesn't deserve it.
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