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Business Law Final
Intro to Law Final at Boston College
58
Business
Undergraduate 1
12/16/2012

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Cards

Term
bilateral contract
Definition
one promise is given in exchange for another
Term
contract
Definition
a legally binding agreement
Term
contracts under seal
Definition
type of formal contract denoted by a seal
Term
executed contract
Definition
contract that has been completely performed
Term
executory contract
Definition
contract that has been partially performed
Term
express contract
Definition
spoken or written contract
Term
formal contract
Definition
enforced because the formality with which they are executed is considered sufficient to signify that the parties intend to be bound by their terms
Term
implied contract
Definition
agreement to contract shown by acts and conduct of the parties
Term
informal contract
Definition
all contracts that aren't formal contracts
Term
obligee, offeree, promisee etc.
Definition
person to whom the promise is made
Term
obligor, offeror, promisor etc.
Definition
person who makes the promise
Term
option contract
Definition
initial contract that gives right to one party to enter into a second contract at a later date.
Term
privity
Definition
parties in a contract stand in "privity" with each other
Term
privity of contract
Definition
relationship between parties in a contract
Term
quantum merit
Definition
recovery for as much as the party deserves, as deemed by court
Term
quasi contract
Definition
obligation imposed by law
Term
recognizance
Definition
(formal contract) contracts of record, which are obligations that have been entered before a court of record
Term
right of first refusal
Definition
(opposite of option contract) right to be given the opportunity to enter into a business transaction with a party before anyone else can
Term
unilateral contracts
Definition
pay a certain amount of money when action is completed (one-sided). example: when a reward is offered
Term
valid contract
Definition
an agreement that is binding and enforceable
Term
void agreement
Definition
agreement w/o legal effect
Term
voidable contract
Definition
an agreement that is otherwise binding and enforceable, but because of circumstances it may be rejected at the option of one of the parties
Term
acceptance
Definition
the offeree's manifestation of intent to enter into a binding agreement on the terms stated in the offer
Term
counteroffer
Definition
occurs when terms are changed or another offer is made, rejects original offer
Term
divisible contract
Definition
agreement where 2 parties have to perform their parts at the same time
Term
firm offer
Definition
an offer that states that it is to be irrevocable, or irrevocable for a stated period of time
Term
offer
Definition
expresses the willingness of the offeror to enter into a contractual agreement regarding a particular subject
Term
output contract
Definition
the contract of a producer to sell the entire production or output to a given buyer
Term
requirements contract
Definition
a contract to buy all requirements of the buyer from the seller
Term
confidential relationship
Definition
relationship in which failure to disclose information may be regarded as fraudulent (attorney-client relationship)
Term
contractual capacity
Definition
ability to understand that a contract is being made and to understand its general meaning
Term
duress
Definition
threat
Term
economic duress
Definition
threat of financial loss
Term
fraud
Definition
the making of a material misrepresentation of fact with (1) knowledge of its falsity (2) the intent that the listener rely on it (3) the result that the listener does so rely (4) the consequence that the listener is harmed
Term
necessaries
Definition
things absolutely necessary for the sustenance and shelter of the minor including health, education, food and lodging
Term
physical duress
Definition
danger threatened may be a physical harm (threat)
Term
reform
Definition
court may reform the contract to reflect the actual agreement of the parties
Term
status quo ante
Definition
put things back to their original position. (minor must return things to other party)
Term
undue influence
Definition
the amount of pressure which one uses to force someone to execute a will
Term
cancellation provision
Definition
authorize a party to cancel the agreement under certain circumstances
Term
composition of creditors
Definition
the various creditors of one debtor mutually agree to accept a fractional part of their claims in full satisfaction of the claims
Term
consideration
Definition
what each party to a contract gives up to the other in making their agreement
Term
forbearance
Definition
refraining from doing an act that an individual has a legal right to do
Term
illusory promise
Definition
if one party's promise contains either no obligation or only an apparent obligation to the other
Term
past consideration
Definition
past consideration is no consideration, a promise based on a party's past performance lacks consideration
Term
preexisting legal obligation
Definition
doing or promising to do what one is already under a legal obligation to do is not consideration
Term
promissory estoppel
Definition
a promisor may be prevented from asserting that his or her promise is unenforceable because the promisee gave no consideration for the promise
Term
contract of adhesion
Definition
take-it-or-leave-it basis by a party with superior bargaining strength, sometimes deemed unconscionable
Term
in pari delicto
Definition
equally guilty
Term
good faith
Definition
implied covenant, neither party shall do anything that will harm the other party
Term
lotteries
Definition
three elements of prize, chance and consideration. based solely on luck not skill
Term
public policy
Definition
protection from that which tends to be injurious to the public or contrary to the public good or which violates any established interest of society
Term
unconscionable clauses
Definition
may hold a contract unenforceable because it is too harsh or oppressive to one of the parties (procedural and substantive)
Term
usury
Definition
committed when money is loaned at a higher rate of interest than the law allows
Term
parol evidence rule
Definition
terms in initial discussion do not have to be included in official contract. give stability to contracts and to prevent the assertion of terms that did not exist or did not survive the bargaining of the parties.
Term
ambiguous
Definition
two or more meanings
Term
incorporation by reference
Definition
contract consists of both the original document and the detailed statement that is incorporated in it, refers to another document
Term
usages of trade
Definition
maybe be used to interpret the terms of a contract
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