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Details Title: Contract Flash Cards Description: flash cards for contracts, offers, etc. Total Flash Cards: 13 Created: 02/21/2007 07:12:57	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term contract Definition an agreement between two or more parties that creates an obligation Term elemts of legally enforceable contract Definition 1. Agreement comprised of an offer and an acceptance 2. Supported by consideration 3. Made by parties with capacity to contract 4. Genuinely assented to 5. For a legal purpose 6. In writing when required. Term elemts of legally enforceable contract Definition 1. Agreement comprised of an offer and an acceptance 2. Supported by consideration 3. Made by parties with capacity to contract 4. Genuinely assented to 5. For a legal purpose 6. In writing when required. Term express contract Definition Terms set down in a clear0cut fashion, either orally or in writing Term impleied contract Definition Terms are not stated, instead they are determined from the surrounding circumstances or an established pattern of dealings. Term bilateral contract Definition one that obligates all parties to it to perform according to their promises. Term unilateral contract Definition a contract inwhich one party may be obligated to fulfill a contractual promise and then only if anothe rparty performs? Term Offer is composed of... Definition 1. Offeror must appear to intend to create a legal obligatoin 2. Terms must be definite and complete 3. offer must be communicated to the offeree Term acceptance Definition the agreement by an offeree to the terms of the offer. Term Ratification Definition when a person acts toward the contract as though he or she intends to be bound by it Term Lackof Genuine ASsent Definition - a MISTAKE does not release a person from a contract - CONCEALMENT is not revealing something to a person in a contract, still makes the contract legal - misrepresentation-an innocent misstatement of a significant fact by a party, makes the contract voidable - fraud - a reckless or intentionall misrepresentation in order to getn the other party to enter into the contract and the other partyt does so withoughta good way to check on the untruth. Term Gamvling Definition - based on luck rather than skill - a prize for one or more winners - payment to participate Term Concenant not to compete Definition include: - price fixing - markey allocations