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Contracts
Chapter 9
20
Business
Undergraduate 1
03/23/2011

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Term
Uniform Commercial Code
Definition
Governs commercial transactions, sales of goods, commercial paper, bank deposits, warehouse recites, bills of lading, investment securities, and secured transactions.
Term
Sale
Definition
Transfer of title to goods from seller to buyer for a price.
Term
Goods
Definition
Tangible personal property.
Term
Contract
Definition
a binding agreement that the courts will enforce.
Term
Breach
Definition
Failure to properly perform a contractual obligation.
Term
4 Requirements of a contract
Definition
1. Mutual Assent 3. Legality of Object
2. Consideration 4. Contractual Capacity.
Term
Mutual Assent
Definition
The parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. Offer and Acceptance.
Term
Consideration
Definition
Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as and inducement to the other party to make a return exchange.
Term
Capacity
Definition
Parties to a contract must have contractual capacity.
Term
Implied In Fact Contract
Definition
Contract where agreement of the parties is inferred from their conduct.
Term
Express Contract
Definition
Agreement of parties that is stated in words either in writing or orally.
Term
Bilateral Contract
Definition
both parties exchange promises.
Term
Unilateral Contract
Definition
Contract in which only one party makes a promise.
Term
Valid Contract
Definition
Contract that meets all of the requirements of a binding contract.
Term
Void Contract
Definition
an Agreement without legal effect
Term
Unenforceable Contract
Definition
Contract for the breach of which the law does not provide a remedy.
Term
Executed Contract
Definition
Contract fully performed by all parties.
Term
Executory Contract
Definition
Contract not fully performed.
Term
Promissory Estoppel
Definition
Doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement.
Term
Quasi Contract
Definition
Obligation not based on contract that is imposed to avoid injustice.
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