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Business Law Flashcards 5
3.01 for Haynes
32
Business
12th Grade
09/20/2012

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Cards

Term
Acceptance
Definition
unqualified willingness to along with offer.
Term
Aliens
Definition
people who are living in this country but owe allegiance to another.
Term
Benefit
Definition
something a party was not previously entitled to.
Term
Bilateral Mistake
Definition
mistake by two parties.
Term
Capacity
Definition
legal ability to enter into a contract.
Term
Consideration
Definition
exchange of things of value.
Term
Counteroffer
Definition
changing terms of initial offer.
Term
Detriment
Definition
any loss suffered.
Term
Duress
Definition
overcoming a person’s will by force.
Term
Economic Duress
Definition
threats to a person’s business.
Term
Forbearance
Definition
not doing something that you have a legal right to do.
Term
Fraud
Definition
deliberate deception to secure an unfair gain.
Term
Genuine Agreement
Definition
valid offer met by valid acceptance.
Term
Gratuitous
Definition
free agreements.
Term
Interest
Definition
fee owed to borrower.
Term
Legality
Definition
contract must not violate statutes
Term
License
Definition
legal document giving permission to do something
Term
Minor
Definition
not reached legal age of capacity.
Term
Mirror Image Rule
Definition
acceptance must not change terms of offer.
Term
Misrepresentation
Definition
untrue statement of facts.
Term
Necessaries
Definition
necessities.
Term
Offer
Definition
proposal of one party to another.
Term
Promissory Estoppel
Definition
a promise enforceable without consideration.
Term
Ratify
Definition
approve.
Term
Rejection
Definition
refusal of offer.
Term
Rescind
Definition
cancel.
Term
Restrictive Covenant
Definition
a promise not to compete.
Term
Revocation
Definition
taking back offer.
Term
Unconscionable
Definition
great inequality.
Term
Undue Influence
Definition
unfair persuasive pressure on another person.
Term
Unilateral Mistake
Definition
error by one of the parties.
Term
Usury
Definition
charging more than maximum legal interest rate.
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