Shared Flashcard Set

Details

Chapter 8-Contracts
Contracts
61
Social Studies
Undergraduate 3
11/13/2014

Additional Social Studies Flashcards

 


 

Cards

Term
Contract
Definition
A legally enforceable agreement to do or not to do a specified thing
Term
Promiser
Definition
a person who makes a contractural promise
Term
promisee
Definition
a person who makes a contractural promise
Term
goods
Definition
tangible, moveable, personal property
Term
uniform comercial code
Definition
A code of laws created by national conference of commisions of uniform state laws governing conduct of business and other commercial matters.
Term
sale
Definition
a contract in which title of property passes from seller to buyer. Posessionally transfers at time of sale
Term
offeror
Definition
In contracts the person who makes the offer
Term
offeree
Definition
in contracts the person to whom an offer is made
Term
express contract
Definition
An agreement that is stated in words spoken or written
Term
implied inFact contract
Definition

a contractual agreement that is manifested by conduct or body language

*handshake

Term
quasi contract
Definition
A contract that may not be true but still is an obligation imposed on a party to prevent unjust enrichment of another.
Term
formal contract
Definition

agreement that must use perscribed language to be in perscribed form

 

Term
simple contract
Definition
all oral and written contracts not classified as formal contracts
Term
biliteral contract
Definition
agreement in which both parties exchange binding promises
Term
unilateral contract
Definition
an agreement in which the promser seeks performance of a requested act and the contract is formed so that the promiser is obligated to fullfill the promise.
Term
valid contract
Definition
An agreement that complies with all requests of the law for enforceability
Term
void argument
Definition
whichout legal force or binding effect
Term
voidable contract
Definition
an agreement that may be legally enforced or may be rejected by a party
Term
unenforceable contract
Definition
a valid contract that for some reasoncannot be enforced
Term
executed contract
Definition
a contract that has been performed fully by both parties
Term
executory contract
Definition
a valid contract in which something remains to be done by either or both parties
Term
compedent parties
Definition
parties who are legally qualified to make a binding contractual agreement
Term
necessaries
Definition
goods and services ordinarily required by and appropriate to an incompetent person's station in life, yet not availiable or not proved by parent/guardian.
Term
objective theory of contracts
Definition
theory that word and conduct of offeror means whatever a reasonable person may think they mean.
Term
offer
Definition
a promise by one person to do or give consideration in exchange for sough for consideration through acceptace by another person.
Term
acceptance
Definition
affirmative response to the terms of an offer creating a contract
Term
revocation
Definition
the taking back of an offer
Term
option contract
Definition
an agreement concering the right to buy or sell something to another at a certain price within a certain time
Term
cenuine assent
Definition
when consent of both parties to be bound by a contract is not negated by fraud, duress,underinfluence,or undue mistakes.
Term
duress
Definition
any threat of or acual physical harm that deprives a person of the freedom of will to choose and decide
Term
undue influence
Definition
wrongful persuasion, often by a diduciary or other trusted individual that deprives the victom of freedom of will in making a contract.
Term
fraud
Definition
a knowingly false representation of a material fact, or conduct with the intent to decieve
Term
unilateral mistake
Definition
a situation in which one of the parties to a contract labors under som error about an important fact in the agreement
Term
consideration
Definition
the price or inducement(reciprocal promices to enter a contract)
Term
insurable interest
Definition
A suffiecient interest in property such that its loss or desstruction would cause an economic loss to the owner
Term
blue laws
Definition
Statutes that regulate or prohibit commercial activities and amusements on Sundays
Term
interest
Definition
The price, usually expressed as an annualized rate, for use of a sum of money (principal) obtained from a lender
Term
subordian of perjury
Definition
Crime of persuading another person to commit perjury
Term
lobbying
Definition
Efforts by individuals and representatives of special-interest groups to persaude legislators to enact, amend, or rescind specified laws
Term
coveneant not to compete
Definition
Promise not to engage in competition; Generally illegal. Exception is in anticipation of dissolution of partnership and new employees
Term
hold harmless agreement or exulpatory clause
Definition
A hold harmless agreement releases one party to the agreement from liability
Term
adhesion contract
Definition
a contract drafed by a dominant party and then presented to hte other party on a take or leave basis
Term
statute of frauds
Definition
A state statute requiring certain types of contracts to be evidenced by writing aid to be signed by the party to be charged
Term
property
Definition
Anything that may be owned
Term
real property
Definition
Lend and the things permanently attached to it. includes air space above, surface water, and subsurface waters, gases, minerals, etc
Term
tangible property
Definition
Property that has physical evidence and can be touched
Term

intangible property

 

Definition
Property recognized by law even though it has no physical existence
Term
uniform electronic transaction act
Definition
A uniform state act providing a legal framework for electronic transactions giving electronic signatures and records some validity
Term
prruity of contract
Definition
Applies to a direct contractual relationship between parties for example, with a consumer-buyer dealing w/ retail seller
Term
third-party beneficiary
Definition
A third-party who receives the benefit of a contract between two other persons
Term
assignment
Definition
The transfer of or all rights under a contract to another person
Term
delegation
Definition
Transfer of some or all contractual duties
Term
performance
Definition
That which each party to a contract promises to do
Term
substantial performance
Definition
  1. When a party to a contract honestly performs most essentials of the contract, but there is some minor omission or deviation that can be corrected, compensated, for in a reduction of the price.
Term
waive
Definition
To give up a right
Term
accord and satisfaction
Definition
A party agrees to accept some substitute for the promised performance of a contract, which is then provided and released
Term
novation
Definition
A three-party agreement in which a creditor accepts a new party who agrees to assume the debt the prior debtor
Term
breach
Definition
Failure without legal excuse to perform a promise made in a legally binding agreement
Term

recission

 

Definition
The unmaking of a contract by the mutual agreement of the parties
Term
compensatory damages
Definition
In breach of contract, amount is equivalent to actual dollar loss sufferend because defendant did not perform as promised
Term
liquidated damages
Definition
Amount of damages that contracting parties have previously agreed would be fair payent in case of breach. This ammound twill be unacceptable by a court if it is so large as to constitute a penalty.
Supporting users have an ad free experience!