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| a set of moral principles or values that governs the conduct of an individual or a group (look at full description on page 190) |
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| to maximize profits for stockholders |
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| To avoid causing harm and to compensate for harm caused |
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| To consider the interest of all stakeholders, including stockholders, employees, customers, suppliers, creditors, and the local community |
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| To do good and solve social problems |
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| the party that makes an offer to enter into a contract |
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| party whom an offer to enter into a contract is made |
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| a contract entered into by was of a promise. "promise for a promise" |
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| offeror's offer can be accepted only by the performance of an act by the offeree. "a promise for an act" |
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| an agreement that is expressed in written or oral words |
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| a contract in which agreement between parties has been inferred from their conduct |
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| Quasi-contract also called implied-in-law contract |
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Definition
| allows a courts to award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed between the parties. (person goes to the hospital in a coma comes out and is better and then gets a bill. This bill should be paid.) |
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Definition
| contract the requires a special form or method of creation. |
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Definition
| contract that is not formal |
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| meets all essential elements to establish a contract |
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| Essentials to meet a contract (pg. 206 TOP) |
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Definition
1. Consist of an agreement between the parties
2. be supported by legally sufficient consideration
3. be between parties with contractual capacity
4. Accomplish a lawful object |
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Definition
| as if the contract never existed. it has no legal effect. (Like a contract to commit a crime) |
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Definition
| one in which at least one party has the option to avoid his of her contractual obligations. |
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Definition
| some legal defense to the enforcement of the contract. (If a contract needed to be written down and it wasn't) |
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Definition
| one that has not been executed by both sides |
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| determined to be insane by a proper court or administrative agency. Contracts are void if they were there. |
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Definition
| contract may be taken back on the grounds that they never really agreed with each other. (Ship peerless and there happened to be two ships by that name) |
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Definition
| Both parties know the object of the contract but are mistaken as to its value. (the painting one) |
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Definition
| When one party threatens to do some wrongful act unless the other party enteres into a contract. |
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Definition
| When one person takes advantage of another person's mental, emotional or physical weakness and unduly persuades that person to enter into a contract. |
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Definition
| This must be written down and some examples are land, anything that lasts more than a year, and anything attached to land. |
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| The contracts that have to be written down to be enforceable. |
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| a co-signor, someone who signs and say that if the other person cant make the payments that they will begin taking over the payments. |
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| Intended third-party beneficiary |
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Definition
| A party who is not in privity of contract but who has rights under the contract and can enforce the contract against the obligor. |
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Definition
| A type of performance that occurs when a party to a contract renders performance exactly as required by the contract; it discharges that party's obligations under the contract, |
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Definition
| performance by a contracting party that deviates only slightly from complete performance. |
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Definition
| Damages that compensate a nonbreaching party for the loss of a bargain. (Make $6000 with one job, then job no longer wants you. You get another job for $5000 you can get the $1000 back) |
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Definition
| foreseeable damages that arise from circumstances outside a contract. In order to be liable for these damages, the breaching party must know or have reason to know that the breach will cause special damages to the other party. (Buy a product for $10 and then tell the manufacturer you will sell it for $15. If the manufacturer doesn't give the stuff to you then you can earn the $5 profit you were supposed to get off of everything sold) |
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Definition
| An agreement by the parties in advance that sets the amount of damages recoverable in case of breach. These damages are lawful in they do not cause a penalty. |
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Definition
| The buyer takes the risk of the product during transportation. |
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Definition
| requires the seller to bear the risk of loss of the goods during transportation. |
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| No movement of goods - merchant seller |
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Definition
| The seller bears the risk of loss |
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| No Movement of goods - Nonmerchant seller |
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Definition
| The buyer takes the risk as long as they are notified when the product is ready for pickup |
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