Shared Flashcard Set

Details

Objective 3.01 Vocabulary
N/A
34
Business
11th Grade
02/22/2012

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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
Term
Statute of Frauds
Definition
Contracts required to be in writing
Term
Parole Evidence Rule
Definition
Ensures that all parts are in writing
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