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Principles of Business > Contracts > Flashcards

Contracts Flashcards

1
Q

Contract

A

A legally binding agreement made between two or more persons, intended to create legal obligation between them and to be legally enforceable.

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2
Q

Parties to a Contract

A

Offeror
Oferee
Acceptor

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3
Q

Elements of a valid Contract

A

Offer
Consideration
Acceptance
Legality
Capacity
Possibility
Good faith

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4
Q

A Contract can be:

A

Verbal
Written
Implied by conduct

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5
Q

Define Offeror

A

The party who makes the offer

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6
Q

Define Offeree

A

The part to whom the offer is made

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7
Q

Define Acceptor

A

The offeree having accepted the officer

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8
Q

Persons not allowed to enter Contracts

A

Minors

Persons under the influence of drugs and alcohol

Mentally Insane

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9
Q

Define Misrepresentation

A

Referring to a false statement of a fact made by one party to another party

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10
Q

Types of Misrepresentation

A

Innocent
Negligent
Fraudulent
Breach
Void
Voidable

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Principles of Business (13 decks)

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