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business law final > Definitions > Flashcards

Definitions Flashcards

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1
Q

How do you define a contract?

A

A legally enforceable agreement

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2
Q

What is a non-competition agreement?

A

When one party agrees to not compete against another

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3
Q

Is a unilateral contract one where a party must do something in order to accept a promise made by another party?

A

Yes

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4
Q

What is a bilateral contract?

A

A promise made in exchange for another promise

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5
Q

What is the difference between an executed and executory agreement?

A

Executed: all parties have fulfilled their obligations, and executory: One or more parties have not fulfilled their obligations

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6
Q

Can a voidable contract be terminated by parties?

A

Yes

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7
Q

What is the difference between an express and implied contract?

A

Express: Agreement with all important terms explicitly stated. Implied: When terms are inferred by company’s actions or prior business dealings

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8
Q

Why can neither party enforce a void agreement?

A

As the bargain is illegal and one of the parties may have had no legal authority to make it

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9
Q

What must be provided in a mixed contract?

A

Primary purpose of the contract must be provided

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10
Q

What is an offer?

A

Has definite terms and permits the other party to create a contract by accepting those terms

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11
Q

What is the difference between an offeree and an offeror?

A

Offeree: To whom the offer is made to. Offeror: Who makes the offer.

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12
Q

Do consumer protection statutes protect consumers from fraud?

A

Yes

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13
Q

What are the gap-filler provisions?

A

These are the UCC rules for supplying missing terms

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14
Q

What does the letter of intent summarise?

A

The negotiation process

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15
Q

What is the difference between the requirements and output contract?

A

Requirements contract: obligates buyers to obtain all needed goods from the seller. Output contract: obligates the seller to sell all his output to the buyer who agrees to accept it

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16
Q

What does the mirror image rule involve?

A

The acceptance to be on the exact same terms as the offer

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17
Q

Is the mailbox rule that an offer is considered accepted the moment the offeree mails their letter? Is termination effective when received by offeror?

A

Yes

18
Q

Is consideration what makes a party want. to enter a contract?

A

Yes

19
Q

What is an act?

A

Any action that was not legally required to take in the first place

20
Q

What is forbearance?

A

Stopping someone from doing something that they have a legal right to do

21
Q

What is a bargain?

A

When something is sought by the promisor. and given by promise in exchange for their promise

22
Q

What is a unliquidated debt?

A

Disputed due to parties not agreeing over its existence or amount

23
Q

Is accord and satisfaction settling a debt for less than the sum claimed?

A

Yes

24
Q

Can a voidable contract be terminated by parties?

A

Yes

25
Q

Does disaffirm mean resting to confirm?

A

Yes

26
Q

What is ratification?

A

Words or actions indicating an intention to be bound by a contract

27
Q

What is the difference between duress and unilateral mistake?

A

Duress: improper threat forces another party to enter the contract, and unilateral mistake: one party enters the contract under mistaken assumption

28
Q

When can a party get discharged?

A

No more duties under the contract

29
Q

Does a rescind happen by mutual agreement?

A

Yes

30
Q

What does strict performance state?

A

One party to perform their obligations precisely with no deviation from current contract

31
Q

What does substantially performing mean?

A

Occurs when one party fulfils enough of its contract obligations to warrant payment

32
Q

What is a personal satisfaction contract?

A

Permitting the promise to make subjective evaluations of promisor’s performance

33
Q

What is force majeure?

A

A contract that relieves their duties when certain circumstances beyond their control arise

34
Q

Does the UCC 2 201 state that sale of goods $500 or more must be in writing, and must be signed by the person who is being enforced against?

A

Yes

35
Q

When must any contract be enforceable?

A

When seller has delivered goods or buyer has bought them

36
Q

Does cover mean making a good faith purchase of goods like those in the contract?

A

Yes

37
Q

What are incidental damages?

A

Minor costs experienced by injured party when responding to breach

38
Q

What are nominal damages?

A

Token sum given to plaintiff who demonstrates a breach but no serious injury

39
Q

When are liquidates damages clauses enforced?

A

Only if reasonable

40
Q
A

business law final (2 decks)

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