Business Law - Contracts Flashcards
What is a unilateral contract?
A promise in exchange for an act
What is a bilateral contract?
A promise in exchange for a promise creating a contract.
Will offers terminate immediately upon death of the offeror?
Yes
Can offeror set condition on the method and timeliness of acceptance?
Yes
If $5,000 is owed April 30 and borrower offers $4,000 for full satisfaction on April 1 and person accepts, does this constitute accord and satisfaction?
Yes. Because there is 30 days notice and it was accepted.
In determining whether the consideration to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
Legally sufficient
Which agreements can be admitted into evidence because they are not prohibited by the parol evidence rule?
Subsequent oral agreements
What constitutes duress?
Threats that overcome someone’s free will forcing them into a contract
Are all contracts with someone that is declared incompetent considered void?
Yes
Is a contract voidable if it is fraud in the inducement?
Yes - the person can rescind or go forth with it
Is a contract through duress through physical compulsion considered void?
Yes
Which condition will prevent the formation of an enforceable sale of goods contract?
Open acceptance
Under the UCC Sales Article, the warranty of title may be excluded by
The seller’s statement that it is selling only such right or title that it has