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MGT 2106 > Chapter 10 Vocab > Flashcards

Chapter 10 Vocab Flashcards

1
Q

a declaration by a person (the promisor) to do or not to do a certain act

A

promise

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2
Q

a set of promises constituting an agreement between parties, giving each a legal duty to the other and also the right to seek a remedy for the breach of the promises or duties

A

contract

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3
Q

the view that contracting parties shall only be bound by terms that can objectively be inferred from promises made

A

objective theory of contracts

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4
Q

a type of contract that arises when a promise is given in exchange for a return promise

A

bilateral contract

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5
Q

a contract that results when an offer can be accepted only by the offeree’s performance

A

unilateral contract

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6
Q

an agreement that by law requires a specific form for its validity

A

formal contract

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7
Q

a contract that does not require a specific form or method of creation to be valid

A

informal contract

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8
Q

a contract in which the terms of the agreement are stated in words, oral or written

A

express contract

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9
Q

a contract formed in whole or in part form the conduct of the parties

A

implied contract

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10
Q

a contract that has been fully performed by both parties

A

executed contract

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11
Q

a contract that has not yet been fully performed

A

executory contract

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12
Q

a contract that results when the elements necessary for contract formation are present

A

valid contract

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13
Q

a contract that may be legally avoided at the option of one or both of the parties

A

voidable contract

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14
Q

a valid contract rendered unenforceable by some statue or law

A

unenforceable contract

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15
Q

a contract having no legal force or binding effect

A

void contract

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16
Q

a mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract

A

agreement

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17
Q

a promise or commitment to perform or refrain from performing some specified act in the future

A

offer

18
Q

the withdrawal of a contract offer by the offeror; unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability

A

revocation

19
Q

a contract under which the offeror cannot revoke the offer for a stipulated time period (because the offeree has given consideration for the offer to remain open)

A

option contract

20
Q

an offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer

A

counteroffer

21
Q

a common law rule that requires the terms of the offeree’s acceptance to exactly match the terms of the offeror’s offer for a valid contract to be formed

A

mirror image rule

22
Q

the act of voluntarily agreeing, through words or conduct, to the terms of an offer, thereby creating a contract

A

acceptance

23
Q

a common law rule that acceptance takes effect, and thus a contract is formed, at the time the offeree sends or delivers the acceptance using the communication mode expressly or impliedly authorized by the offeror

A

mailbox rule

24
Q

a contract that is formed electronically

A

e-contract

25
Q

a provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract

A

forum-selection clause

26
Q

an agreement that arises when an online buyers clicks on the “I agree” or otherwise indicates her or his assent to be bound by the terms of an offer

A

click-on agreement

27
Q

an agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged

A

shrink-wrap agreement

28
Q

a term or condition of use that is presented when an online buyer downloads a product but that does not require the buyer’s explicit agreement

A

browse-wrap term

29
Q

an electronic sound, symbol, or process attached to or logically associated with a record and adopted by a person with the intent to sign the record

A

e-signature

30
Q

information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable

A

record

31
Q

the value given in return for a promise or performance in a contractual agreement

A

consideration

32
Q

the act of refraining from an action that one has a legal right to undertake

A

forbearance

33
Q

a remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made

A

rescission

34
Q

an act that has already taken place at the time a contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay the act

A

past consideration

35
Q

a contractual promise of one party to refrain from competing with another party for certain period of time and within a certain geographic area

A

covenant not to compete

36
Q

the legal ability to enter into contracts; the threshold mental capacity required by law for a party who enters into a contract to be bound by that contract

A

contractual capacity

37
Q

the legal avoidance, or setting aside, of a contractual obligation

A

disaffirmance

38
Q

charging an illegal rate of interest

A

usury

39
Q

a court-ordered correction of a written contract so that it reflects the true intentions of the parties

A

reformation

40
Q

a contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party

A

unconscionable

41
Q

a clause that releases a contractual party from liability in the event of monetary or physical injury no matter who is at fault

A

exculpatory clause

42
Q

a state statute under which certain types of contracts must be in writing or in an electronic record to be enforcable

A

statute of frauds

MGT 2106 (15 decks)

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