Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Paralegal Course > Contracts > Flashcards

Contracts Flashcards

1
Q

What is a Contract?

A

A contract is an agreement that is enforceable by a court of law. A legally enforceable agreement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A _________________ is an agreement that is enforceable by a court of law. A legally enforceable agreement.

A

contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Every contract involves at least two parties: (parties?)

A
  • the offeror- the party who makes an offer to enter into a contract; and
  • the offeree - the party to whom the offer is made
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the element of a contract?

A
  • Agreement (which requires offer and acceptance)
  • Consideration
  • Capacity
  • Lawful object
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

To be an enforceable contract, the following four basic elements (requirements) must be met:

A
  • Agreement
  • Consideration
  • Capacity
  • Lawful object
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Agreement, consideration, capacity, and lawful object are the 4 basic elements of what?

A

An enforceable contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What does agreement require?

A

Agreement requires offer and acceptance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Offer is the first half of the __________________.

A

Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

_______________ is the second half of the agreement.

A

Acceptance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The _____________ sets forth the terms under which the offeror is willing to enter into the contract.

A

offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The ___________ has the power to create an agreement by accepting the offer.

A

offeree

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The offeree has the power to create an agreement by ______________________.

A

accepting the offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

For the offer to be effective: (3 things)

A

-The offeror must objectively intend to be bound by the offer;
-The terms of the offer must be definite and reasonably certain;
and
-The offer must be communicated to the offeree.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A valid offer gives the offeree the power to accept the offer, creating a ____________.

A

Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The offeror may revoke (withdraw) an offer at ______________

__________________________.

A

any time prior to acceptance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the mirror image rule?

A

If acceptance is not a mirror image of the offer, it is not acceptance. It is a counter offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The power to accept the offer, creating a contract, does not continue ____________________.

A

indefinitely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The offeror may revoke (withdraw) at any time _______________________________.

A

prior to acceptance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The offer is also terminated if the oferee _________________________.

A

rejects it

20
Q

A ____________________ terminates the old offer and creates a new offer.

A

counteroffer

21
Q

Name 3 ways for Termination of the Offer

A
  1. The offeror may revoke (withdraw) an offer at any time prior to acceptance.
  2. The offer is also terminated if the offeree rejects it.
  3. A counteroffer terminates the old offer and creates a new offer.
22
Q

____________________ is assent by the offeree to the terms of the offer.

A

Acceptance

23
Q

Only the _____________ has the legal power to accept an offer and create a contract.

A

offeree

24
Q

Performance can constitute ________________.

A

acceptance

25
Q

What is acceptance?

A

Acceptance is assent by the offeree to the terms of the offer.

26
Q

Name 2 Contract types

A

Express Contracts and Implied Contracts

27
Q

What is an Express Contract?

A

An express contract is stated in oral or written words.

28
Q

What is an Implied Contract?

A

Implied contracts are implied from the conduct of parties. Must meet three elements:

  1. Plaintiff provided property or services to defendant.
  2. Plaintiff expected to be paid by defendant and did not provide property or service for free.
  3. Defendant had chance to reject the property or service provided by plaintiff, but failed to do so.
29
Q

What is consideration?

A

Consideration is the thing of value given in exchange for a promise or something tangible.

30
Q

_______________________ is the thing of value given in exchange for a promise or something tangible.

A

Consideration

31
Q

What are the most common types of consideration?

A

Tangible payment and performance of act

32
Q

What is a bargained-for-exchange?

A

consideration

33
Q

bargained-for-exchange

A

What you bargain for- something given on both sides. Promise and performance mutually inductive.

34
Q

Gift promises are also called _________________________.

A

gratuitous promises

35
Q

Are gift promises enforceable? Why or why not?

A

Gift promises are NOT enforceable because they lack consideration.

36
Q

Minors generally ____________ have the capacity to contract.

A

do NOT

37
Q

Mentally incompetent persons _________________ have the capacity to contract.

A

do NOT

38
Q

Capacity of a business to contract ___________________.

A

does not look at individual signer.

39
Q

Businesses ________ have the capacity to contract.

A

Do

40
Q

Being under the influence

A

is generally not a defense. Must be soooo drunk you can’t understand anything.

41
Q

Lawful object

A

You must contract for something legal.

42
Q

A contract to perform an illegal act is an ___________.

A

illegal contract

43
Q

A contract to perform an illegal act is an illegal contract. Illegal contracts are __________.

A

void

44
Q

Ratification Rules

A

not necessarily enforceable K, but then continue to do it, you have ratified it

45
Q

What Is K’s single greatest myth?

A

that you have days after you sign it to cancel

46
Q

Statute of Frauds requires what kinds of contacts to be in writing?

A
  1. K for land
  2. K that cannot be fulfilled in one year
  3. K for goods over $500
  4. K to pay the debts of another
47
Q

Breach of contract

A

failure to perform

Paralegal Course (29 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions