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jeremy harmon > Exam 3 Law > Flashcards

Exam 3 Law Flashcards

1
Q

What are 3 ways you can terminate an offer?

A

Revocation
Rejection
A counter offer

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2
Q

What is an example of destruction of the subject matter?

A

I am selling you a car. Prior to me buying the car, I totaled the car. By operation of law the contract is terminated because the item was destroyed.

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3
Q

What does MYLEGS stand for?

A 
Marriage
Year (One year rule)
Land Sales
Executors Promise
Guarantor 
Sale of Goods in excess of $500
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4
Q

Contract Law

A

A form of law that deals with contracts

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5
Q

Past Consideration

A

An act done before a contract is made

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6
Q

Emancipation

A

The process of being set free from guardians

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7
Q

What are 3 circumstances that show lack of consideration?

A

Preexisting duties
Pass consideration
Illusory Promises

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8
Q

Counter offer

A

Rejecting the original offer given and coming up with a new offer

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9
Q

What are 2 defenses in enforcing a contract?

A

Form

Voluntary Consent

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10
Q

What is the parol evidence rule?

A

evidence that parties can introduce in order to identify certain terms of a contract

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11
Q

Promisor

A

Person who creates the promise

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12
Q

Mail Box rule

A

Acceptance is effective when mailed

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13
Q

What 2 things does the UCC cover?

A

Sales of goods

Leases

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14
Q

What is one necessary element for an effective offer?

A

Has to have serious intent

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15
Q

Promissory Estoppel

A

promise is enforceable by law

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16
Q

Rejection

A

Someone saying no to your offer

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17
Q

Illusory Promises

A

A promise that is not enforceable because the promisor can choose not to perform the obligation

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18
Q

Corollary

A

Promises to pay debts by statute of limitation

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19
Q

Offerer

A

Someone who offers the contract

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20
Q

What 2 effects does intoxication have on a contract?

A

Voidable

Valid

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21
Q

Preexisting Duties

A

Something that is already required under an existing contract

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22
Q

Covenants

A

An agreement

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23
Q

What are the 3 situations where you can void a contract?

A

Minors
Intoxication
Mental Incompetence

24
Q

Agreement

A

When someone offers and accepts something

25
Q

Contractual Capacity

A

Legal ability to enter into a contract

26
Q

General Rule

A

Acceptance is timely before the offer is terminated

27
Q

Termination by Operation of Law

A

Certain circumstances where law can just terminate a contract

28
Q

What must consideration provide?

A

The basis for the bargain struck between the contracted parties

29
Q

Ratification

A

Accept an obligation that was previously not enforceable

30
Q

What 3 effects does mental incompetence have on a contract?

A

Void
Voidable
Valid

31
Q

What is an essential element for a formation of a contract?

A

Consideration

32
Q

Accord

A

To give or grant someone something

33
Q

Promisee

A

Person who can accept the promise

34
Q

What are the 2 types of contracts?

A

Valid Contract

Voidable Contract

35
Q

Revocation

A

Taking back the offer before the person accepts the offer

36
Q

What are the 4 requirements of a contract?

A

Agreement
Consideration
Contractual Compasity
Legal

37
Q

Unilateral Contract

A

Promise for an act

38
Q

Lapse of Time

A

Offer is terminated when the specific period of time has passed

39
Q

Unequivocal Acceptance

A

When you accept the offer you cannot impose new conditions or change the original contract

40
Q

What is consideration?

A

Value given in return for a promise or performance

41
Q

What is the function of contract law?

A

To enforce agreements and promises between parties

42
Q

Bilateral Contract

A

A promise for a promise

43
Q

What are 4 settlements of claims?

A

Accord and Satisfaction
Releases
Covenants not to sue
Corollary

44
Q

What does the UCC stand for?

A

Uniform Commercial Code

45
Q

What cannot count as acceptance?

A

Silence

46
Q

Quasi Contract

A

Made up contract by the courts to impose upon parties

47
Q

What is the difference between executed and executory contracts?

A

Executed- when contract is fully performed

Executory- when a contract has NOT been fully performed yet

48
Q

Statute of Frauds

A

Requires that certain types of contracts need to be signed in order to be enforceable

49
Q

What are 7 examples where intent may be lacking?

A 
Expression of opinion
Statements of future intent
Preliminary negotiations 
Preliminary Agreements 
Advertisements 
Live or Online Auctions
Agreements to Agree
50
Q

What are the 4 reasons that a contract can be voidable?

A

Minors
Mental Incapacity
Fraudulently Induced
Undue Influence

51
Q

Disaffirmance

A

Ignoring a contract

52
Q

What are 4 examples of Termination of a Contract by Law?

A

Lapse of time
Death or incompetence of the offerer or offeree
Destruction of the subject matter
Supervening Illegality of the Offer

53
Q

Bargain of Exchange

A

Consideration must provide the basis for the bargain between two parties

54
Q

What is another name for an agreement?

A

Meeting of the Minds

55
Q

What are the 3 objective theories of contracts?

A

What a party said when entering into a contract
How the party acted
Circumstances surrounding the contract

56
Q

Offeree

A

Someone who accepts the contract

57
Q

What is an example where intent is lacking?

A

You are in your car and your car breaks down
- You yell I want to sell to this car for $10
- Someone on the street gives you $10
There is no contract because I was lacking intent- did not mean what I was going to say

jeremy harmon (108 decks)

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