Business Law- Chapter 9 Flashcards Preview

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Flashcards in Business Law- Chapter 9 Deck (23):
1

Legally Enforceable Contract

A contract in which if one party fails to perform as promised, the other party can use the court system to enforce the contract and recover damages or other remedy.

2

Offeror

The party who makes an offer to enter into a contract.

3

Offeree

The party to whom an offer to enter into a contract is made.

4

Elements of a Contract

Agreement, consideration, Contractual capacity and lawful object.

5

Common Law of Contracts

Contract law developed primarily by state court.

6

Uniform Commercial Code (UCC)

A comprehensive statutory scheme which includes laws that cover aspects of commercial transactions.

7

Restatement of the Law of Contracts

A compilation of model contract law principles drafted by legal scholars. The Restatement is not law.

8

Objective Theory of Contracts

A theory that says the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.

9

Uniform Computer Information Transactions Act (UCITA)

A model act that establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

10

Bilateral Contract

A contract entered into by way of exchange of promises of the parties.

11

Unilateral Contract

A contract in which the offeror's offer can be accepted only by the performance of an act by the offeree; a promise for an act.

12

Formal Contract

A contract that requires a special form or method of creation.

13

Informal Contract

A contract that is not formal.

14

Valid Contract

A contract that meets all the essential elements to establish a contract; a contract that is enforceable by at least one of the parties.

15

Void Contract

A contract that has no legal effect; a nullity.

16

Voidable Contract

A contract in which one or both of the parties have the option to avoid their contractual obligations.

17

Unenforceable Contract

A contract in which the essential elements to create a valid contract are met but there is some legal defense to the enforcement of the contract.

18

Executed Contract

A contract that has been fully performed on both sides.

19

Executory Contract

A contract that has not been fully performed by either or both sides.

20

Express Contract

An agreement that is expressed in written or oral words.

21

Implied-in-Fact Contract

A contract in which agreement between parties has been inferred from their conduct.

22

Quasi-contract (implied-in-law contract)

An equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed. The doctrine is intended to prevent unjust enriched and unjust detriment.

23

Equity

A doctrine that permits judges to make decisions based on fairness, equality, moral rights and natural law.