Brainscape's Knowledge GenomeTM

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


See full index

Criminal Courts and Process > Business Law Exam 2 > Flashcards

Business Law Exam 2 Flashcards

1
Q

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

A

Bilateral Contract

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

An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to preform or to refrain from performing some act now or in the future

A

Contract

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

A contract that has been completely performed by both parties

A

Executed Contract

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

A contract that has not yet been fully performed

A

Executory Contract

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

A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written

A

Express Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Evidence that relates to a contract but is not contained within the document itself, including the testimony of the parties, the testimony of the witnesses, and additional agreements and communications. A court may only consider this when a contract term is ambiguous and the evidence does not contradict the express terms of the contract.

A

Extrinsic Evidence

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

A contract that by law requires a specific form, such as being executed under seal, to be valid

A

Formal Contracts

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

A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract)

A

Implied Contract

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

A contract that does not require a specified form or formality in order to be valid

A

Informal Contracts

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

A theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, submissive intentions. Objective facts might include what a party said when entering into the contract, how a party acted or appeared, and the circumstances surrounding the transaction.

A

Objective Theory of Contracts

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

A person to whom an offer is made

A

Offeree

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

A person who makes an offer

A

Offeror

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

A person’s assurance that he or she will or will not do something

A

Promise

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

A person to whom a promise is made

A

Promisee

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

A person who makes a promise

A

Promisor

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

A fictional contract imposed on parties by a court in the interests of fairness and justice; usually, quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of another

A

Quasi Contracts

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

A valid contract rendered unenforceable by some statute or law

A

Unenforceable Contract

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

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

A

Unilateral Contract

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

A contract that results when the elements necessary for contract formation (Agreement, Consideration, contractual capacity, and legality) are present.

A

Valid Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A contract having no legal force or binding effect

A

Void Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A contract that may be legally avoided (Canceled) at the option of one of the parties

A

Voidable Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

(1) In contract law, the offeree’s notification to the offeror that the offeree agrees to be bound by the terms of the offeror’s proposal. (2) In negotiable instruments law, the drawee’s signed agreement to pay a draft when presented.

A

Acceptance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events - an offer by one party to form a contract, and an acceptance of the offer by the person to whom the offer is made.

A

Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Terms and conditions of use that are presented to an Internet user at the time a product, such as software, is downloaded but that need not be agreed to before the product is installed or used.

A

Browse-warp Terms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

An agreement that arises when a buyer, engaging in a transaction on a computer, indicates his or her assent to be bound by the terms of an offer by clicking on a button that says, for example, “I agree”, sometimes referred to as a click-on license or a click-warp agreement

A

Click-on Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

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

A

Counteroffer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A contract that is entered into in cyberspace and is evidenced only by electronic impulses (such as those that make up a computer’s memory), rather than, for example, a typewritten form.

A

E-contracts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

As defined by the Uniform Electronic Transactions Act, “an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.”

A

E-signature

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

A rule providing that an acceptance of an offer becomes effective on dispatch

A

Mailbox Rule

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

A common law rule that requires, for a valid contractual agreement, that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer

A

Mirror Image Rule

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

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

A

Offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer at any time during this period. The offeree must give consideration for the option to be enforceable

A

Option Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

An agreement between a seller and a buyer who frequently do business with each other on the terms and conditions that will apply to all subsequently formed electronic contracts

A

Partnering Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

According to the Uniform Electronic Transactions Act, information that is either inscribed on a tangible medium or stored in an electronic or other medium, and that is retrievable

A

Record

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

In contract law, the withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability.

A

Revocation

37
Q

An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license

A

Shrink-wrap license

38
Q

An agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. After the payment has been accepted or other performance has been made, the “accord and satisfaction” is complete, and the obligation is discharged

A

Accord and satisfaction

39
Q

Generally, the value given in return for a promise or a performance. Must be present to make the contract legally binding, must be something of legally sufficient value and must be bargained for

A

Consideration

40
Q

An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.

A

Covenant Not To Sue

41
Q

Barred, impeded, or precluded

A

Estopped

42
Q

A debt that is due and certain in amount

A

Liquidated Debt

43
Q

Something given or some act done in the past, which cannot ordinarily be consideration for a later bargain

A

Past Consideration

44
Q

A doctrine that applies when a promisor makes a clear and definite promise on which the promise justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise

A

Promissory Estoppel

45
Q

A contract in which one party forfeits the right to pursue a legal claim against the other party

A

Release

46
Q

A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by their conduct, or by court decree

A

Rescission

47
Q

A debt that is uncertain in amount

A

Unliquidated debt

48
Q

The age at which an individual is considered legally capable of conducting himself or herself responsibly and is entitled to vote. In contract law, the age which one is no longer an infant and can no longer disaffirm a contract

A

Age of Majority

49
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

50
Q

A contractual promise to refrain from competing with another party for a certain period of time and within a certain geographic area. Although covenants not to compete restrain trade, they are commonly found in partnership agreements, business sale agreements, and employment contracts. If they are ancillary to such agreements, covenants not to compete will normally be enforced by the courts unless the time period or geographic area is deemed unreasonable.

A

Covenant Not To Compete

51
Q

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

A

Disaffirmance

52
Q

In regard to minors, the act of being freed from parental control; occurs when a child’s parent or legal guardian relinquishes the legal right to exercise control over the child. Normally, a minor who leaves home to support himself or herself is considered emaciated

A

Emancipations

53
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 Clauses

54
Q

Necessities required for life, such as food, shelter, clothing, and medical attention; may include whatever is believed to be necessary to maintain a person’s standard of living or financial and social status

A

Necessaries

55
Q

The act of accepting and giving legal force to an obligation that previously was not enforceable

A

Ratification

56
Q

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

A

Reformation

57
Q

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

A

Unconscionable

58
Q

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

A

Unconscionable

59
Q

Charging an illegal rate of interest

A

Usury

60
Q

A “standard-form” contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms

A

Adhesion Contracts

61
Q

A mistake that occurs when both parties to a contract are mistaken about the same material fact

A

Bilateral Mistake

62
Q

-

A

Duress

63
Q

A false statement of fact or an act made in good faith that deceives and causes harm or injury to another

A

Innocent Misrepresentation

64
Q

A defect that is not obvious or cannot readily be ascertained

A

Latent Defects

65
Q

Any manifestation through words or conduct that amounts to an untrue statement of fact made in circumstances in which a reasonable and prudent person would not have done that which led to the misrepresentation. A representation made with an honest belief in its truth may still be negligent due to (1) a lack of reasonable care in ascertaining the facts, (2) the manner of expression, or (3) the absence of the skill or competence required by a particular business or profession

A

Negligent Misrepresentation

66
Q

Knowledge by the misrepresentation party that material facts have been falsely represented or omitted with an intent to deceive

A

Scienter

67
Q

Persuasion that is less than actual force but more than advice and that induces a person to act according to the will or purposes of the domination party

A

Undue Infuence

68
Q

A mistake that occurs when one party to a contract is mistaken as to a material fact

A

Unilateral Mistake

69
Q

Knowing and voluntary agreement to the terms of a contract. If it is lacking, the contract will be voidable

A

Voluntary Consent

70
Q

A second promise that is ancillary (subsidiary) to a principal transaction or a primary contractual relationship, such as a promise made by one person to pay the debts of another of the latter fails to preform. Normally must be in writing to be enforceable.

A

Collateral Promise

71
Q

A written contract that constitutes the final expression of the parties’ agreement. If a contract is integrated, evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible

A

Integrated Contract

72
Q

A substantive rule of contracts under which a court will not receive into evidence the parties’ prior negotiations, prior agreements if that evidence contradicts or varies the terms of the parties’ written contract

A

Parol Evidence Rule

73
Q

An agreement made before marriage that defines each partner’s ownership rights in the other partner’s property. Prenuptial agreements must be in writing to be enforceable

A

Prenuptial Agreements

74
Q

A state statute under which certain types of contracts must be in writing to be enforceable

A

Statute of Frauds

75
Q

An assertion or action by party indicating that he or she will not perform an obligation that he or she is contractually obligated to perform at a future time

A

Anticipatory Repudation

76
Q

The failure, without legal excuse, of a promisor to perform the obligations of a contract

A

Breach of Contract

77
Q

A doctrine under which a seller may be excused from performing a contract when (1) a contingency occurs, (2) the contingency’s occurrence makes performance impracticable, and (3) the nonoccurrence of the contingency was a basic assumption on which the contract was made

A

Commercial Impracticability

78
Q

Conditions in a contract that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously preformed

A

Concurrent Conditions

79
Q

A possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract

A

Condition

80
Q

A condition in a contract that must be met before a party’s promise becomes absolute

A

Condition Precedent

81
Q

A condition in a contract that operates to terminate a party’s absolute promise to perform

A

Condition Subsequent

82
Q

(1) The termination of an obligation. such an occurs when the parties to a contract have fully performed their contractual obligations. (2) The termination of a bankruptcy debtor’s obligation to pay debts.

A

Discharge

83
Q

The release of a debtor from all debts that are provable, except those specifically excepted from discharge by statue.

A

Discharge in Bankruptcy

84
Q

A court-created doctrine under which a party to a contract will be relieved of his or her duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party’s control).

A

Frustration of Purpose

85
Q

A doctrine under which a party to a contract is relieved of his or her duty to preform when performance becomes impossible or totally impracticable (through no fault of either party)

A

Impossibility of Performance

86
Q

An agreement between the parties to cancel their contract, releasing the parties from further obligations under the contract. The object of the agreement is to restore the parties to the positions they would have occupied had no contract ever been formed.

A

Mutual Recission

87
Q

The substation, by agreement, of a new contract form an old one, with the rights under the old one being terminated. Typically, there is a substitution of a new party who is responsible for the contract and the removal of an original party’s rights and duties under the contract.

A

Novation

88
Q

In contract law, the fulfillment of one’s duties arising under a contract; the normal way of discharging one’s contractual obligations

A

Performance

89
Q

An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so

A

Tender

Criminal Courts and Process (3 decks)

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