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Business Law Final > Business Law Final > Flashcards

Business Law Final Flashcards

1
Q

Is something which is illegal a valid contract?

A

No

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2
Q

What type of contracts are less likely to require a written agreement at all?

A

Often smaller, less valuable transactions, or short term services

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3
Q

What goods can be governed?

A

Anything moveable, except for money, securities, and certain legal rights

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4
Q

Does something have to be received for a contract to be valid?

A

Yes

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5
Q

Is promissory estoppel a possible remedy for an injured plaintiff in a case with no valid contract, when the plaintiff shows promise, reasonable reliance, and injustice?

A

Yes

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6
Q

What is quasi-contract?

A

A possible remedy for an injured plaintiff in a case with no valid contract, when plaintiff can show benefit to defendant, reasonable expectation of payment, and unjust enrichment (not properly being given restitution by the law to do something)

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7
Q

What is a remedy?

A

Something that rights a wrong or makes up for a loss

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8
Q

Is quantum meruit ‘as much as he deserves’ (damages awarded in a quasi-contract case)?

A

Yes

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9
Q

What does capacity mean? Must acceptance be when people must respond in a certain way?

A

Parties must be adults of sound mind, and yes.

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10
Q

State one way in which additional terms in an acceptance do not become part of the contract under the UCC?

A

If the additional terms were not addressed in the original offer.

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11
Q

Generally must an offeree say or do something to accept an offer?

A

Yes

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12
Q

What happens to the additional arbitration clause as both parties are merchants?

A

They become part of the contract

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13
Q

Does a debtor remain liable if the debt is liquidated?

A

Yes

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14
Q

What does the UCC 3-311 only apply to?

A

Unliquidated debt

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15
Q

Are illusory promises valid consideration?

A

No

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16
Q

Are applications of promissory estoppel and similar documents rare?

A

Yes

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17
Q

Would a court consider the state of local economy when evaluating a claim of economic duress?

A

No

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18
Q

How can a contract be disaffirmed?

A

Orally or in writing, and minor can disaffirm for any reason at all

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19
Q

What is the improper use of trust called?

A

Undue influence

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20
Q

Would money have to be refunded when Pedro was operating under a unilateral mistake and Lucy not knowing the value?

A

No

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21
Q

Despite going insane, will the person who first entered the contract be required to have capacity to enter the binding contract?

A

Yes

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22
Q

When may the claimant claim recession and damages?

A

Fraudulent and negligent misinterpretation

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23
Q

Does minor have to pay for benefit received?

A

Yes

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24
Q

State 3 things that could be proven to rescind a contract based on misinterpretation/fraud?

A

False statement of fact, fraudulent or material, or injured person justifiably relied on the statement

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25
Q

What is the most common method of discharging a contract?

A

Full performance

26
Q

How much money would a company receive if they performed a painting contract with someone else?

A

Full contract price minus the defects

27
Q

Must concurrent condition occur simultaneously with another condition?

A

Yes

28
Q

If a company was doing something secretive however an external event occurred not allowing them to do it, would that company win due to true impossibility?

A

Yes

29
Q

Is the excessive cost usually insufficient to argue frustration of purpose?

A

Yes

30
Q

When does frustration of purpose occur?

A

When an unexpected event renders a contract completely useless to one party

31
Q

Is material breach the failure of a party to uphold their end of a contract in a way that cannot be reconciled and renders the contract seemingly pointless?

A

Yes

32
Q

Does anticipatory breach show one party’s intention to fail to fulfil its contractual obligations to another party?

A

Yes

33
Q

In what contracts is good faith required?

A

Required in all documents

34
Q

Are damages able to be sued for after both parties agree to rescind?

A

No

35
Q

What is commercial impracticability?

A

When courts do not force a party to lose a lot of money particularly when unforeseeable events occur that materially affect transaction

36
Q

What is an integrated contract?

A

A writing that parties intend as the final, complete expression of their agreement

37
Q

Does the statute of frauds require certain contracts to be in writing and signed by parties bound by the contract?

A

Yes

38
Q

Is parol evidence rule any contract not in a written contract?

A

Yes

39
Q

Is an oral contract in consideration of marriage enforceable?

A

No

40
Q

When two parties make an integrated contract, must neither one use parol evidence to contradict, vary, or add to its terms?

A

Yes

41
Q

Can a deal be unwound when fully executed?

A

No

42
Q

True or false, oral agreement for sale of land is unenforceable without exceptions?

A

False

43
Q

What is the meaning of interest in law?

A

The legal right in something

44
Q

What is restitution interest?

A

Designed to return the injured party a benefit he has conferred on the other party

45
Q

Is rescission the process of undoing a contract and putting parties where they were before the agreement?

A

Yes

46
Q

Does specific performance force both parties to complete a deal?

A

Yes

47
Q

What does mitigating attempt to do?

A

Keep damages as low as possible

48
Q

What can the seller recover if a buyer breaches a contract for the sale of goods?

A

Recover the difference between contract and market price

49
Q

Are direct damages the necessary and usual result of a defendant’s wrongful act?

A

Yes

50
Q

When are liquidated damages enforceable?

A

When reasonable

51
Q

Despite Sidway’s uncle one day, going to give his nephew $5,000 for not yet being involved in any drugs, tobacco, swearing, and playing cards for money, when he died did his executor not believe this should be the case?

A

Yes

52
Q

Did the trial however agree with Sidway, but did appellate court not?

A

Yes

53
Q

Can a valid contract be legally voided by either party?

A

Yes

54
Q

When have non competition agreements been most common?

A

Today than they were in the past

55
Q

What is revocation?

A

The withdrawal of an offer by the offeror

56
Q

If contract does not specify a type of acceptance can the offeree accept in any reasonable manner/method?

A

Yes

57
Q

Why did the nephew win the Hamer v. Sidway case?

A

Found consideration

58
Q

What is an accord?

A

Agreement to settle a debt for less than the sum claimed

59
Q

When a party is sued for fraud do they have a choice to either sue for damages or rescind the contract

A

Yes

60
Q

What is a collateral promise?

A

When one person offers to pay the debt of another as a favour to the debtor

61
Q
A

Business Law Final (2 decks)

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