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BADM 300 - Legal Environment > Chapter 9 > Flashcards

Chapter 9 Flashcards

(53 cards)

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0
Q

Bilateral contract

A

Exchange of promises
Offeror promises to pay, offeree promises to perform
“promise for a promise”

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1
Q

What are the types of contracts?

A

Bilateral, unilateral, formal, informal, express, implied

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2
Q

Unilateral contract

A

A promise of payment for an act or performance

Offeror promises to pay someone for the performance of an act

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3
Q

Formal contract

A

Must be in writing to be enforceable

Negotiable instruments, checks, drafts, promissory notes, agreement involving real property

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4
Q

Informal contract

A

Does not have to be in writing

Oral contracts enforced - hard to prove in court

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5
Q

Express contract

A

Expressions by words either oral or written

Written release of real property, any agreement the parties one a law required to be in writing

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6
Q

Implied contract

A

Plaintive furnished some service or property, the plaintiff expected to be paid for the service of the property and the defendant knew I should have known that the payment was expected, the defendant had a chance to reject the services or property and did not

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7
Q

Executed contract

A

A contract that has been fully performed on both sides

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8
Q

Executory contract

A

A contract that has not been fully performed on either side or performance is on one side of the contract only

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9
Q

Requirements for a valid contract:

A

Agreement, consideration, capacity, legality

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10
Q

Agreement

A

An offer and acceptance. One party last offer to enter into a legal agreement and the other party accept the terms of the offer

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11
Q

Consideration

A

Any promises made by the parties to the contract must be supported by legally sufficient and bargained for consideration (something of value received or promised, such as money, to convince the person to make a deal)

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12
Q

Legality

A

The contract’s purpose must be to accomplish some goals that is legal and not against public policy

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13
Q

Intention

A

Part of agreement; contract is judged by what a reasonable person in the offeree’s position would conclude about that the offer

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14
Q

Where intent may be lacking:

A

Expressions of opinion, statements of future intent, preliminary negotiations, or invitations to negotiate, advertisements, preliminary agreements

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15
Q

Terms of the offer:

A

Identification of parties, identification of subject of contract, consideration to be paid, time of payment, delivery, performance, court will supply missing terms

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16
Q

Communication of an offer:

A

The offer must be communicated to the offeree

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17
Q

Terminating the offer by Offeror:

A

Termination by Offeror : withdrawal or revocation

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18
Q

Irrevocable offers

A

1) option contract: promise to hold an offer open for a specified period of time in return for consideration
2) merchants firm offer

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19
Q

Terminating the offer by the offeree:

A

Rejection of the offer

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20
Q

Rejection:

A

Rejection is effective when it is received by Offeror

Counter offer by the offeree ( mirror image rule)

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21
Q

Mirror image rule

Study These Flashcards
A

At common law, any change in terms of an offer in the acceptance by the offeree automatically terminates the offer and becomes a counter offer

22
Q

Termination by law

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A

1 Lapse of time: offer terminates bylaw when the period time specified in the offer has passed
2 Distraction of subject matter: if it occurs before the acceptance of the offer and the offer is canceled
3 Death or incompetence of either party: automatically terminates unless it is an irrevocable offer

23
Q

Unequivocal acceptance

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A

The mirror image rule: acceptance must be exactly the same as the offer

24
Grumbling acceptance
Complains about terms but agrees
25
Silence as acceptance
Gen. rule: offering you should not be legally obligated to affirmatively reject an offer
26
Communication of acceptance
Bilateral contract: the offeree less communicate acceptance of offer to Offeror or agent
27
Mode and timeliness of acceptance
Gen. rule: in bilateral contracts acceptance is timely if it is made for the offer is terminated Mailbox rule: affected when the offeree a used authorized means of acceptance
28
Consideration must have:
Legally sufficient value in bargained for exchange
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Legally sufficient value
Promise to do something that one has no prior legal duty to do, performance of an action that one is otherwise not obligated to undertake
30
Bargained for exchange
Must provide basis for the bargain, something of legal value like a promise or performance must be exchanged between parties
31
Agreements that lack consideration
1 Pre-existing duty: promised to do what one already has legal duty to do does not constitute legally sufficient consideration 2 Past consideration: pass consideration because the bargain for exchange element is missing
32
Capacity
Legal ability to enter into a contract Shewell relationship. In other situations capacity may exist but the contract is not legally binding
33
Capacity with minors
Voidable: generally in 18 years of age a person is emancipated and has a legal capacity to enter into any contract that an adult can Miners can disaffirm (reject) or ratify (accept)
34
Disaffirmance
Minor need only return the goods subject to the contract provided the goods in the minors possession or control
35
Intoxication
Voidable: lack of capacity at the time the contract is being made
36
Mental incompetence
Void: if a person has been judged mentally incompetent by a court of law and a Guardian has been appointed Voidable: if the person does not know he or she is entering into the contract relax the mental capacity to comprehend his nature purpose and consequences. The person has not been previously judged incompetent Valid: when a person is able to understand the nature and effect of entering into the contract but may lack capacity to engage in other activities
37
Legality
To be enforceable it must be formed for legal purposes, a specific clause in contract can be legal but the rest of the contract can be enforced, contact to commit tortious is illegal
38
Contract to do something prohibited by federal or state statutory law are illegal and therefore void
,
39
Contracts contrary to statute
1 gambling: the distribution of property based on chance among persons who have pay valuable consideration 2 licensing statutes: contacts in enforceability depends on purpose, it's purpose is to protect public the contract will be void, if the purpose is to raise more revenue The court may enforce the contract
40
Procedural unconscionability
Inconspicuous print or legalese
41
Substantiative unconscionability
Contracts are impressive or overly harsh, deny a remedy for nonperformance
42
Exculpatory clauses
Release the party from liability in the event of monetary or physical injury no matter who is at fault. Enforceable when they are not against public policy, I'm not ambiguous, and do not shield the parties from intentional conduct
43
Mistakes
Bilateral mistakes: both parties are mistaken about a material fact that neither party can cancel the contract Unilateral mistake: cannot be canceled unless the other party to the contract knows Or should've known the mistake, when I misdue to an inadvertent mathematical error and without negligence
44
Undue influence
Contract last voluntary consent in is voidable by the innocent party
45
Duress
Party into is in the contract under fear with threat and makes the contract voidable
46
These contracts must be in writing and be signed:
Contracts with interest in land, contracts that cannot be performed in one year, promise to answer for the debt of another, promise made in consideration of marriage, contract for sale good price of $500 or more
47
Assignment
Transfer of contractual rights
48
Delegation
Transfer of contractual duties
49
Online offers
Should display the offer, online acceptances, click on agreements, shrink wrap agreements, browse-wrap agreements, e-signature technologies
50
Uniform electronic transactions act
Purpose is to bring uniformity and trust in using informing electronic contracts
51
Record
Information that is inscribed on a tangible medium or stored in an electronic or other media that is retrievable visual form
52
UETA
Does not create new rules but enforces real world rules on the electronic contract, Does not apply to wills or testimony Trusts, does not apply unless each party has previously agreed to conduct electronic transaction

BADM 300 - Legal Environment (1 decks)

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