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CPA REG > deck_2929217 > Flashcards

deck_2929217 Flashcards

1
Q

contract formed by language, oral or written

A

express contract

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2
Q

contract formed by conduct

A

implied-in-fact contract

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3
Q

not a contract, remedy to recover benefit unjustly conferred

A

implied-in-law contract

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4
Q

one promise given in exchange for performance; contract not formed until performed

A

unilateral contract

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5
Q

promise exchanged for promise; contract formed as soon as promises are exchanged

A

bilateral contract

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6
Q

duties yet to be performed under contract

A

executory contract

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7
Q

all duties have been performed under contract

A

executed contract

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8
Q

law that governs contracts involving real estate, insurance, services, and employment

A

common law

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9
Q

law that governs contracts for sale of goods

A

UCC

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10
Q

elements of a contract

A

1) offer and acceptance2) exchange of consideration3) lack of defenses

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11
Q

what is an offer?

A

express (oral or written) or implied (conduct)creates reasonable expectationintent, certainty, communication

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12
Q

what is definition of intent?

A

sufficient evidence for a reasonable person to assume offer was serious

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13
Q

what is definition of certainty?

A

UCC (quantity) and RISE (all terms)includes the following:1) identity of offeree and subject matter2) price to be paid3) time of performance4) quantity involved5) nature of work

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14
Q

communication of offer

A

no knowledge, no acceptance

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15
Q

termination of offer

A

offer must be accepted before it’s terminated by act of either party or by operation of law- revoke- reject- when

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16
Q

revocation

A

can be done by offeror anytime before acceptance through:- direct/indirect communication- publication- when communication receivedUNLESS:- offeree “buys” time- unilateral contract- certain written offers from merchants under UCC sales

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17
Q

rejection

A

once rejected, CANNOT be acceptedeffective when received or there’s been a lapse of reasonable time

18
Q

counteroffer

A

rejection and an offer, but not a mere inquiry

19
Q

termination by operation of law

A

by death or incompetency, by destruction of subject matter, by illegality

20
Q

who may accept the offer?

A

only the person to whom the offer was made may accept

21
Q

method of acceptance

A

any manner reasonable. unless specified

22
Q

mirror image rule

A

requires an acceptance to mirror the offer to be effective

23
Q

mailbox rule

A

acceptance generally effective when DISPATCHED if properly addressed; irrelevant if properly addressed acceptance is lost or delayedexception: opt-out of rule by stating acceptances must be RECEIVED (before termination) to be effective

24
Q

consideration

A

something must be given in exchange for a promise for it to be enforceable- something of legal value- bargained for exchange

25
Q

legal value

A
  • detriment to promisee OR- benefit to promisorno monetary value required, need not flow to other party, fairness not usually required so long as it’s not unconscionable and it is arm’s length
26
Q

pre-existing legal duties

A

promise to perform existing duty is not sufficient consideration

27
Q

modification to agreement

A

UCC - good faith (no need to pay)RISE - give consideration/pay

28
Q

gift (consideration)

A

no exchange, unenforceable

29
Q

past or moral consideration

A

if already given or performed before promise was made, no consideration

30
Q

detrimental reliance / promissory estoppel

A

when promise is detrimentally relied on by another party, can be enforced without consideration

31
Q

defenses

A

makes contract unenforceable

32
Q

fraud

A

MAIDS- misrepresentation of material fact- actual reliance (reasonable)- induce victim to rely- damages (liable to everyone who suffered loss, rescind contract or sue for money damages)- scienter (intent to deceive/reckless disregard for truth)

33
Q

fraud in execution

A

party is deceived into signing something, contract becomes void

34
Q

fraud in inducement

A

terms are materially misrepresented, contract becomes voidable

35
Q

innocent misrepresentation

A

all elements of fraud except scienter, no punitive damages

36
Q

duress

A

arises when party’s free will to contract is overcome by unlawful use of threat/harm, contract becomes voidcontract becomes voidable when threat is economic/social (embarrass)

37
Q

undue influence

A

abuse of position or trust or confidence; not arm’s length, so fairness is required

38
Q

mutual mistake

A

both parties make a mistake- no existence of subject matter, contract void (stolen/destroyed)

39
Q

unilateral mistake

A

NOT a defense UNLESS other party knew or should have known of the mistake

40
Q

illegality

A

contract generally void, unenforceable

CPA REG (7 decks)

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