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Business Law > Exam 2 > Flashcards

Exam 2 Flashcards

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1
Q

Contract

A

a promise for the breach of which the law gives a remedy or the performance of which the law in some way recognizes as a duty

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2
Q

types of contracts

A

bilateral, unilateral, executory,executed, express, implicit,

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3
Q

bilateral contract

A

both parties make a promise

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4
Q

unilateral contract

A

one party makes a promise that the other party can accept only by ACTUALLY doing something

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5
Q

executory contract

A

one or more parties have not yet fulfilled their obligations

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6
Q

executed contract

A

all parties have fulfilled their obligations

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7
Q

specific types of contracts

A

valid, unenforceable agreement, voidable, void

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8
Q

express contract

A

two parties explicitly state all the important terms of their agreement

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9
Q

implicit contract

A

the word and conduct of the parties indicate that they intended an agreement

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10
Q

sources for contract law

A

restatement of contracts, uniform commercial code, common law

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11
Q

elements of a contract

A

offer, acceptance, consideration, capacity, legality, barriers to enforcement

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12
Q

statute of frauds

A

regulates contracts that must be in writing to be enforced

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13
Q

parol (spoken) evidence rule

A

governs admission of non-written evidence about agreement, arising before or at time of signing

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14
Q

what is used to determine if a performance has occurred?

A

substantial performance, material breach, excuses non breaching party, nonbreaching party may seek damages

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15
Q

factors for determining material breach

A

lost benefit to the injured party
can the injured party be compensated
forfeiture by the breaching party
likelihood of cure
good faith and fair dealing

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16
Q

contracts are discharged by anticipatory repudiation by

A

agreement or impossibility

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17
Q

commercial impracticability

A

event neither party anticipated makes fulfilling the contract extraordinarily difficult and unfair for one party

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18
Q

frustration of purpose

A

event neither party anticipated means contract now has no value for one party

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19
Q

type of monetary damages

A

consequential and incidental

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20
Q

liquidated damage

A

pre-negotiated amount that the parties have agreed about beforehand, if there is a breach of contract

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21
Q

mitigated damages

A

injured party must act reasonably to minimize his losses

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22
Q

types of remedies

A

monetary damages, incidental, non-monetary damages, reformation

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23
Q

sale

A

passing of title from seller to buyer for a price

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24
Q

goods

A

things movable at the time of identification to the contract

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25
warranty
a promise on which one can rely
26
merchantability
goods are fit for the ordinary purpose for which they are sold
27
what does the Magnuson-Moss Warranty Act do?
regulates terminology and does not require sellers to provide any warranties
28
full warranty
repair or replace free or charge
29
limited warranty
there is some sort of charge involved
30
valid contract
satisfies all of the law's requirements
31
unenforceable agreement
the parties intend to form a valid bargain, but a court declares that some rule of laws prevents enforcing it
32
voidable contract
the law permits one part to terminate the agreement
33
void contract
neither party can enforce the contract because the purpose of the deal is illegal and/or one of the parties had no legal authority to make a contract
34
disaffirmance
individuals reject contract made while a minor
35
individuals who lack the capacity to make a contract
minors, intoxicated persons, and mentally incompetent persons
36
types of unconscionable contracts
procedural and substantive
37
barriers to enforcement
lack of genuine assent, mistake, fraudulent misrepresentation, undue influence, duress
38
fraudulent misrepresentation
deception involved in a deal of some sort
39
elements of fraudulent misrepresentation
false statement of material fact, speaker intends other part to rely on statement, and the other party justifiably relies
40
undue influence (as a barrier to enforcement)
relationship of trust
41
duress ( as a barrier to enforcement)
improper threat that leaves no reasonable alternative
42
what the writing of a statute of frauds most contain
a signature of "party to be charged with the contract" no specific required form
43
what does the statue of frauds do?
regulates contracts that must be in writing to be enforced
44
contracts that have to be in writing
for sale of real property contracts that cannot be performed within one year by the provided terms contracts to guarantee someone else's debt promises in consideration of marriage sale of goods costing $500 or more
45
Factors for determining if performance has occurred
substantial performance material breach excuses nonbreaching party nonbreaching party may seek damages
46
types of remedies
monetary damages non-monetary damages (equitable remedies) reformation
47
types of monetary damages
consequential and incidental
48
sale (warranty definition)
passing of title from seller to buyer for a price
49
goods ( warranty definition)
things movable at the time of identification to the contract
50
Magnuson-Moss Warranty Act
does not require sellers to provide any warranties and regulates terminology
51
full warranty
repair or replace free of charge
52
limited warranty
there is some sort of charge involved
53
what is product liability based on
Negligence
54
what are the penalties of FTC?
counter-advertising/ corrective advertising
55
what does the FTC act prohibit?
unfair and deceptive acts/ practices bait and switch advertisement
56
what do state usury laws regulate?
max interest rate that may be changed on loan
57
types of credit protections
fair credit billing act fair credit reporting act fair debt collection practices act equal credit opportunity act CARD act Fair and Accurate Credit transactions act
58
fair credit billing act
credit card issues must acknowledge and investigate complaints
59
fair credit reporting act
consumer credit report can only be used for legitimate business needs
60
fair debt collection practices act
limits ability of debt collectors to use unfair or abusive tactics
61
equal credit opportunity act
prohibits nay creditor from discrimination against borrowing because of race, color, national origin, sex, martial status, age or because the borrower is receiving welfare.
62
Credit Card Accountability, Responsibility, and Disclosure (CARD) Act
prohibits certain practices such as: ~ "unfair" increases in rates or fees ~ due dates on weekends or middle of the day ~ issuing credit cards to those under 21
63
fair and accurate credit transactions act
consumers are entitled by law to one free credit report per year from each of the major reporting agencies
64
agency formed by agreement
two people agreeing on what they are wanting to do
65
agency formed by ratification
person chooses to accept actions taken by another
66
agency formed by estoppel
representation made "principal" to third party causes one to be recognized as "principal's" agent
67
ways to form agencies
operation of law estoppel ratification agreement
68
duties of principal to agent
compensation reimbursement/ indemnification cooperation
69
express authority of agents
based on representation between principal and agent
70
implied authority
exists because of custom or position occupied or because reasonable necessary to carry out express authority
71
apparent authority
principal causes third party to believe agent has particular ability to act
72
detour
a MINOR deviation from work routine --> principal is liable
73
Frolic
a MAJOR deviation for agent's own purposes --> principal is not liable
74
ways that an agency relationship can be terminated
by the parties by operation of law

Business Law (3 decks)

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