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Flashcards in Exam 3 Law Deck (57):
1

What are 3 ways you can terminate an offer?

Revocation
Rejection
A counter offer

2

What is an example of destruction of the subject matter?

I am selling you a car. Prior to me buying the car, I totaled the car. By operation of law the contract is terminated because the item was destroyed.

3

What does MYLEGS stand for?

Marriage
Year (One year rule)
Land Sales
Executors Promise
Guarantor
Sale of Goods in excess of $500

4

Contract Law

A form of law that deals with contracts

5

Past Consideration

An act done before a contract is made

6

Emancipation

The process of being set free from guardians

7

What are 3 circumstances that show lack of consideration?

Preexisting duties
Pass consideration
Illusory Promises

8

Counter offer

Rejecting the original offer given and coming up with a new offer

9

What are 2 defenses in enforcing a contract?

Form
Voluntary Consent

10

What is the parol evidence rule?

evidence that parties can introduce in order to identify certain terms of a contract

11

Promisor

Person who creates the promise

12

Mail Box rule

Acceptance is effective when mailed

13

What 2 things does the UCC cover?

Sales of goods
Leases

14

What is one necessary element for an effective offer?

Has to have serious intent

15

Promissory Estoppel

promise is enforceable by law

16

Rejection

Someone saying no to your offer

17

Illusory Promises

A promise that is not enforceable because the promisor can choose not to perform the obligation

18

Corollary

Promises to pay debts by statute of limitation

19

Offerer

Someone who offers the contract

20

What 2 effects does intoxication have on a contract?

Voidable
Valid

21

Preexisting Duties

Something that is already required under an existing contract

22

Covenants

An agreement

23

What are the 3 situations where you can void a contract?

Minors
Intoxication
Mental Incompetence

24

Agreement

When someone offers and accepts something

25

Contractual Capacity

Legal ability to enter into a contract

26

General Rule

Acceptance is timely before the offer is terminated

27

Termination by Operation of Law

Certain circumstances where law can just terminate a contract

28

What must consideration provide?

The basis for the bargain struck between the contracted parties

29

Ratification

Accept an obligation that was previously not enforceable

30

What 3 effects does mental incompetence have on a contract?

Void
Voidable
Valid

31

What is an essential element for a formation of a contract?

Consideration

32

Accord

To give or grant someone something

33

Promisee

Person who can accept the promise

34

What are the 2 types of contracts?

Valid Contract
Voidable Contract

35

Revocation

Taking back the offer before the person accepts the offer

36

What are the 4 requirements of a contract?

Agreement
Consideration
Contractual Compasity
Legal

37

Unilateral Contract

Promise for an act

38

Lapse of Time

Offer is terminated when the specific period of time has passed

39

Unequivocal Acceptance

When you accept the offer you cannot impose new conditions or change the original contract

40

What is consideration?

Value given in return for a promise or performance

41

What is the function of contract law?

To enforce agreements and promises between parties

42

Bilateral Contract

A promise for a promise

43

What are 4 settlements of claims?

Accord and Satisfaction
Releases
Covenants not to sue
Corollary

44

What does the UCC stand for?

Uniform Commercial Code

45

What cannot count as acceptance?

Silence

46

Quasi Contract

Made up contract by the courts to impose upon parties

47

What is the difference between executed and executory contracts?

Executed- when contract is fully performed

Executory- when a contract has NOT been fully performed yet

48

Statute of Frauds

Requires that certain types of contracts need to be signed in order to be enforceable

49

What are 7 examples where intent may be lacking?

Expression of opinion
Statements of future intent
Preliminary negotiations
Preliminary Agreements
Advertisements
Live or Online Auctions
Agreements to Agree

50

What are the 4 reasons that a contract can be voidable?

Minors
Mental Incapacity
Fraudulently Induced
Undue Influence

51

Disaffirmance

Ignoring a contract

52

What are 4 examples of Termination of a Contract by Law?

Lapse of time
Death or incompetence of the offerer or offeree
Destruction of the subject matter
Supervening Illegality of the Offer

53

Bargain of Exchange

Consideration must provide the basis for the bargain between two parties

54

What is another name for an agreement?

Meeting of the Minds

55

What are the 3 objective theories of contracts?

What a party said when entering into a contract
How the party acted
Circumstances surrounding the contract

56

Offeree

Someone who accepts the contract

57

What is an example where intent is lacking?

You are in your car and your car breaks down
- You yell I want to sell to this car for $10
- Someone on the street gives you $10
There is no contract because I was lacking intent- did not mean what I was going to say

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