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jeremy harmon > Exam 3 Law > Flashcards

Exam 3 Law Flashcards

(57 cards)

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1
Q

What are 3 ways you can terminate an offer?

A

Revocation
Rejection
A counter offer

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2
Q

What is an example of destruction of the subject matter?

A

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.

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3
Q

What does MYLEGS stand for?

A 
Marriage
Year (One year rule)
Land Sales
Executors Promise
Guarantor 
Sale of Goods in excess of $500
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4
Q

Contract Law

A

A form of law that deals with contracts

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5
Q

Past Consideration

A

An act done before a contract is made

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6
Q

Emancipation

A

The process of being set free from guardians

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7
Q

What are 3 circumstances that show lack of consideration?

A

Preexisting duties
Pass consideration
Illusory Promises

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8
Q

Counter offer

A

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

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9
Q

What are 2 defenses in enforcing a contract?

A

Form

Voluntary Consent

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10
Q

What is the parol evidence rule?

A

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

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11
Q

Promisor

A

Person who creates the promise

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12
Q

Mail Box rule

A

Acceptance is effective when mailed

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13
Q

What 2 things does the UCC cover?

A

Sales of goods

Leases

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14
Q

What is one necessary element for an effective offer?

A

Has to have serious intent

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15
Q

Promissory Estoppel

A

promise is enforceable by law

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16
Q

Rejection

A

Someone saying no to your offer

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17
Q

Illusory Promises

A

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

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18
Q

Corollary

A

Promises to pay debts by statute of limitation

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19
Q

Offerer

A

Someone who offers the contract

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20
Q

What 2 effects does intoxication have on a contract?

A

Voidable

Valid

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21
Q

Preexisting Duties

A

Something that is already required under an existing contract

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22
Q

Covenants

A

An agreement

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23
Q

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

Study These Flashcards
A

Minors
Intoxication
Mental Incompetence

24
Q

Agreement

Study These Flashcards
A

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

jeremy harmon (108 decks)

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