Flashcards in Exam 3 Law Deck (57):
What are 3 ways you can terminate an offer?
A counter offer
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.
What does MYLEGS stand for?
Year (One year rule)
Sale of Goods in excess of $500
A form of law that deals with contracts
An act done before a contract is made
The process of being set free from guardians
What are 3 circumstances that show lack of consideration?
Rejecting the original offer given and coming up with a new offer
What are 2 defenses in enforcing a contract?
What is the parol evidence rule?
evidence that parties can introduce in order to identify certain terms of a contract
Person who creates the promise
Mail Box rule
Acceptance is effective when mailed
What 2 things does the UCC cover?
Sales of goods
What is one necessary element for an effective offer?
Has to have serious intent
promise is enforceable by law
Someone saying no to your offer
A promise that is not enforceable because the promisor can choose not to perform the obligation
Promises to pay debts by statute of limitation
Someone who offers the contract
What 2 effects does intoxication have on a contract?
Something that is already required under an existing contract
What are the 3 situations where you can void a contract?
When someone offers and accepts something
Legal ability to enter into a contract
Acceptance is timely before the offer is terminated
Termination by Operation of Law
Certain circumstances where law can just terminate a contract
What must consideration provide?
The basis for the bargain struck between the contracted parties
Accept an obligation that was previously not enforceable
What 3 effects does mental incompetence have on a contract?
What is an essential element for a formation of a contract?
To give or grant someone something
Person who can accept the promise
What are the 2 types of contracts?
Taking back the offer before the person accepts the offer
What are the 4 requirements of a contract?
Promise for an act
Lapse of Time
Offer is terminated when the specific period of time has passed
When you accept the offer you cannot impose new conditions or change the original contract
What is consideration?
Value given in return for a promise or performance
What is the function of contract law?
To enforce agreements and promises between parties
A promise for a promise
What are 4 settlements of claims?
Accord and Satisfaction
Covenants not to sue
What does the UCC stand for?
Uniform Commercial Code
What cannot count as acceptance?
Made up contract by the courts to impose upon parties
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
Statute of Frauds
Requires that certain types of contracts need to be signed in order to be enforceable
What are 7 examples where intent may be lacking?
Expression of opinion
Statements of future intent
Live or Online Auctions
Agreements to Agree
What are the 4 reasons that a contract can be voidable?
Ignoring a contract
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
Bargain of Exchange
Consideration must provide the basis for the bargain between two parties
What is another name for an agreement?
Meeting of the Minds
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
Someone who accepts the contract