Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Contract Law > Final Exam > Flashcards

Final Exam Flashcards

(57 cards)

Start Studying
0
Q

Emancipation

A

The declaration that a minor is no longer under the care or custody of parents or a guardian

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Adjudicated incompetent

A

A courts determination that one in incompetent and cannot act in their own best interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Minor

A

Also referred to as an infant. A person under the age of majority, usually meaning under age 18. Someone who is not an adult.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Ratify

A

To validate a contract after it’s execution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Alternative dispute resolution

A

ADR- non court proceedings where parties can settle disputes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Reliance damages

A

Damages that are awarded when compensatory damages are too speculative. It puts the party in the position as if the contract had never been made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Reformation

A

A re-writing of the contract. Used when court is invoking severability of a clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Specific performance

A

An equitable remedy. Court orders the breaching party to perform the obligations of the contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Foreseeable

A

Something a reasonable person would anticipate happening as a result of their actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Legal remedy

A

Party seeks money damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Consequential damages: special damages

A

Losses that do not flow directly and immediately from a breach.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Liquidated damages

A

Damages that the parties agree to in advance and is made a part of the contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Restitution

A

To return to the non breaching party the property in question or it’s value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Equitable remedy

A

Usually damages other than money. Based on fairness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Guardian ad litem

A

A court appointed person to serve as an advocate, usually for a child, and to act in the best interest of that child during a specific hearing or specific litigation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Cognitive test

A

Determined by ones inability to understand the overall nature and consequences of a transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Volitional test

A

Determined by ones failure to act reasonable with respect to a particular transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Guardian

A

A person or entity appointed to look after a person. A guardian of a person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Necessities

A

Things considered indispensable to life usually meant to be food clothing and shelter.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Conservator

A

A person or entity appointed to look after a persons assets. A guardian of assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Click wrap agreement

A

Relevant to internet and software licensing. Requires user to affirmatively ascent to use by clicking ok or I agree button

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Party to be charged

A

The party against whom enforcement of the contract is being sought. The party attempting to avoid contract liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Consigner

Study These Flashcards
A

One who borrows money jointly with another. One who is obligated jointly for the repayments of a debt

23
Q

Statute of frauds

Study These Flashcards
A

A statutory provision that requires certain contracts be in writing to be enforceable

24
Performance bond
A surety bond that guarantees performance of the contract according to the terms and specifications
25
Surety
One who agrees to be responsible for the debt of another of the other fails to pay it perform under the debt
26
Prenuptial agreement
Made in anticipation of marriage involving the division of property assets in the event of a divorce or other event. Aka antenuptial agreement
27
Subscribe
Literally to write underneath popular usage means to sign the document at the end of the printed instrument
28
MYLEGS is a mnemonic to help remember the six categories of contracts that fall under the statute of frauds
Marriage, years, land, estate debts of another, goods over $500, suretyship
29
Agent
One who acts on behalf of another
30
Straw person/buyer
A person who is not intended to have beneficial interest in the property but to who the property is conveyed to facilitate a more complicated transaction
31
Delegate/delegation
The transfer of a duty or obligation to another
32
Incidental beneficiary
A third party beneficiary who acquires no rights under the contract. They cannot sue on the contract
33
Equal dignity rule
If the statute of frauds requires a contract to be in writing then the agency agreement concerning that contract must also be in writing
34
Assign/assignment
The transfer of a right or property interest either by sale, donation, or other means of disposition
35
Novation
The substitution of parties to a contract thereby making a new contract as to the parties but not as to the terms and conditions
36
Intended beneficiary
A third party beneficiary intended to benefit from the contract and who Acquires rights under the contract.
37
Privity
Having a relationship to the issue it contract at hand
38
Agency coupled with an interest
The agent has a financial or personal stake in the outcome of the agency relationship
39
Uniform commercial code
A comprehensive set of laws governing commercial transactions between the us and territories
40
Sale
The passing of title from the seller to the buyer for a price
41
Predominant purpose
A contract that involves the provision of both sales and service - is the contract predominantly for a sale or a service
42
Chattel
An article of personal property; any species of property that is not land
43
Goods
Any tangible thing that is movable
44
Tangible
Capable of being touched
45
Intangible
Property that has no intrinsic value in and of itself but represents value. (Stock certificate-debt)
46
Good faith
Honesty in fact, the observance of reasonable commercial standards dealing in trade
47
Frustration of purpose
Contract that has no remaining value for a party because of some unanticipated event
48
Condition
An event not certain to occur
49
Cure
The attempt to make god on a context. Once breached can the breaching party make it right
50
Material breach
Breach of contract usually excusing the other party for future performed. Also known as a substantial breach
51
Mitigate
To limit or reduce damages
52
Force Majeure
Contract provision excusing performance for an event such as an act of god, labor strike, accident, transportation problem or other thing the parties may choose to cover
53
Anticipatory breach
A belief that a party will not perform. It must be a clear cut belief, cannot be based on an assumption
54
Time is of the essence
Any delay in performance constitutes a breach
55
Repudiation
A party's words or actions that indicate they intend to breach the contract or not to perform the contract
56
Recision
A mutual agreement between the parties to cancel the contract

Contract Law (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions