Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Contract Law > Midterm > Flashcards

Midterm Flashcards

(66 cards)

Start Studying
0
Q

Contract

A

An oral or written agreement between two or more persons; that is an exchange relationship; involving at least one promise; that is enforceable

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

Promise

A

An undertaking to act or refrain from acting in a specified way, at some future time

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

Bilateral contract

A

A contract in which both parties make promises- a promise for a promise

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

Void

A

An agreement with no legal effect. As if it never existed: not enforceable

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

Executed contract

A

A contract in which all obligations have been met. Nothing further remains to be done

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

Unilateral contract

A

A contract formed when one party acts in response to another party’s promise

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

Express contract

A

A contract with significant, clear, definite, unambiguous terms stated orally or in writing

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

Agreement

A

A meeting of the minds, both parties agree.

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

Void able

A

One party has the power to invalidate the contract if they choose

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

Implied contract

A

A contract not manifested by words but gathered by implications or actions. A contract formed without express statement of terms, by words or actions

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

Offer

A

An indication of willingness to enter into a contract that is communicated to the offeree

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

Letter of intent

A

An agreement in principle, not intended to be a contract, a contract will follow

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

Objective theory of contracts

A

A theory used to determine if there was a meeting of the minds. Did the parties reach mutual assent? Would ORP Person believe a contract formed

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

Quantum meruit

A

As much as he deserved. An equitable theory for the measurement of damages to avoid unjust enrichment

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

Mirror image rule

A

In common law, acceptance must be identical to the offer. Any deviation in language from the offer will result in a counter offer.

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

Quasi contract

A

A contract that did not actually form but in in fairness the courts will enforce to avoid unjust enrichment

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

Counter offer

A

A rejection of the original offer made by the offeror by substitution of a new offer made by the original offeree

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

Acceptance

A

A manifestation of assent to the terms of the offer, made in such a manner as invited or required by the offer

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

Manifestation of mutual assent

A

The appearance that an agreement has been reached and there is a meeting of the minds between the parties.

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

By operation of law

A

An offer is terminated by events such as death of a party, illegality, passage of time, or destruction of the subject matter.

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

Consideration

A

Something promised or done that has the effect of making the agreement legally enforceable

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

Condition precedent

A

An event that must occur before the contemplated transaction/ contract is complete

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

Pre existing duty

A

A promise to do something one already has the legal obligation to do. It is also forebearing from doing something which the person is not legally entitled to do

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Liquidated debt

A

A debt in which the amount owed is not in dispute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Forbearance
Not doing something you have the legal right to do
25
Accord and satisfaction
An agreement to give or accept payment that is different then that stated in the original contract
26
Bargained for exchange
Each party gets something not entitled to before the contract and each party gives something. It is the give and take
27
Illusory
The stated consideration does not really obligate the party. It only appears the party is obligated
28
Promissory estoppel
Theory under which a promise can be enforced despite lack of consideration because of a reliance on that promise and knowledge of that reliance
29
Gift
A complete transfer of property without consideration. A person receiving a gift is not obligated to do anything in return.
30
Legalese
Very formal, often archaic language used in a contract. Language used to impress the client
31
Identification clause
Can be used to identify the parties, set out addresses, dates and type of contract
32
Recital clause
Can be used to set out the offer and the acceptance of the parties; provide background and reasons for the contract. It is not part of the contract
33
Body of the contract
Used to set out the terms, conditions, obligations and responsibilities of the parties
34
Scriveners error
A typographical error or drafting defect
35
Boilerplate
Clauses in contracts that contain standard terms that can be used in all contracts as they are not adapted to the individual parties or circumstances. Language that can be used in any contract.
36
Self proving document
A document wherein the signature or signatures of the parties are verified and sworn to before a notary public. It can be used as evidence in court without calling in the persons who signs the document
37
Parol evidence rule
Applies to oral or written statements made prior to the final integrated contract that will be barred from being used as evidence as such statements or writing contradicts, changes or alters the integrated contact in some way
38
Merger clause
A clause in a contract that states that the document is the complete and final agreement between the parties.
39
Incorporated by reference
A reference to an outside document that is not part of the contract but which the parties want to make part of the contract by referencing to it
40
Misrepresentation
A false statement made without the intent to deceive upon which a party justifiably relies to his or her detriment
41
Fraud
A false statement of material fact made with the intent to deceive and upon which a party justifiably relies to his or her detriment
42
Puffing
Opinion. Commonly known as sales talk
43
Scienter
Having a guilty mind. Knowledge of the falsity
44
Silence as fraud
Having a duty to disclose, and knowingly concealing the truth
45
Duress
A wrongful threat or act that overcomes the free will of the other party
46
Fraud in the execution
Relates to the nature of the actual contact/agreement
47
Fraud in the inducement
Fraud that relates to the parties motivation in entering the contract
48
Intent to deceive
Knowingly. Knowledge that the statement is false and is offered to induce another party into an agreement
49
Justifiable reliance
The reliance upon the other party's assertion is reasonable and to the detriment of the person so relying
50
Mutual mistake
All parties are mistaken as to a basic assumption of the contract
51
Unilateral mistake
Only one of the parties is mistaken as to a basic assumption of the contract
52
Basic assumption of fact
A fact that is an essential term of the contract
53
Undue influence
Where one party has a strong influence over the other party and abuses their position of dominance to the disadvantage of the party
54
Fiduciary relationship
One party is obligated to act in the best interest of another party
55
Unconscionable contract
A contract so unfair or so unreasonable that is shocks the conscious
56
Adhesion contract
A contract where all the bargaining power is concentrated in one person. It is a take it or leave it contract, an example of a an unconscionable contract
57
Bargaining power
The ability to negotiate, the ability to influence
58
Severable/ sever-ability clause
A clause that states that if a part of a contract is Unenforceable the courts may sever, edit out, the Unenforceable clause and enforce the remainder of the agreement
59
Cognovits
Also known as confession of judgement clauses. It is a clause that permits the immediate entry of judgement without notice or opportunity to present a defense
60
Indemnification clause
Where one party agrees to compensate the other party for any losses they may incur that arise from the contract
61
Exculpatory clause
An attempt by a party to excuse themselves from liability for their own tortious acts
62
Contrary to public policy
Something that is not good for society
63
Insurance interest
One must have a legitimate financial interest in a person to insure their life
64
Arms length transaction
The parties are operating under equal statue and have equal negotiating power
65
Moral turpitude
To act contrary to the duties which a man owes their fellow man or to society in general. It is conduct that is contrary to justice, honesty, modesty, or good morals.

Contract Law (12 decks)

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