Study sets, textbooks, questions
Upgrade to remove ads
296 Test 1
Terms in this set (33)
Communication of the offer from the offeror to the offeree is mandatory. Keeping this principle in mind... if you find a lost dog and do not know that a reward is being offered, then you _________ (can or contract) force the owner to pay the reward.
An ________ contract is one that is shown through language
An ________ contract (Ex. going to the doctor) is implied or deduced from the conduct of the parties. It does not have to be in writing.
Ambiguous contract terms will be strictly construed against ______________________________.
The person who wrote the contract - the drafting party
The Bill of Rights includes the first ____ Amendments to the Constitution
If a contract has a ________ damages clause, the parties agree in advance to the damages in the event of a breach of contract.
A contract made under __________ duress (Ex. At gun point) is void.
May a thief ever convey valid title to goods?
According to the Statute of Frauds ________ contracts must be in writing and signed by the party to be charged (being sued)
A promise that is not supported by consideration may still be enforced if the doctrine of ___________________ can be applied.
_______ is a wrongful threat and creates a voidable agreement.
____________ is Virginia's version of small claims court.
The General District Court
_______ is the intent to deceive and is an element of "fraud"
When an acceptance adds an additional term to an offer, it is a ____________.
A reward offered to the public for the return of lost property is an offer to make a ________________ contract.
A price quoted in a newspaper ad or catalog is an ____________.
Invitation to negotiate
Minors are liable for "necessaries" (food, clothing, shelter). By statute in a majority of states, a minor may also be liable for the following contracts: ____________,____________________, and ________________
Medical care, education loans, contracts made while running a business
If an auction is ___________, the items auctioned must be sold to the highest bidder.
The rule that a court decision becomes precedent to be followed in later cases is __________.
Stare decisis (to stand by decision)
A mutual mistake of fact makes a contract ______
Consideration (price paid for a promise) is a necessary element of a binding contract; however, it is not required if the document is a formal contract (in VA) or for a promise to _______________________.
Donate money to charity
The main thrust of quasi contract is to avoid ________ enrichment.
A contract in which both parties have fully performed their obligation is an ___________ contract
When may a court award specific performance?
Real estate contracts, & if subject matter is unique
Three types of monetary damages are: ________________,______________, and __________________
Nominal, compensatory, and punitive
A merchant's firm offer is one that is in writing and signed by the merchant. It is __________ for the period of time stated in the offer.... and cannot exceed 3 months.
Illegal contracts are ____________.
Void and unenforceable
What are the 3 branches of government?
Legislative, Executive, Judicial
After a person has been declared incompetent, all of his/her contracts are _______.
The ___________________ is created when the buyer relies on the seller (not necessary to be a merchant) to pick out goods that the buyer requires to meet a stated need.
Implied warranty of fitness for a particular purpose
The implied warranty of merchantability is made when a merchant is selling goods that he/she ordinarily sells and warrants that the goods are good for the ordinary purpose for which they are used. This warranty may be disclaimed if the good are sold ______ or _______ or when the seller uses a conspicuous disclaimer that includes the word _______
As is or with all faults & the word merchantability
In a sale on approval, the risk of loss prior to approval or the expiration of the approval period is on the ________________
A contract involving both services and goods is classified as a contract for the sale of goods ____________________
If the sale of goods is the dominant reason for the contract
Sets with similar terms
CH 20: Formation of Sales & Lease Contracts
Chapter 20 - The Formation of Sales Contracts
Business Law Chapter 19
Bus 303 - Business Law II - Chapter 13
Other sets by this creator
353 NON Quant #2
452 NON Quant #2
474 Exam #2
353 NON QUANT #1