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BUSI 2371 Exam 2
Terms in this set (119)
The _____ is the party who makes an offer.
The _____ is the party to whom an offer has been made
An offer to pay a reward (for example, for the return of lost property or the capture of a criminal) is an offer to form a(n) _____ contract.
a(n) _____ contract is stated in oral or written words
a(n) _____ contract has no legal effect
a(n) _____ contract is a contract in which at least one of the parties has the option to void his or her contractual obligations
____ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the ____ theory of contracts
the acceptance-upon-dispatch rule is more commonly known as the ____ rule
according to the mailbox rule, what happens when an acceptance letter is dispatched (i.e., mailed) but lost in transmission?
acceptance is effective
a(n) ____ by the offeree simultaneously terminates the offeror's offer and creates a new offer.
an offer ____ if the subject matter of the offer is destroyed through no fault of either party prior to the offer's acceptance
____ is something of legal value given in exchange for a _____
under the modern law of contracts, a contract is considered to be supported by legal ____ if the promise suffers a legal detriment or the promisor receives a legal benefit.
gift promises are ____ because they lack _____
a contract based on an illusory promise is ____ because the contract lacks ____
which of the following is an accurate statement regarding past consideration?
past consideration is not consideration for a new promise
the ____ doctrine allows minors to disaffirm most contracts they have entered into with adults
legal insanity is a state of contractual ______, as determined by law
which of the following is a correct statement regarding the enforceability of a contract entered into by an intoxicated person?
a contract entered into by an intoxicated person is voidable only if the person was so intoxicated when the contract was entered into that he or she was incapable of understanding the nature of the transaction
contracts to commit criminal acts are ____
contracts contrary to public policy are
an exculpatory clause can be used to relieve a party from tort liability for ____
if a department store had a sign above the entrance stating, "the store is not liable for the ordinary negligence of its employees," this would be a(n) _____ clause
exculpatory clauses that result from superior bargaining power are usually found to be ___
void as against public policy
the doctrine of unconscionability is based on ____
which of the following is an INCORRECT statement regarding the doctrine of unconscionability?
the doctrine of unconscionability may be used to merely save a contracting party from a bad bargain
in today's society cyberspace is the newest location for business transactions to take place. this caused a need for the federal and state governments to enact laws that regulate all of the following EXCEPT
_____ is a model act that creates contract law for the licensing of information technology rights
which of the following is an INCORRECT statement regarding the Uniform Computer Information Transactions Act (UCITA)?
it establishes a non-uniform and incomplete set of rules that govern the creation, performance, and enforcement of computer information transactions
voluntary ____ by the parties is necessary to create an enforceable ____
a ____ mistake of value exists if both parties know the object of the contract but are mistaken to its value
what is the legal effect of a mutual mistake of value?
the contract remains enforceable by either party
a(n) ____ fact is a fact that is important to the subject matter of a contract
____ occurs when one party threatens to do some wrongful act unless the other party enters into a contract
The threat to commit extortion unless someone enters into a contract constitutes _____.
certain types of contracts must be in writing pursuant to the statute of ____
currently, how many states have enacted a statute of frauds requiring certain types of contracts to be in writing?
____ property includes the land itself, as well as the building and fixtures
according to the statue of frauds, an ____ contract that cannot be performed by its own terms within ____ of its formation must be in writing
executory; one year
a ____ contract occurs when one person agrees to answer for the debts or duties of another person
generally, an executory contract that is not in writing even though the statute of frauds requires it to be is ____ by ____
unenforceable; either party
____ is an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice
the transfer of contractual rights is called a(n)
an assignor is a(n) ____ who transfers a right
a(n) ____ is a party to whom a right has been transferred
a(n) ____ is an unconditional promise to perform
generally, contract language such as if, on condition that, when, after, and as soon as indicates a(n) ____
If a contract requires the occurrence of an event before a party is obligated to perform a contractual duty, this is a condition _________.
a(n) ____ is an agreement that substitutes a new party for one of the original contracting parties and relieves the exiting party of liability on the contract
____ performance occurs when there has been a minor breach of contract
Most contracts are discharged by the ____ performance, or ______ performance, of the contracting parties.
a fully performed contract is called a(n) ____ contract
tender is a(n) ____ and ____ offer by a contracting party to perform his or her obligations under the contract
____ is an action to undo a contract
generally, to ___ a contract, the parties must take restitution of the consideration they received under the contract
____ of damages is a ____ party's legal duty to avoid or reduce damages caused by a breach of contract
___ damages are damages that parties to a contract agree in advance should be paid if the contract is breached
consequential damages are also referred to as ____ damages
An award of __________ performance orders the breaching party to perform the acts promised in a contract.
____ performance of personal service contracts is not granted because the courts would find it difficult or impracticable to supervise or monitor performance of such a contract
____ is a(n) ____ doctrine that permits the court to rewrite a contract to express the parties' true intentions
a(n) ____ is a court order that prohibits a person from doing a certain act
most arbitration agreements stipulate ____ arbitration
which of the following is an INCORRECT statement regarding arbitration
arbitration is conducted by a neutral third party known as a barrister
____ commerce is the sale of goods and services by computer and over the internet
the world wide web consists of millions of computers that support a standard set of rules for the exchange of information called ____
websites and web pages are stored on servers throughout the world, which are operated by ____
which of the following is an INCORRECT statement regarding the enforcement of electronic mail contracts
e-mail contracts are generally unenforceable since they are not in writing
the communications ____ act is a federal statute stating that internet service providers are not liable for the content transmitted over their networks by e-mail user and websites
the ___ act is designed to place the world of electronic commerce on a par with the world of ___ contracts in the united states
which of the following is an INCORRECT statement regarding the electronic signatures in global and national commerce act (E-SIGN Act)?
it eliminates the statute of frauds writing requirement
the E-SIGN act is a federal statute that recognizes electronic contracts as meeting the writing requirement of the statute of ____
a(n) ____ is a contract that transfers limited rights in intellectual property and information rights
a(n) ____ is an owner of intellectual property or information rights who transfers rights in the property or information to the licensee
most businesses conduct e-commerce by using websites on the internet. each website is identified by a unique internet ____ name
which of the following is NOT a commonly used top-level extension for domain names?
which of the following is an INCORRECT statement regarding personalized top-level domain (TLD) suffixes?
ICANN does not permit personalized TLD suffixes
sometimes, a party registers a domain name of another party's trademarked name or a famous person's name. this is called _____
the anticybersquatting consumer protection act (ACPA) has two fundamental requirements: 1) the name must be ____; and 2) the domain name must have been registered in ____
famous; bad faith
the uniform ____ code is a model act that includes comprehensive laws that cover most aspects of commercial transactions
how many states have enacted all or parts of the UCC as statutes
all states except ____ have adopted some version of article 2 (sales) of the UCC
article ____ of the UCC applies to domestic transactions in the sales of goods
a(n) ____ consists of the passing of title of goods from a seller to a buyer for a price
____ are defined as ____ items that are movable at the time of their sale
a(n) ____ sale involves the provision of a service and a good in the same transaction
article ____ (leases) of the UCC directly addresses personal property leases
a ____ is a transfer of the right to the possession and use of named goods for a set term in return for certain consideration
in a lease contract, the ____ is the person who transfers the right of possession and use of goods under the lease
in a lease contract, the ____ is the person who acquires the right to possession and use of goods under a lease
a ____ contract requires the seller to deliver goods conforming to the contract to a carrier
a ____ contract requires the seller to deliver conforming goods to a specific destination
according to the UCC statute of frauds, all contracts for the sale of goods priced at ___ or more must be in writing
according to the UCC statute of frauds, lease contracts requiring payments of ___ or more must be in writing
The ____ rule says that a merchant who makes an offer to buy, sell, or lease goods and assures the other party in a separate writing that the offer will be held open cannon revoke the offer for the time stated or, if no time is stated, for a reasonable time
_____ means a computer program or an electronic or other automated source used freely to initiate an act or answer to electronic records or performances in entirely or in part, without review or action by an individual
the shipping term ____ requires the seller to arrange to ship the goods and put the goods in the carrier's possession. the buyer hear the shipping expense and risk of loss while the goods are in transit
FOB point of shipment
in the case of an ordinary lease, if the lessor is a merchant, the risk of loss passes to the lessee on the ____ of the goods
the shipping term ____ requires the seller to bear the expense and risk of loss until the goods are tendered to the buyer at the place of destination
FOB place of destination
the shipping term ____ requires the seller to bear the expense and risk of loss until the goods are unloaded from the ship at its port of destination
ex-ship (from the carrying vessel)
a seller or lessor has ___ to property if he or she obtained the goods through ___
voidable title; fraud
the UCC permits parties to a sales or lease contract to establish in advance in their contract the damages that will be paid upon a breach of the contract. such pre-established damages are called ____
the doctrine of ____, or "let the buyer beware," governed by the law of sales and leases for centuries
a(n) ____ is a seller's express or implied assurance to a buyer that the goods sold meet certain quality standards
an ____ is created when the seller affirms that the goods he or she is selling meet certain standards of quality, description, performance, or condition
____ is a seller's commendation of goods that does not create an express warranty
which of the following is an INCORRECT statement regarding statements of opinion
puffing creates an express warranty
which test has a majority of states adopted to determine the merchantability of food products?
under the ____ test, the court asks what a consumer would expect to find or not find in food or drink that he or she consumes
the UCC incorporates the implied warranty of fitness for human consumption within ___
the implied warranty of merchantability
for a warranty to qualify as a(n) ____ warranty, the warrantor must guarantee that a defective product will be repaired or replaced free during the warranty period
a warranty that covers the costs of parts but not the labor to fix a defective product is a(n) ____ warranty
the magnuson-moss warranty act is a ____ statute that regulates ____ warranties on consumer products
a warranty ____ negates express and implied warranties
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