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BUL-2241 (Quiz #2)
Terms in this set (20)
"A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. . . " is the definition of:
Capitalism and contract law have developed together, because having choices in society means that people decide and agree to do things with and to each other, and those agreements bind the parties; the agreements must be enforceable.
The sale of business services, in the amount of $500 or more, is governed by Article 2 of the Uniform Commercial Code.
"The manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it" best defines:
The general rule in business law is that a company's advertising is considered an offer. For example, if you see a sign in Starbucks window that says "Buy our new Coffee...only $5", Starbucks is making a legal offer to sell you that coffee. When you buy, you've accepted their order.
Courts are generally more liberal in allowing duration ambiguity (i.e. less definite terms) in terms in business contracts, under the UCC, than when interpreting private contracts under common law.
When parties are negotiating a contract, a counteroffer acts a rejection of an offer.
Parties often negotiate via mail. When a buyer accepts an offer by mailing a response, the acceptance is considered valid. A contract has been formed, even if the seller withdraws the offer (after the acceptance has been mailed).
In what way(s) can an offer expire? Please choose the best answer.
All The Above
A contract induced by physical duress—threat of bodily harm—is void; a contract induced by improper threats—another type of duress—is voidable.
If there is a misrepresentation (i.e. fraud) of the subject matter of the contract, then any contract formed is automatically void. Stated differently, where there is fraud in the inducement of a contract, the contract is void.
An intoxicated person can never enter a legally binding agreement, because being intoxicated compromises one's decision making abilities.
What element(s) are required for a party to assent (i.e. agree) to enter a legally enforceable contract? Choose the best answer.
All The Above
When a promisor receives some benefit for his/her promise, and the promisee gives up something in return, is the best way to define the contract element of:
The Uniform Commercial Code has several exceptions to the consideration requirement. No consideration is needed to revive a debt discharged in bankruptcy, and none is called for under the Convention on Contracts for the International Sale of Goods.
Laws may require certain persons to have licenses in order to practice a trade or profession. Whether an unlicensed person is barred from recovering a fee for service depends on the language of the statute and the purpose of the requirement: if it is a mere revenue-raising or registration statute, recovery will often be allowed. If the practitioner is required to prove competency, no recovery is possible for an unlicensed person.
Charging an illegally high interest interest rate to consumers is known as usury.
Gambling, interest rates, and Sunday contracts are among the types of contracts that have not been subject to legislative illegality.
A non-compete agreement is a contract where a former employee agrees not to compete against a former employer, once the employee leaves the employer's company. Courts view non-compete agreements as an illegal restraint of trade; and against public policy.
In general, illegal contracts are unenforceable. For example, if two parties engage in a contract related to illegal activity....those parties should not expect the courts to intervene, unless the court has a compelling public policy reason for doing so.
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