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Study sets matching "chapter 11 business law"

31 terms
Business Law Chapter 11
1. A minor who chooses to disaffirm a…
2. As a general rule, parents are not…
3. If a person's mental deficiencies h…
4. A contract of an intoxicated person…
false
true
true
true
1. A minor who chooses to disaffirm a…
false
2. As a general rule, parents are not…
true
12 terms
Business Law - Chapter 11
Competent Party
Contractual Capacity
Minor
Age of Majority
A person capable of understanding the meaning of a contract
Ability to make a valid contract
Person who has not yet reached the age of majority
Legally recognized as an adult
Competent Party
A person capable of understanding the meaning of a contract
Contractual Capacity
Ability to make a valid contract
28 terms
Business Law Chapter 11
Contractual agreement is evidenced by...
An effective offer requires...
In an auction, the auctioneer acts as…
An "e-contract" is...
An offer plus an acceptance
The offeror's serious objective intent, reasonably certain te…
Offeree
Any contract formed electronically
Contractual agreement is evidenced by...
An offer plus an acceptance
An effective offer requires...
The offeror's serious objective intent, reasonably certain te…
37 terms
Business Law Chapter 11
Promise:
Sources of Contract Law:
Promisor
Promisee
A person's assurance that he or she will or will not do somet…
The common law governs all contracts except when it has been…
A person who makes a promise.
A person to whom a promise is made.
Promise:
A person's assurance that he or she will or will not do somet…
Sources of Contract Law:
The common law governs all contracts except when it has been…
23 terms
Business Law Chapter 11
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract that arises when a promise is given in exc…
An agreement between two or more parties that is enforceable…
A contract that has been completely performed by both parties
A contract that has not yet been fully performed
Bilateral Contract
A type of contract that arises when a promise is given in exc…
Contract
An agreement between two or more parties that is enforceable…
22 terms
Business law: Chapter 11
bilateral contract
contract
executed contract
executory contract
a type of contract that arises when a promise is given in exc…
an agreement that can be enforced in court; formed by two or…
a contract that has been completely performed by both parties.
a contract that has not as yet been fully performed.
bilateral contract
a type of contract that arises when a promise is given in exc…
contract
an agreement that can be enforced in court; formed by two or…
66 terms
Business Law Chapter 11
Agreement
assent
Offer
Three elements that make an offer effe…
The parties must agree on the terms of the contract and manif…
agreement
a promise or commitment to do or refrain from doing some spec…
1) Offeror must have a serious intention to become bound by t…
Agreement
The parties must agree on the terms of the contract and manif…
assent
agreement
11 terms
Business Law- Chapter 11
Exculpatory Clause
Capacity
Disaffirmance
Statute of frauds
a contract provision that relieves one party of liability if…
is the legal ability to enter into a contract. (Cannot be und…
The act by which a person who has entered into a voidable con…
Certain contracts must be in writing and signed to be valid
Exculpatory Clause
a contract provision that relieves one party of liability if…
Capacity
is the legal ability to enter into a contract. (Cannot be und…
40 terms
Chapter 11 Business Law
When Olga asks Sven if he wishes to se…
Revocation is the withdrawal of an off…
April put an advertisement in the news…
You have placed an antique desk up for…
False
True
False
True
When Olga asks Sven if he wishes to se…
False
Revocation is the withdrawal of an off…
True
28 terms
Chapter 11: Business Law
Contract
Promisor
Promisee
Valid contract requirements
Is a promise of a set of promises for the break of which the…
The person making the promise
The person to whom the promise is made
Agreement... Consideration ... Contractual Capacity ... Legality
Contract
Is a promise of a set of promises for the break of which the…
Promisor
The person making the promise
14 terms
Business Law Chapter 11
An accountant is liable for __________…
Which of the following is not an essen…
Accountants may be liable to individua…
Under the "Ultramares rule," an accoun…
Negligence
The client unjustifiably relied on the misrepresentation
Incidental users
Privity of contract; primary
An accountant is liable for __________…
Negligence
Which of the following is not an essen…
The client unjustifiably relied on the misrepresentation
12 terms
Business Law Chapter 11
Copyright
Fair Use
Generic
Infringement
A statutorily created property in creative expression that pr…
A statutorily permitted use of another's copyright for critic…
To loose distinctiveness in reference to the source of goods…
The tort establishing violation of intellectual property rights
Copyright
A statutorily created property in creative expression that pr…
Fair Use
A statutorily permitted use of another's copyright for critic…
29 terms
Business Law chapter 11
Agreement
Requirements of an offer
Offerors serious intention
Not an offer
Offer and acceptance. Parties must show mutual assent to term…
Offerors serious intention, Definiteness of terms, communicat…
Contract is judged by what a reasonable person in the offeree…
Statements made in anger, just, or undue excitement. Also exp…
Agreement
Offer and acceptance. Parties must show mutual assent to term…
Requirements of an offer
Offerors serious intention, Definiteness of terms, communicat…
17 terms
Business Law Chapter 11
Accession
Bailment
Easement
Eminent domain
Where one person improves another's property and is entitled…
A legal relationship that arises out of the temporary transfe…
A right of way, or non-possessory interest in real property.
The power of government to take private property for public u…
Accession
Where one person improves another's property and is entitled…
Bailment
A legal relationship that arises out of the temporary transfe…
15 terms
Business Law Chapter 11
assignment
obligor
performance
discharge
A transfer of a right a party may have under a contract to an…
One who owes a duty under a contract.
The fulfillment of contractual promises as agreed.
The termination of duties that ordinarily occurs when the par…
assignment
A transfer of a right a party may have under a contract to an…
obligor
One who owes a duty under a contract.
Business Law Chapter 11
Common Law of Contracts
Uniformal Commercial Code (UCC)
Promisor
Promisee
contracts related to services, real estate, employment & insu…
contracts for sale & lease of goods
person making the promise
person to whom the promise is made
Common Law of Contracts
contracts related to services, real estate, employment & insu…
Uniformal Commercial Code (UCC)
contracts for sale & lease of goods
34 terms
Business Law Chapter 11
Promise
Contract
Objective theory of contracts
Objective Facts
A declaration by a person (the promisor) to do or not to do a…
"A promise or a set of promises for the breach of which the l…
A theory under which the intent to form a contract will be ju…
1) That the party said when entering into the contract.... 2) Ho…
Promise
A declaration by a person (the promisor) to do or not to do a…
Contract
"A promise or a set of promises for the breach of which the l…
24 terms
Business Law Chapter 11
Consideration
Forbearance
Rescission
Past Consideration
The value given in return for a promise or performance in a c…
The act of refraining from an action that one has a legal rig…
A remedy whereby a contract is canceled and the parties are r…
An act that takes place before the contract is made and that…
Consideration
The value given in return for a promise or performance in a c…
Forbearance
The act of refraining from an action that one has a legal rig…
8 terms
Business Law - Chapter 11
Main Prohibitions to Reality of Consen…
Duress
Undue Influence
Fraud (2)
Duress... Undue Influence... Fraud... Mistake
free will is override by fear; contract becomes VOID(if extre…
the advantage taken by a dominant party against a dependent p…
1) in the execution... 2) in the inducement
Main Prohibitions to Reality of Consen…
Duress... Undue Influence... Fraud... Mistake
Duress
free will is override by fear; contract becomes VOID(if extre…
29 terms
Business Law Chapter 11
4 different type of leases
Right of others to property; a burden…
This is the most complete interest a p…
Termination of life estate going to so…
1)period/term... 2)renewable(automatic renewal unless someone te…
Encumbrances
Fee simple absolute
Estate in remainder
4 different type of leases
1)period/term... 2)renewable(automatic renewal unless someone te…
Right of others to property; a burden…
Encumbrances
Business Law - Chapter 11
Main Prohibitions to Reality of Consen…
Duress
Undue Influence
Fraud (2)
Duress... Undue Influence... Fraud... Mistake
free will is override by fear; contract becomes VOID... threaten…
the advantage taken by a dominant party against a dependent p…
1) in the execution... 2) in the inducement
Main Prohibitions to Reality of Consen…
Duress... Undue Influence... Fraud... Mistake
Duress
free will is override by fear; contract becomes VOID... threaten…
12 terms
Business Law Chapter 11
Competent Party
Contractual Capacity
Minor
Age of Majority
A person of legal age and at least normal mentality who is co…
The ability to make a valid contract
A person who had not yet reached the age of majority
The age at which a person is legally recognized as an adult a…
Competent Party
A person of legal age and at least normal mentality who is co…
Contractual Capacity
The ability to make a valid contract
24 terms
Business Law chapter 11
Agreement
Offer
Requirements of an offer
Termination of the offer
to have mutual consent on the terms of the contract from both…
a promise or commitment to do or refrain from doing some spec…
1.) the offeror must have serious intent of the offer, 2.) th…
to revoke, reject, or have a counter-offer.
Agreement
to have mutual consent on the terms of the contract from both…
Offer
a promise or commitment to do or refrain from doing some spec…
Business Law Chapter 11
Pysical Compulsion
Improper Threats
Undue Influence
Fraud in the Execution
Coercion involving physical force renders the agreement void
Improper threats or acts, including economic and social coerc…
Taking unfair advantage of a person by reason of a dominant p…
A misrepresentation that deceives the other party as to the n…
Pysical Compulsion
Coercion involving physical force renders the agreement void
Improper Threats
Improper threats or acts, including economic and social coerc…
10 terms
Business Law: chapter 11
credit
creditor
debtor
interest
an arrangement in which you receive cash, goods, or services…
the party who sells the goods on credit or lends the money
the party who buys the goods on credit or borrows the money
a fee creditors charge for lending money or extending credit
credit
an arrangement in which you receive cash, goods, or services…
creditor
the party who sells the goods on credit or lends the money
11 terms
Business Law Chapter 11
Duress
Physical Duress
Improper Threats
Undue Influence
Wrongful or unlawful act or threat that overcomes the free wi…
Coercion involving physical force renders the agreement void.
Improper threats or acts, including economic and social coerc…
The unfair persuasion of a person by a party in a dominant po…
Duress
Wrongful or unlawful act or threat that overcomes the free wi…
Physical Duress
Coercion involving physical force renders the agreement void.
15 terms
Business Law Chapter 11
Consideration
Legal value
Bargained-for exchange
Gratuitous promises
-something of legal value given in exchange for a promise... -ne…
a contract is considered supported by legal value if:... -promis…
-process of bargaining or inducement that leads to an enforce…
-unenforceable due to lack of consideration ... -promise freely…
Consideration
-something of legal value given in exchange for a promise... -ne…
Legal value
a contract is considered supported by legal value if:... -promis…
16 terms
Business Law Chapter 11
Alteration
Anticipatory Breach
Assignment
Breach of Contract
In contracts, material change in the terms of a contract made…
Notification, before the scheduled time of performance, of re…
Legal action wherein a party to a contract transfers to anoth…
Failure to provide complete performance of contractual obliga…
Alteration
In contracts, material change in the terms of a contract made…
Anticipatory Breach
Notification, before the scheduled time of performance, of re…
9 terms
Business Law Chapter 11
Accountant-client privilege
Malpractice actions
Working Papers
Three primary types of common law acco…
exists only under some state's laws. Typically gives the clie…
Actions brought against attorneys, lawyers, real estate broke…
various documents used and developed during an audit
1. Accountant liability for negligence... 2. Accountant liabilit…
Accountant-client privilege
exists only under some state's laws. Typically gives the clie…
Malpractice actions
Actions brought against attorneys, lawyers, real estate broke…
18 terms
Business Law: Chapter 11
Consideration
Consideration: Legal Value
Consideration: Bargained-for exchange
Gratuitous Promises
Something of legal value given in exchange for a promise.... Ne…
A contract is considered supported by legal value if:... -Promi…
Process of bargaining or inducement that leads to an enforcea…
Promise freely given and not induced by promise of some benef…
Consideration
Something of legal value given in exchange for a promise.... Ne…
Consideration: Legal Value
A contract is considered supported by legal value if:... -Promi…
Business Law Chapter 11
bilateral contract
unilateral contract
voidable contract
unenforceable contract
A type of contract that arises when a promise is given in exc…
A contract that results when an offer can only be accepted by…
A contract that may be legally avoided (canceled, or annulled…
A valid contract rendered unenforceable by some statute or law.
bilateral contract
A type of contract that arises when a promise is given in exc…
unilateral contract
A contract that results when an offer can only be accepted by…
14 terms
Business Law: Chapter 11
assignment
obligor
performance
discharge
A party to a contract that may transfer to another person his…
A person who must perform an obligation under a contract or o…
he fulfillment of contractual obligations as agreed.
The cancellation of obligations imposed by a contract.
assignment
A party to a contract that may transfer to another person his…
obligor
A person who must perform an obligation under a contract or o…
43 terms
Business Law Chapter 11
Promise:
Sources of Contract Law:
Promisor
Promisee
A person's assurance that he or she will or will not do somet…
The common law governs all contracts except when it has been…
A person who makes a promise.
A person to whom a promise is made.
Promise:
A person's assurance that he or she will or will not do somet…
Sources of Contract Law:
The common law governs all contracts except when it has been…
12 terms
Business Law Chapter 11
Voluntary Consent
Unilateral Mistake
Material fact
Bilateral Mistake
Choosing freely to accept
Only one party is mistaken as to a material fact
A fact important to the subject matter of the contract
Mutual misunderstanding concerning a basic assumption on whic…
Voluntary Consent
Choosing freely to accept
Unilateral Mistake
Only one party is mistaken as to a material fact
36 terms
Business Law Chapter 11
accord
alimony
annulment
assignment
agreement between the parties to a contract to change the obl…
the support paid by the wage earner of the family to the othe…
a court order that cancels a marriage because of the problem…
transaction by which a party transfers contractual rights to…
accord
agreement between the parties to a contract to change the obl…
alimony
the support paid by the wage earner of the family to the othe…
54 terms
Business Law: Chapter 11
Bilateral contract
Contract(s)
Option
Unilateral contract
Offers that require the offeree to accept by communicating th…
All economic activity is based upon legally enforceable agree…
..., A right which is given for consideration to a party (opt…
A contract in which performance alone is acceptance
Bilateral contract
Offers that require the offeree to accept by communicating th…
Contract(s)
All economic activity is based upon legally enforceable agree…
22 terms
Business Law Chapter 11
Bilateral contract
Contract
Executed contract
Executory contract
A type of contract that arises when a promise is given in exc…
An agreement that can be enforced in court; formed by two or…
A contract that has been completely performed by both parties.
A contract that has not as yet been fully performed.
Bilateral contract
A type of contract that arises when a promise is given in exc…
Contract
An agreement that can be enforced in court; formed by two or…
17 terms
Business Law Chapter 11
Acceptance
Agreement
Browse-Wrap Terms
Click-On Agreement
In contract law, the offer's notification to the offeror that…
A meeting of two or more minds in regard to the terms of a co…
Terms and conditions of use that are presented to an Internet…
An agreement that arises when a buyer, engaging in a transact…
Acceptance
In contract law, the offer's notification to the offeror that…
Agreement
A meeting of two or more minds in regard to the terms of a co…
23 terms
Business Law Chapter 11
Acceptance
3 Elements of Acceptance
Mirror Image Rule
Battle of the Forms
Assent that is either expressed or implied
1. Present sense intent to contract... 2. Exactness... 3. Communica…
Acceptance that must conform exactly with the terms of the of…
Exception to mirror image rule, where both sides use form con…
Acceptance
Assent that is either expressed or implied
3 Elements of Acceptance
1. Present sense intent to contract... 2. Exactness... 3. Communica…
97 terms
Business law Chapter 11
SIPs are state plans for implementatio…
SIPs must be approved by the EPA
The clean air act requires plans to us…
The bubble concept applies to non atta…
True
True
True
True
SIPs are state plans for implementatio…
True
SIPs must be approved by the EPA
True
15 terms
Arkansas Business Law Chapter 11
assignment
obligator
performance
discharge
A transfer of legal right to collect an amount payable under…
The one who owes a duty under a contract.
Fulfillment of contractual promises as agreed.
Termination of a contract of duties that ordinarily occurs wh…
assignment
A transfer of legal right to collect an amount payable under…
obligator
The one who owes a duty under a contract.
40 terms
business law chapter 11
when olga asks sven if he wishes to se…
revocation is the withdrawal o an offe…
april put an advertisement in the news…
you have placed a antique desk up for…
false
true
false
true
when olga asks sven if he wishes to se…
false
revocation is the withdrawal o an offe…
true
29 terms
Business Law Chapter 11
Contractual Capacity
Minors
Disaffirmance
Minors Obligation on Disaffirmance
Legal ability to enter into a contract, it is the minimum men…
Age of majority in most states is 18, generally minors can en…
Avoidance or setting aside of a contractual obligation.
Majority of states hold that the minor only has to return the…
Contractual Capacity
Legal ability to enter into a contract, it is the minimum men…
Minors
Age of majority in most states is 18, generally minors can en…
22 terms
Business Law Chapter 11
Capacity
Minor
Infancy Doctrine
Ratification
1. Age (18+)... 2. Sanity
a person who has not reached the age of majority
a doctrine that allows minors to disaffirm (cancel) most cont…
the act of a minor after the minor has reached the age of maj…
Capacity
1. Age (18+)... 2. Sanity
Minor
a person who has not reached the age of majority
26 terms
Business Law Chapter 11
Promisor
Promise
Contract
Objective theory of contracts
the person making the promise
the person to whom the promise is made
a promise or a set of promises for the breach of which the la…
theory is that a party's intention to enter into a legally bi…
Promisor
the person making the promise
Promise
the person to whom the promise is made
40 terms
Business Law - Chapter 11
When Olga asks Sven if he wishes to se…
Revocation is the withdrawal of an off…
April put an advertisement in the news…
You have placed an antique desk up for…
False
True
False
True
When Olga asks Sven if he wishes to se…
False
Revocation is the withdrawal of an off…
True
18 terms
Business Law Chapter 11
duress
physical compulsion
improper threats
undue influence
wrongful or unlawful act or threat that overcomes the free wi…
coercion involving physical force renders the agreement void
threats or acts render the contract voidable
taking unfair advantage of a person by reason of a dominant p…
duress
wrongful or unlawful act or threat that overcomes the free wi…
physical compulsion
coercion involving physical force renders the agreement void
20 terms
Business Law Chapter 11
A contract is void if one of the parti…
A contract to do something that is pro…
A unilateral contract is formed when t…
A void contract is enforceable if it i…
False
True
True
False
A contract is void if one of the parti…
False
A contract to do something that is pro…
True
18 terms
Business Law chapter 11
Agreement
Objective Theory of contracts
Offer
Offeror
a mutual understanding or meeting of the minds between two or…
a party's words and conduct are held to mean whatever a reaso…
A promise or commitment to perform or refrain from performing…
the party making an offer
Agreement
a mutual understanding or meeting of the minds between two or…
Objective Theory of contracts
a party's words and conduct are held to mean whatever a reaso…
17 terms
Business Law - Chapter 11
consideration
types of consideration
gift promise
promises that LACK consideration
something of legal value given in exchange for a promise
- tangible payment... - performance of an act... - forbearance of a…
a promise that is unenforceable because it lacks consideration
- illegal consideration... - illusory promise... - pre existing dut…
consideration
something of legal value given in exchange for a promise
types of consideration
- tangible payment... - performance of an act... - forbearance of a…
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