Study sets matching "contract business law"

Study sets
Classes
Users

Study sets matching "contract business law"

43 terms
Business law - Contract Law
Contract
Elements of a contract
The characters of our play
Contract that need to be writting
between two or more parties that is enforceable by the court…
1. Agreement = Proper author, Proper accepts... 2. Consideration…
Offeror/promise giving the contract... Offeree/promise
a. Any contract for sale of land... b. Any contract for more tha…
Contract
between two or more parties that is enforceable by the court…
Elements of a contract
1. Agreement = Proper author, Proper accepts... 2. Consideration…
93 terms
Business Law- Contract Law
Element 1 of Contract Law
Element 2 of Contract Law
Element 3 of Contract Law
Element 4 of Contract Law
Intention to create an enforceable contract
Offer and Acceptance
Consideration
Capacity
Element 1 of Contract Law
Intention to create an enforceable contract
Element 2 of Contract Law
Offer and Acceptance
97 terms
Business Law Contract Unit
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…
Business law - Contract Law
acceptance
age of majority
bilateral contract
contractual capacity
when a party to whom offer has been made agrees to proposal
age at which a person can be held legally bound to contracts
offeree can accept offer by giving a promise to the offeror i…
ability to understand that a contract is being made and its g…
acceptance
when a party to whom offer has been made agrees to proposal
age of majority
age at which a person can be held legally bound to contracts
68 terms
Business Law Unit 2 - Contract Law
Acceptance
Benefits
Bilateral
Capacity
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
Contains two promises
Legal ability to enter into a contract
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
30 terms
Business Law (Contract Law)
Implied-in-fact contracts/quasi contra…
Unilateral Contract
Consideration
Requirements/Output Contracts
nobody says what the contract is but there is in fact contract
modern view versus traditional view for revocation of offer-t…
Anything of value offered to induce someone to enter into a c…
An output contract obligates a seller to sell all output (goo…
Implied-in-fact contracts/quasi contra…
nobody says what the contract is but there is in fact contract
Unilateral Contract
modern view versus traditional view for revocation of offer-t…
120 terms
Business Law: Contracts Final
Basic Elements of a Contract
Bilateral
Unilateral
Valid Contract
offer, acceptance, consideration, capacity, legal
both parties make a promise... ex) pay rent in exchange for a le…
a promise for an act... ex) reward for finding a lost dog
meets legal requirements for a binding contract and are enfor…
Basic Elements of a Contract
offer, acceptance, consideration, capacity, legal
Bilateral
both parties make a promise... ex) pay rent in exchange for a le…
29 terms
Business Law Contract Vocabulary
Benefit
Bilateral Mistake
Capacity
Consideration
something a party was not previously entitled to.
mistake by two parties
legal ability to enter into a contract.
exchange of things of value.
Benefit
something a party was not previously entitled to.
Bilateral Mistake
mistake by two parties
98 terms
Business Law-Contract Law
contract
7 key characteristics of an enforceabl…
offer
acceptance
Legally enforceable agreement
offer, acceptance, consideration, legality, capacity, consent…
proposal of a deal
respond to it in a certain way
contract
Legally enforceable agreement
7 key characteristics of an enforceabl…
offer, acceptance, consideration, legality, capacity, consent…
63 terms
Business Law- Contract Law
Severance
Contract (K)
Requirements for a Valid Contract
Valid Contract
Keeping other provisions intact... -essentially strike out the s…
Agreement that can be enforced in court... -formed by two or mor…
1.Agreement... 2.Consideration... 3.Contractual Capacity... 4.Legality
All four elements
Severance
Keeping other provisions intact... -essentially strike out the s…
Contract (K)
Agreement that can be enforced in court... -formed by two or mor…
Business Law - CONTRACT LAW
What is a CONTRACT?
What is CONTRACT LAW?
What is the principle of CONTRACT INTE…
Which are the four ESSENTIAL ELEMENTS…
A contract is a legally enforceable agreement, EXPRESS or IMP…
The law of contracts is a framework to ensure that lawful exp…
1. Determine the INTENT of the parties from words or actions…
1. Capacity of the parties (Legally Competent. Ex: Representa…
What is a CONTRACT?
A contract is a legally enforceable agreement, EXPRESS or IMP…
What is CONTRACT LAW?
The law of contracts is a framework to ensure that lawful exp…
business law contract law
offer
acceptance
termination
6 elements of a contract
serious in intent... definite and certain... communicated directly…
unconditional acceptance... methods of acceptance... When the same…
revocation... rejection... counter offer... expiration of time... death o…
offer... acceptance... genuine agreement... consideration... legality... cap…
offer
serious in intent... definite and certain... communicated directly…
acceptance
unconditional acceptance... methods of acceptance... When the same…
Business Law (Contract Law)
Requirements/Output Contracts
Unconscionable Contracts
Exculpatory Clause
Mirror Image Rule
An output contract obligates a seller to sell all output (goo…
so grossly unfair that the court will refuse to enforce it
A clause that releases a contractual party from liability in…
Under common law, a response to an offer that adds new terms…
Requirements/Output Contracts
An output contract obligates a seller to sell all output (goo…
Unconscionable Contracts
so grossly unfair that the court will refuse to enforce it
Business Law - Contract Law
Primary Requirements of a Contract
Offer + Acceptance =
An offer is made by?
An offer is received by?
1. Offer... 2. Acceptance... 3. Consideration... 4. Capacity... 5. Legality
Mutual Agreement
Offeror
Offeree
Primary Requirements of a Contract
1. Offer... 2. Acceptance... 3. Consideration... 4. Capacity... 5. Legality
Offer + Acceptance =
Mutual Agreement
40 terms
Business Law Contracts
Contract
Offer
Acceptance
Genuine agreement
Is any agreement enforceable by law.
A proposal by one party to another intended to create a legal…
The second party's unqualified willingness to go along with t…
If a valid offer is met by a valid acceptance
Contract
Is any agreement enforceable by law.
Offer
A proposal by one party to another intended to create a legal…
Business Law: Contract Law
Contract
Equity Theory
Will theory
Formalist
any agreement enforceable by law
whether parties exchange things of equal value
whether the parties really had agreed to the terms of the agr…
focuses on how the agreements were formed (what the parties w…
Contract
any agreement enforceable by law
Equity Theory
whether parties exchange things of equal value
26 terms
Business Law - Contracts
Contract
Capacity
Consideration
Legality
Any agreement enforceable by law... Can be oral or written, imp…
Presumes anyone entering into a legal contract has the mental…
Things of value promised to one party in exchange for somethi…
Parties are not contractually obligated to fulfill contracts…
Contract
Any agreement enforceable by law... Can be oral or written, imp…
Capacity
Presumes anyone entering into a legal contract has the mental…
Business Law: Contract Laws
What is a Contract?
T or F... All contracts are promises but…
What are the four elements of a contra…
What element of a contract is a valid…
A legally binding agreement between 2 or more persons
True
1) Agreement... 2) Consideration... 3) Capacity... 4)Legality
Agreement
What is a Contract?
A legally binding agreement between 2 or more persons
T or F... All contracts are promises but…
True
50 terms
Business law: Contract Doodads
Four parts of a contract
Objective of a Contracts
Bilateral
Unilateral
Agreement, Consideration, Contractual capacity, Legality
Determines circumstances for parties involved
A promise for a promise
A promise for an act
Four parts of a contract
Agreement, Consideration, Contractual capacity, Legality
Objective of a Contracts
Determines circumstances for parties involved
18 terms
Business Law Contract
Contract
Implied Contract
Contract Implied in Fact
Contract Implied in Law or Quasi Contr…
A contract is an agreement which the law will enforce ... -it mu…
1. a contract implied in fact... 2. a contract implied in law (q…
1. must be no express contract between the parties ... 2. plaint…
Something which is not a contract at all but an obligation to…
Contract
A contract is an agreement which the law will enforce ... -it mu…
Implied Contract
1. a contract implied in fact... 2. a contract implied in law (q…
7 terms
Business Law Contract Performance
Voluntary Consent
Mistake
Fraudulent Misrepresentation
Statute of Frauds
knowledge of and genuine assent to the terms of the contract
unilateral-one party is mistaken about material fact... typical…
1. Misrepresentation of material fact... 2. Intent to deceive... 3.…
certain types of contracts must be in writing to be enforced…
Voluntary Consent
knowledge of and genuine assent to the terms of the contract
Mistake
unilateral-one party is mistaken about material fact... typical…
Business law - contract law
Contract
Elements of a contract
Offer and acceptance
Example of offer and acceptance
A legally binding agreement between two or more person and vi…
There are 7 element in order for a contract to be legally bin…
This is where the offeror makes an offer to another party als…
If there is a contract for the sale of a motor cycle, once th…
Contract
A legally binding agreement between two or more person and vi…
Elements of a contract
There are 7 element in order for a contract to be legally bin…
58 terms
Business Law Contracts
Contract
Offer
Acceptance
Genuine agreement
Any agreement enforceable by law.
A proposal by one party to another intended to create a legal…
A second party's unqualified willingness to go along with the…
If a valid offer is met by a valid acceptance
Contract
Any agreement enforceable by law.
Offer
A proposal by one party to another intended to create a legal…
179 terms
Business Law: Contracts Final
Basic Elements of a Contract
Bilateral
Unilateral
Valid Contract
offer, acceptance, consideration, capacity, legal
both parties make a promise... ex) pay rent in exchange for a le…
a promise for an act... ex) reward for finding a lost dog
meets legal requirements for a binding contract and are enfor…
Basic Elements of a Contract
offer, acceptance, consideration, capacity, legal
Bilateral
both parties make a promise... ex) pay rent in exchange for a le…
25 terms
Business Law : Contract Law
What is a contract?
What does a contract require?
Unilateral promises
Difference between contract and obliga…
an agreement between two or more parties which give rise to o…
an "offer" by one party and the "acceptance" of the offer... by…
may create a lawful expectation in third parties that the law…
Obligation is result of the contract, the contract is the sou…
What is a contract?
an agreement between two or more parties which give rise to o…
What does a contract require?
an "offer" by one party and the "acceptance" of the offer... by…
66 terms
Business Law Unit 4: Fundamentals of Contract Law
Acceptance
Annulment
Anticipatory breach
Assignee
in contracts, occurs when a party to whom an offer has been m…
court order that cancels a marriage because of a problem that…
notification, before the scheduled time of performance, of re…
party to whom a transfer of contractual rights is made
Acceptance
in contracts, occurs when a party to whom an offer has been m…
Annulment
court order that cancels a marriage because of a problem that…
17 terms
Business Law- contracts terms
Accord & Satisfaction
release
debtor
mirror image rule
type of agreement exists if two parties compromise on the amo…
a settlement made by parties when the liability is unliquidated
a person to whom a debt is owed
The rule that the terms in the acceptance must exactly match…
Accord & Satisfaction
type of agreement exists if two parties compromise on the amo…
release
a settlement made by parties when the liability is unliquidated
Business Law: Contract Law terms
In order to have a valid contract you…
Offer
Requirement of certain indefinite terms
Ways to destroy an offer
1. offer... 2. acceptance... 3. Concideration
The outward manifestation of present contractual intent to be…
1. Q- Quantity term ***UCC... 2. T- time for performance... 3. I- i…
1. Rejection... 2. Revocation... 3. Death... 4. Lapse of time... 5. Destr…
In order to have a valid contract you…
1. offer... 2. acceptance... 3. Concideration
Offer
The outward manifestation of present contractual intent to be…
CLEP Business Law: Contract Law
Contract
Every contract must have?
3 kinds of contract?
Promisor... Promisee
Agreement reached between two or more parties that is legally…
1. Offer... 2.Acceptance... 3.Consideration... 4.Intention to create l…
1. Expressed... 2. Implied... 3. Quasi-Contract/Implied Law
Promisor- Party who is to render performance to a third party…
Contract
Agreement reached between two or more parties that is legally…
Every contract must have?
1. Offer... 2.Acceptance... 3.Consideration... 4.Intention to create l…
26 terms
Business Law Contracts
Contract
Equity Theory
Will Theory
Formalist Theory
Any agreement enforceable by law... Can be oral or written, imp…
Idea that both parties will exchange things that they believe…
Idea that both parties conceit to the decisions made within t…
Idea that all contracts have six fundamental characteristics
Contract
Any agreement enforceable by law... Can be oral or written, imp…
Equity Theory
Idea that both parties will exchange things that they believe…
36 terms
Business and Contract Law for Santos
Criminal Law
Civil Law
4 Types of Law
Constitutional Law
Crimes against the state (murder, stealing). Fines and/or imp…
Deals with rights and duties of individuals (defamation, brea…
Constitutionals, Common, Statutory, Adminstrative
Law derived from US constitution (free speech, right to vote)
Criminal Law
Crimes against the state (murder, stealing). Fines and/or imp…
Civil Law
Deals with rights and duties of individuals (defamation, brea…
46 terms
Business Law - Contracts
What is a Contract
What is a Breach of Contract
Does a Contract require a written agre…
When is an agreement a contract?
1) A Legally enforceable agreement... 2) a binding agreement bet…
Failure to perform contractual obligations
NO
When an agreement meets all the legal requirements of a contr…
What is a Contract
1) A Legally enforceable agreement... 2) a binding agreement bet…
What is a Breach of Contract
Failure to perform contractual obligations
30 terms
Business Law II--Contracts
Valid Contract
Unilateral Contract
Bilateral Contract
Acceptance
A contract that is legally binding and fully enforceable.
A contract in which one party makes a promise in exchange for…
A contract in which both parties make promises.
An unqualified agreement by the offeree to be bound by the of…
Valid Contract
A contract that is legally binding and fully enforceable.
Unilateral Contract
A contract in which one party makes a promise in exchange for…
Business Law:Contract
Contract
Offer
Acceptance
Unilateral Mistake
agreements between two or more parties that create obligations
proposal by an offeror to something
Agreement to a proposal
an error on the part of one of the parties
Contract
agreements between two or more parties that create obligations
Offer
proposal by an offeror to something
28 terms
Business Law: Nature of Contracts
Contract
Elements of a Contract
Subject matter of contracts
Parties to Contract
is a legally binding agreement by mutual agreement or assent,…
(1) An agreement (2) Between competent parties... (3) Based on t…
May relate to the performance of personal services.... -May prov…
1) Promisor/Obligor- person who makes promise and binds other…
Contract
is a legally binding agreement by mutual agreement or assent,…
Elements of a Contract
(1) An agreement (2) Between competent parties... (3) Based on t…
Business Law: Defense to Contract Law
Defenses to Contracts (Legal Defenses)
Capacity
Mistake
Fraud
Capacity, mistake, fraud, undue influence, duress, unconscion…
a. Minor: under the age of majority, the minor can hold the c…
of law is NEVER a defense. Mistake of FACT is a legal defense…
...
Defenses to Contracts (Legal Defenses)
Capacity, mistake, fraud, undue influence, duress, unconscion…
Capacity
a. Minor: under the age of majority, the minor can hold the c…
14 terms
business law vocab: contract law
contract
legality
breach of contract
bilateral contract
Legally binding agreement between two or more competent people.
The point that a contract must not be against the law.
Failure to perform the obligations required by a contract.
Contract in which one party makes a promise in return for a p…
contract
Legally binding agreement between two or more competent people.
legality
The point that a contract must not be against the law.
business and contract law
appraisal right
derivative right
oppression remedy
Bill C45
possible remedy for shareholders in which if the corporation…
possible remedy for shareholders in which if a director breac…
permits the shareholder to sue the corporation for personal r…
Westray Bill
appraisal right
possible remedy for shareholders in which if the corporation…
derivative right
possible remedy for shareholders in which if a director breac…
25 terms
Business law Contract
Acceptance
Benefits
Bilateral
Capacity
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
Contains two promises
Legal ability to enter into a contract
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
37 terms
Contract Terms Business Law
Acceptance
Accord and Satisfaction
Adhesive Contract
Assumption
The second part's unqualified willingness to go along with th…
A legal way to settle contractual disputes by which one party…
A take it or leave it offer made by a party who holds most of…
A thing that is accepted as true or as certain to happen, wit…
Acceptance
The second part's unqualified willingness to go along with th…
Accord and Satisfaction
A legal way to settle contractual disputes by which one party…
30 terms
Business Law Contract Terms
Acceptance
Accord and Satisfaction
Assignment
Bilateral
second parties willingness to go along with first parties pro…
Agreement to accept less then legally due
transferring a right
Contract containing 2 promises
Acceptance
second parties willingness to go along with first parties pro…
Accord and Satisfaction
Agreement to accept less then legally due
81 terms
Business and contract law
Stages (parts) of a contract (5)
Formation of a contract includes
Contents of a contract includes
Our course syllabus with Dr evans is a…
1.) Capacity to form a contract ... 2.) Formation of a contract…
1.) Intention... 2.) Consideration... 3.) Offer ... 4.) Acceptance
1.) Terms... 2.) Exclusion... 3.) Privity
Discharge of contract
Stages (parts) of a contract (5)
1.) Capacity to form a contract ... 2.) Formation of a contract…
Formation of a contract includes
1.) Intention... 2.) Consideration... 3.) Offer ... 4.) Acceptance
Business 250 Contract Law
Expressed Agreement
Implied Agreement
Unilateral Contract
Bilateral Contract
Agreement manifested by oral or written language
Agreement inferred by the parties conduct or actions
A contract in which only one party has made a promise
A contract in which at least two parties have made a promise
Expressed Agreement
Agreement manifested by oral or written language
Implied Agreement
Agreement inferred by the parties conduct or actions
18 terms
Business Law Contract Terms
Bilateral
Unilateral Contract
Executory contract
Executed contract
Binding agreement where both parties make a promise to the ot…
binding agreement in which one party has made an offer that t…
An agreement in which one or more parties has not yet fulfill…
An agreement in which all parties have fulfilled their obliga…
Bilateral
Binding agreement where both parties make a promise to the ot…
Unilateral Contract
binding agreement in which one party has made an offer that t…
Business Law. Contract terms
Option
Duplicate Originals
Acceptance
Mailbox Rule
agreement between two parties that an offer will remain open…
Offeror draws up 2 contracts signs both and gives one to offe…
Can be made as long as offer is still open. offeror has the r…
Acceptance effective upon dispatch
Option
agreement between two parties that an offer will remain open…
Duplicate Originals
Offeror draws up 2 contracts signs both and gives one to offe…
25 terms
Business Law Intro to Contract
Contract (K)
Function of K
Elements of K
Mutual Assent
- Legally enforceable agreement/promise/obligation between 2…
- Set up commercial expectations ... - Private guidelines to gov…
Mutual Assent, Consideration, No Defenses
An agreement btw 2 parties that intend to form a K
Contract (K)
- Legally enforceable agreement/promise/obligation between 2…
Function of K
- Set up commercial expectations ... - Private guidelines to gov…
15 terms
Business Law-Ch 6/Contract Law
contracts
offeror
offeree
agreement
agreements between two or more people that create legal oblig…
the person who makes an offer
the person to whom a contract is made
legal situation that is composed of an offer and acceptance
contracts
agreements between two or more people that create legal oblig…
offeror
the person who makes an offer
26 terms
Business Law Contract review
Contract
Elements of a contract
Offeror, offeree
An offer must be intended to create a…
An agreement enforceable by law.
Offer, acceptance, genuine agreement, consideration, capacity…
The offeree is the one accepting the agreement stated in the…
There has to be a rationale behind the agreement, and serious…
Contract
An agreement enforceable by law.
Elements of a contract
Offer, acceptance, genuine agreement, consideration, capacity…
47 terms
CLEP Business Law: Contract Law
Contract
Every contract must have?
3 kinds of contract?
Promisee
Agreement reached between two or more parties that is legally…
Offer, acce[tance, consideration, intention
Expressed, Implied, Quasi-Contract
Party whose right to performance
Contract
Agreement reached between two or more parties that is legally…
Every contract must have?
Offer, acce[tance, consideration, intention
45 terms
Business law Contract
Acceptance
Benefits
Bilateral
Capacity
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
Contains two promises
Legal ability to enter into a contract
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
1 of 10