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Study sets matching "law chapter 10 contract terminology"

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Study sets matching "law chapter 10 contract terminology"

26 terms
Contract Law Chapter 10
True or false: Electronic contract law…
True or false: Electronic contract law…
Offers in the online world involving s…
Click on agreements are similar to ___…
False
True
click on agreement
shrink wrap agreement
True or false: Electronic contract law…
False
True or false: Electronic contract law…
True
21 terms
Business Law Chapter 10 Contract Nature and Terminology
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract, a promise made by one party in exchange f…
a binding agreement between two or more persons that is enfor…
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, a promise made by one party in exchange f…
Contract
a binding agreement between two or more persons that is enfor…
23 terms
Chapter 10: Nature & Terminology of Contract Law
Uniform Commercial Code (UCC)
Elements of a Contract
agreement
consideration
covers the sale of goods and has been accepted by all 50 stat…
1. Agreement... 2. Consideration... 3. Competent parties... 4. Legal o…
offer by one party accepted by another
bargained for exchange of legal value
Uniform Commercial Code (UCC)
covers the sale of goods and has been accepted by all 50 stat…
Elements of a Contract
1. Agreement... 2. Consideration... 3. Competent parties... 4. Legal o…
21 terms
Business Law Chapter 10 Contract Nature and Terminology
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract, a promise made by one party in exchange f…
a binding agreement between two or more persons that is enfor…
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, a promise made by one party in exchange f…
Contract
a binding agreement between two or more persons that is enfor…
19 terms
Chapter 10 Contract Law
Offer
Intent
Definiteness
Communication
To bring to or before; to present for acceptance or rejection
Shows the presence of will in the act which consummates a cri…
The offerer specifically indicates what he is willing to do a…
Information given; the sharing of knowledge by one with anoth…
Offer
To bring to or before; to present for acceptance or rejection
Intent
Shows the presence of will in the act which consummates a cri…
21 terms
Business Law Chapter 10 Contract Nature and Terminology
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract, a promise made by one party in exchange f…
a binding agreement between two or more persons that is enfor…
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, a promise made by one party in exchange f…
Contract
a binding agreement between two or more persons that is enfor…
19 terms
Business Law Chapter 10- Contract: Nature and Terminology*
Quantum meruit
Bilateral contract
Contract
Executed contract
Literally, "as much as he deserves"- an expression describing…
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.
Quantum meruit
Literally, "as much as he deserves"- an expression describing…
Bilateral contract
A type of contract that arises when a promise is given in exc…
21 terms
Business Law Chapter 10 Contract Nature and Terminology
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract, a promise made by one party in exchange f…
a binding agreement between two or more persons that is enfor…
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, a promise made by one party in exchange f…
Contract
a binding agreement between two or more persons that is enfor…
Business Law Chapter 10 Contract Nature and Terminology
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract, a promise made by one party in exchange f…
a binding agreement between two or more persons that is enfor…
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, a promise made by one party in exchange f…
Contract
a binding agreement between two or more persons that is enfor…
21 terms
Business Law Chapter 10 Contract Nature and Terminology
Bilateral Contract
Contract
Executed Contract
Executory Contract
A type of contract, a promise made by one party in exchange f…
a binding agreement between two or more persons that is enfor…
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, a promise made by one party in exchange f…
Contract
a binding agreement between two or more persons that is enfor…
20 terms
Contract Law: Chapter 10 - Vocabulary
Access contract
ADR clause
Attribution
Browse-wrap
An agreement that allows a user to access a private online da…
Clause found in modern contracts in which the parties agree t…
The term used in electronic business transactions referring t…
terms/license found in online agreements. These are the subdu…
Access contract
An agreement that allows a user to access a private online da…
ADR clause
Clause found in modern contracts in which the parties agree t…
70 terms
Contract Law chapter 10
function of contracts
Sources of contract Law
Definition of Contract
Objective Theory of Contacts
provides stability and predictability for commerce
All common law contracts except sales and leases... Sales and le…
Legally inforcible promise or agreement
courts will use circumstances to determine intent of parties…
function of contracts
provides stability and predictability for commerce
Sources of contract Law
All common law contracts except sales and leases... Sales and le…
17 terms
CHAPTER 10: Contract law
Elements of a contract.
capacity to contract
undue influence
duress
1. intention to create a relationship ... 2. agreement... 3. consid…
A contract will not be valid until unless the parties have fu…
where one person has power to influence another in an unaccep…
refers to the use of violence or threats to make a person agr…
Elements of a contract.
1. intention to create a relationship ... 2. agreement... 3. consid…
capacity to contract
A contract will not be valid until unless the parties have fu…
11 terms
Chapter 10 Contract Law
Breach of Contract
Methods of Discharge
Conditions
Situations in which the condition itse…
To breach a contract means to break one's... obligation made und…
-Excuse of conditions... -Performance... - Breach of contract... - Agr…
If the condition fails to occur, the... performance does not com…
◦ Performance prevented... ◦ Voluntary disablement... ◦ Insolvency…
Breach of Contract
To breach a contract means to break one's... obligation made und…
Methods of Discharge
-Excuse of conditions... -Performance... - Breach of contract... - Agr…
30 terms
Chapter 10 - Contract law
counteroffer
express
conditions
standard form
a proposal that cancels out an original offer under contract…
a term of a contract that the parties have agreed to, either…
terms that are regarded as essential to the contract
contracts that are pre-prepared and frequently used in business
counteroffer
a proposal that cancels out an original offer under contract…
express
a term of a contract that the parties have agreed to, either…
9 terms
Business Law Chapter 10 Form of the Contract
Breach of contract
Perjury
Statue of Frauds
Memorandum
Wrongful failure to perform one or more promises. P 207
Making a false statement under oath. P 207
State laws requiring that certain contracts be evidenced in w…
Written evidence of an agreement. P 207
Breach of contract
Wrongful failure to perform one or more promises. P 207
Perjury
Making a false statement under oath. P 207
13 terms
Contract Law. Duress. Chapter 10
Barton v Armstrong (1976) PC
Occidental Worldwide Investment Corpn…
Pao On v Lau Yui Long (1980) PC
North Ocean Shipping Co. Ltd. v Hyunda…
Duress to the person.... The appellant and the respondent were…
Economic Duress + Recognition of duress to the property.... Dur…
Recognition of the economic duress. Coercion of the will.... Lo…
Duress. Voidable contact. Affirmation of the contract.... Shipb…
Barton v Armstrong (1976) PC
Duress to the person.... The appellant and the respondent were…
Occidental Worldwide Investment Corpn…
Economic Duress + Recognition of duress to the property.... Dur…
24 terms
Chapter 10 Remedies in Contract Law
legal remedy
damages
Equitable Relief (Equitable Remedy)
Compensatory Damages (Actual Damages)
A remedy available through legal action
The sum of money that may be recovered in the courts as finan…
Relief other than money damages.
Damages recoverable in a lawsuit for loss or injury suffered…
legal remedy
A remedy available through legal action
damages
The sum of money that may be recovered in the courts as finan…
20 terms
Chapter 10 Law of Contract
Offer
Standing Offer
Invitation to Treat
Release or Expiry of an offer
Is a promise made to one specific person/group
Open to many, can be accepted by anyone
Less than a legal offer/request for offers
Time Limit (specific)... Reasonable time (anytime)... Offer rejecte…
Offer
Is a promise made to one specific person/group
Standing Offer
Open to many, can be accepted by anyone
9 terms
Business Law Chapter 10 Form of the Contract
Breach of contract
Perjury
Statue of Frauds
Memorandum
Wrongful failure to perform one or more promises. P 207
Making a false statement under oath. P 207
State laws requiring that certain contracts be evidenced in w…
Written evidence of an agreement. P 207
Breach of contract
Wrongful failure to perform one or more promises. P 207
Perjury
Making a false statement under oath. P 207
17 terms
Chapter 10 Law of Contract
Write the process of a contract
Explain consideration
Explain an offer
Explain consent
Consideration ... Offer... Consideration... Capacity... Object... Legal Inte…
some right or profit or to one that leads to a loss or detrim…
Is a promise... standing offer - open to many ... invitation to tre…
must be genuine... Misrepesentation of : ... latent defects- cant s…
Write the process of a contract
Consideration ... Offer... Consideration... Capacity... Object... Legal Inte…
Explain consideration
some right or profit or to one that leads to a loss or detrim…
27 terms
Contracts- Chapter 10: Remedies in Contract Law
Remedy
Legal remedy
Equitable remedy (also known as equita…
Compensatory damages (also known as ac…
The way a right is enforced by a court of law when injury, ha…
a remedy available through legal action; money damages
relief other than money damages
damages recoverable in a lawsuit for loss of injury suffered…
Remedy
The way a right is enforced by a court of law when injury, ha…
Legal remedy
a remedy available through legal action; money damages
16 terms
Law Chapter 10 - Contract Offers
Three requirements for offer to be eff…
Offer
The offeror allows the offeree to crea…
_____________ controls the offer
1. intent by offeror to become contractually bound... 2. the bas…
the promise to do something or to refrain from doing some spe…
binding promise
Offeror
Three requirements for offer to be eff…
1. intent by offeror to become contractually bound... 2. the bas…
Offer
the promise to do something or to refrain from doing some spe…
11 terms
Contract Law Chapter 10- electronic contracts
Forum selction clause
ADR
mass market license-
E signatures
demonstrates where a dispute would be settled if there is a n…
some cable companies require users agree to binding arbitrati…
is an e contract that is presented with a package of computer…
electronic sound, symbol, or process, associated with a recor…
Forum selction clause
demonstrates where a dispute would be settled if there is a n…
ADR
some cable companies require users agree to binding arbitrati…
26 terms
Contract Law Chapter 10 Vocab
legal remedy
damages
equitable relief (equitable remedy)
compensatory damages (actual damages)
a remedy available through legal action
the sum of money that may be recovered in the courts as finan…
relief other than money damages
damages recoverable in a lawsuit for loss or injury suffered…
legal remedy
a remedy available through legal action
damages
the sum of money that may be recovered in the courts as finan…
36 terms
chapter 10 basic contract law
express
implied
quasi
bilateral
formed by words
formed by conduct of the parties
imposed by law to prevent unjust enrichment
promise for a promise
express
formed by words
implied
formed by conduct of the parties
Contract Law. Undue influence. Chapter 10(1)
BCCI v Aboody (1988) CA
CIBC Mortgages plc v Pitt (1993) HL
Williams and another v Bayley (1868) HL
Royal Bank of Scotland v Etridge (No 2…
Actual undue influence. Classes of undue influence.... A husban…
Actual undue influence. No need to prove manifest disadvantag…
Actual undue influence. Overlapping with duress.... A father ap…
Classes of undue influence. ... Equity identified broadly two f…
BCCI v Aboody (1988) CA
Actual undue influence. Classes of undue influence.... A husban…
CIBC Mortgages plc v Pitt (1993) HL
Actual undue influence. No need to prove manifest disadvantag…
9 terms
LAW--Chapter 10-Form of the Contract
Breach of Contract
Perjury
Statute of Frauds
Memorandum
the wrongful failure to perform one or more promises of a con…
making a false statement under oath
state laws requiring that certain contracts be evidenced by a…
written evidence of an agreement
Breach of Contract
the wrongful failure to perform one or more promises of a con…
Perjury
making a false statement under oath
40 terms
Law Chapter 10: Contracts
What is a contract
Express contracts
Implied contracts
Element 1: offer and acceptance
The exchange of promises, a breach of which provides the lega…
Oral or written direct statements of offer and promise.
They happen by conduct, actions, gestures, performance...unil…
Offeror leads the invitation. Need the manifestation of inten…
What is a contract
The exchange of promises, a breach of which provides the lega…
Express contracts
Oral or written direct statements of offer and promise.
11 terms
business law chapter 10, introduction to contract
Question: Abby has long coveted Nicola…
The table above lists the different th…
Question: Leila agrees to pay Kendrick…
Yasmine is negotiating to buy Stewart'…
Strategy: In a bilateral contract, both parties make a promis…
Strategy: In (1), the Company never promised to pay a commiss…
Strategy: Always be conscious of whether a contract is for se…
Strategy: You know intuitively that Stewart's conduct is as s…
Question: Abby has long coveted Nicola…
Strategy: In a bilateral contract, both parties make a promis…
The table above lists the different th…
Strategy: In (1), the Company never promised to pay a commiss…
34 terms
Chapter 10: Real Estate Contract Law
A Valid Contract is one that is:
Real Estate Contracts
Sale & Lease Contract & Option Agreeme…
Mortgage Contracts & Promissory Agreem…
Legally enforceable by virtue of meeting certain requirements…
Legal agreements that underline the transfer and financing of…
Used to transfer real estate interests
Part of financing real estate
A Valid Contract is one that is:
Legally enforceable by virtue of meeting certain requirements…
Real Estate Contracts
Legal agreements that underline the transfer and financing of…
22 terms
Intro to Law Chapter 10 Contracts
Contract
Agreement
Competent Parties
Genuine Assent
Legally binding/enforced agreement between two parties.
Has to be legally enforced
mentally and legally competent for a contract to be valid
Not joking around. Unless misinterpretation, fraud, duress.
Contract
Legally binding/enforced agreement between two parties.
Agreement
Has to be legally enforced
43 terms
Business Law-Chapter 10 (Contracts Continued)
lottery
prize
chance
wager
game of chance with all three elements: a prize, a chance, an…
something of value for the winners
winner based solely on luck
bet
lottery
game of chance with all three elements: a prize, a chance, an…
prize
something of value for the winners
Chapter 10: Contract Law (Real Estate)
How much time does a seller have to ac…
Which of the following is an executory…
A homeseller signs a listing agreement…
What is rescission?
A "reasonable" time, or until the expiration date on the offer.
A sale contract before closing
The broker may have a claim for damages
The act of nullifying a contract.
How much time does a seller have to ac…
A "reasonable" time, or until the expiration date on the offer.
Which of the following is an executory…
A sale contract before closing
97 terms
Chapter 10 : American law of contracts
Acts of God
Agreement
To assign
Assignee
Cas de force majeure
Accord, convention, engagement
Céder, rétrocéder
Cessionnaire
Acts of God
Cas de force majeure
Agreement
Accord, convention, engagement
28 terms
Chapter 10 Business Law (Contract Performance)
Genuineness of Assent
unilateral mistake
mutual mistake of material fact
mutual mistake of value
A contract may not be enforced by a court of law if the assen…
a mistake in which only one party is mistaken about a... materia…
a mistake made by both parties concerning a material fact tha…
a mistake that occurs if both parties know the... object of the…
Genuineness of Assent
A contract may not be enforced by a court of law if the assen…
unilateral mistake
a mistake in which only one party is mistaken about a... materia…
12 terms
Chapter 10: Real Estate Contract Law
Contract
Criteria for Validity
Statute of Limitations
Statute of Frauds
agreement between two or more parties, in a "meeting of the m…
competent parties, mutual consent, valuable consideration, le…
restricts time period for which an injured party in a contrac…
requires that certain contracts must be in writing.
Contract
agreement between two or more parties, in a "meeting of the m…
Criteria for Validity
competent parties, mutual consent, valuable consideration, le…
32 terms
Chapter 10: Contracts and Property Law
Contract requirements
Offer
Acceptance
Consideration
Offer, Acceptance, Consideration, Capable parties, Legal subj…
The Unequivocal manifestation of intent to be bound. Offeror…
Stipulated by offer, Must be timely, there could be rejection…
Something bargained for and given in exchange for a promise.…
Contract requirements
Offer, Acceptance, Consideration, Capable parties, Legal subj…
Offer
The Unequivocal manifestation of intent to be bound. Offeror…
29 terms
Chapter 10 Business law "contract vs. promise"
Promise
Promisor
Promisee
Contract
A person's declaration that he will perform or refrain from p…
The person making the promise.
The person to whom the promisor made the... promise
An agreement between two or more competent parties, for valua…
Promise
A person's declaration that he will perform or refrain from p…
Promisor
The person making the promise.
50 terms
Business Law - Chapter 10: Contracts
law merchant
contract
promise
express contract
in commercial law, rules devised by merchants in Europe over…
legal relationship consisting of the rights and duties of con…
statement or declaration that binds party making it (the prom…
contract that is oral or written, as opposed to being implied…
law merchant
in commercial law, rules devised by merchants in Europe over…
contract
legal relationship consisting of the rights and duties of con…
33 terms
Chapter 10 - Contract Law and Legal Factors Affecting Underwriting
Contract
Formal Contract
Informal Contract
Bilateral Contract
A binding promise between two or more parties and/or an agree…
A contract that is binding because of the form of the instrum…
A binding contract that creates certain legal duties because…
Both parties to the contract make legally enforceable promise
Contract
A binding promise between two or more parties and/or an agree…
Formal Contract
A contract that is binding because of the form of the instrum…
15 terms
Chapter 10: Contract Law (Real Estate)
How much time does a seller have to ac…
Which of the following is an executory…
A homeseller signs a listing agreement…
What is rescission?
A "reasonable" time, or until the expiration date on the offer.
A sale contract before closing
The broker may have a claim for damages
The act of nullifying a contract.
How much time does a seller have to ac…
A "reasonable" time, or until the expiration date on the offer.
Which of the following is an executory…
A sale contract before closing
8 terms
Business Law Chapter 10 Form of the Contract
Breach of contract
Perjury
Statue of Frauds
Memorandum
Wrongful failure to perform one or more promises. P 207
Making a false statement under oath. P 207
State laws requiring that certain contracts be evidenced in w…
Written evidence of an agreement. P 207
Breach of contract
Wrongful failure to perform one or more promises. P 207
Perjury
Making a false statement under oath. P 207
10 terms
Law Chapter 10 Contract capacity and legality
Contractual Capacity
Limited capacity for contract?
Disaffirmance
Contract for necessaries
Mental ability to understand rights and obligations establish…
Minors... Mentally incapacitated persons ... Intoxicated persons
Minors right until a reasonable time after reaching age of ma…
Contracts that supply a minor with basic necessities of life
Contractual Capacity
Mental ability to understand rights and obligations establish…
Limited capacity for contract?
Minors... Mentally incapacitated persons ... Intoxicated persons
12 terms
Business and Personal Law Chapter 10 Form of a contract
BREACH OF CONTRACT
PERJURY
STATUTE OF FRAUDS
Check, Invoice, or Letter
wrongful failure to perform one or more promises of a contract
false statements under oath
state laws require that certain contracts be evidenced by wri…
The written evidence of an agreement
BREACH OF CONTRACT
wrongful failure to perform one or more promises of a contract
PERJURY
false statements under oath
57 terms
Business Law Chapter 10 - Performance and Breach of Contracts
Genuineness of Assent
Unilateral Mistake
Mutual mistake of a material fact
Material Fact
Requirement that a party's assent to a contract be genuine
Only one party is mistaken about a material fact regarding th…
Made by both parties concerning a material fact that is impor…
Fact that is important to the subject matter of a contract
Genuineness of Assent
Requirement that a party's assent to a contract be genuine
Unilateral Mistake
Only one party is mistaken about a material fact regarding th…
13 terms
Chapter 10 and 11: Criminal Law and Contracts
Felony
Misdemeanors
Actus Reus
Mens rea
Serious crimes, punishable by death or prison for more than o…
non-serious crimes punishable by jail for less then one year…
Committing a guilty act.
having a guilty mind; intent.
Felony
Serious crimes, punishable by death or prison for more than o…
Misdemeanors
non-serious crimes punishable by jail for less then one year…
48 terms
ALU: Chapter 10: Contract Law and Legal Factors
Contract
Formal Contract
Informal Contract
Bilateral Contract
a binding promise between two or more parties and/or an agree…
a contract that is binding because of the form of the instrum…
a binding contract that creates certain legal duties because…
both parties to the contract make legally enforceable promises
Contract
a binding promise between two or more parties and/or an agree…
Formal Contract
a contract that is binding because of the form of the instrum…
6 terms
Chapter 10: The Law of Contracts and Sales - II
Discharge of Contract
UCC Breach
Compensatory Damages
Mitigation
- the contract is terminated, and parties are no longer oblig…
- Perfect Tender Rule: sellers performance must strictly comp…
awarded for a breach of contract that results in a loss to th…
non-breaching party has a duty to try and reduce damages (i.e…
Discharge of Contract
- the contract is terminated, and parties are no longer oblig…
UCC Breach
- Perfect Tender Rule: sellers performance must strictly comp…
14 terms
Chapter 8 Terminology - Contract Law
Acceptance
Commerical agreement
Consideration
Contract
Written or oral statement or act that indicates that the pers…
An agreement made in the course of business that that is inte…
Something of value that passes from one party to the other at…
An agreement or promise (or set of promises) between two indi…
Acceptance
Written or oral statement or act that indicates that the pers…
Commerical agreement
An agreement made in the course of business that that is inte…
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