Study sets matching "term:contracts = formal agreement between two parties that are legally obligating"

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Study sets matching "term:contracts = formal agreement between two parties that are legally obligating"

24 terms
contracts
contract
tangible personal property
offer
offeror
A voluntary agreement between two parties in which specific p…
1. property, except land or buildings, that can be seen, weig…
A personal proposal by one party to another intended to creat…
Party who makes an offer to form a contract.
contract
A voluntary agreement between two parties in which specific p…
tangible personal property
1. property, except land or buildings, that can be seen, weig…
Chapter 7: Agreement & Consideration in Contracts
Promise... (moral obligations vs. legall…
Promisor
Promisee
Common Law ... governs all contracts exc…
A declaration that binds the person who makes it to do or not…
A person who makes a promise.
A person to whom a promise is made.... The promisee has a right…
UCC... governs contracts for the sale and lease of goods.
Promise... (moral obligations vs. legall…
A declaration that binds the person who makes it to do or not…
Promisor
A person who makes a promise.
Business Law Chapter 9: Introduction to Contracts and Agreement
Contract
6 Elements of a contract
Acceptance
Consideration
A legally enforceable agreement
Offer. Acceptance. Consideration. Legality. Capacity. Consent…
offer made by offeror, and acceptance of the terms by the off…
The Bargain between parties that ensures the contract is a 2…
Contract
A legally enforceable agreement
6 Elements of a contract
Offer. Acceptance. Consideration. Legality. Capacity. Consent…
40 terms
Contracts Chapter 1
Agreement
Article 2 (Sales)
Article 2A (Leases)
Bail Bond
the manifestation by two or more persons of the substance of…
The second article of the Uniform Commercial Code, which pres…
Article of the UCC that governs lease of goods
a three-party contract that involves the state, the accused,…
Agreement
the manifestation by two or more persons of the substance of…
Article 2 (Sales)
The second article of the Uniform Commercial Code, which pres…
18 terms
Contracts
Unilateral Contract
Bilateral Contract
Implied Contract
Quasi Contract
A one-sided contract formed when an act is done in considerat…
Reciprocal arrangement between 2 parties where each promises…
One in which terms of the contract are implied by acts or con…
A fictional contract applied by a court for a person who is u…
Unilateral Contract
A one-sided contract formed when an act is done in considerat…
Bilateral Contract
Reciprocal arrangement between 2 parties where each promises…
bussiness law 12, 13,
contract that is formed by an offeree'…
contract that is created by the conduc…
contract that may be avoided by a part…
contract implied in law in order to av…
bilateral contract
implied contract
voidable contract
quasi contract
contract that is formed by an offeree'…
bilateral contract
contract that is created by the conduc…
implied contract
19 terms
BLT Chapter 7: Contracts: Agreement, and Consideration
Sources of Contract Law
Function of Contracts
Parties who sign a contract
Definition of a Contract
Common law governs all contracts except when modified by stat…
- Fundamental to Business... - Creates rights and duties between…
1. Promisor ( makes the promise)... 2. Promisee ( accepts the pr…
- Agreement that can be enforced in court... - Formed by two or…
Sources of Contract Law
Common law governs all contracts except when modified by stat…
Function of Contracts
- Fundamental to Business... - Creates rights and duties between…
30 terms
Contracts Chapter 2
Contract
Promisor
Promisee
Legalese
An agreement between two parties for value, which is legally…
A person who makes a promise
A person to whom a promise is made
Legal jargon
Contract
An agreement between two parties for value, which is legally…
Promisor
A person who makes a promise
45 terms
7: Agreement and Consideration Contracts
acceptance
accord and satisfaction
agreement
bilateral contract
the act of voluntarily agreeing through words or conduct, to…
a common means of settling a disputed claim, whereby a debtor…
a mutual understanding or meeting of the minds between two or…
a type of contract that arises when a promise is given in exc…
acceptance
the act of voluntarily agreeing through words or conduct, to…
accord and satisfaction
a common means of settling a disputed claim, whereby a debtor…
5 terms
Contract Classification
Unilateral
Executed Contract
Formal
Informal
any one party is legally bound to contractural obligations af…
a written agreement signed by both parties
a written agreement setting forth the duties and responsibili…
a verbal or written agreement that generally sets forth the c…
Unilateral
any one party is legally bound to contractural obligations af…
Executed Contract
a written agreement signed by both parties
77 terms
Contracts Chapter 7
Acceptance
Accord and Satisfraction
Adhesion Contract
Age of Majority
The assent by the person of whom the offer is made, to the of…
An agreement between two persons, one whom is suing the other…
A contract prepared by the dominate party ans presented on a…
The age at which a person may legally engage in conduct in wh…
Acceptance
The assent by the person of whom the offer is made, to the of…
Accord and Satisfraction
An agreement between two persons, one whom is suing the other…
15 terms
Legal Agreements
contract
intent
offer
acceptance
A binding agreement between two or more persons that is enfor…
intention or purpose
A proposal by one party to another intended to create a legal…
Agreeing to the terms of an offer to enter into a contract, t…
contract
A binding agreement between two or more persons that is enfor…
intent
intention or purpose
88 terms
5 the law of obligations
The law of obligations
Obligor
Obligee
Obligation
A branch of private law that organizes and regulates the righ…
A person who is contractually or legally, committed or oblige…
A person who is to receive the benefit of someone else's obli…
A legal bond (= vinculum iuris) by which 1 or more parties (o…
The law of obligations
A branch of private law that organizes and regulates the righ…
Obligor
A person who is contractually or legally, committed or oblige…
27 terms
terms and language found in contracts
Terms
Come to terms
Ratify
Ratify an agreement
the detailed terms the parties agree to in a contract.
When parties reach an agreement on all of detailed terms.
When parties agree to a contract they must approve the agreem…
Officially accepting the contract by signing a paper version.
Terms
the detailed terms the parties agree to in a contract.
Come to terms
When parties reach an agreement on all of detailed terms.
34 terms
Chapter 9 Introduction to Contracts
common law
UCC (Uniform Commercial Code)
sale
goods
most contracts are governed primarily by state common law, in…
Article 2 of the UCC governs the sales of goods generally bet…
the transfer of title from seller to buyer
tangible personal property. All property other than an intere…
common law
most contracts are governed primarily by state common law, in…
UCC (Uniform Commercial Code)
Article 2 of the UCC governs the sales of goods generally bet…
Chapter 11: Contracts
elements of a contract
agreement
consideration
contractual capacity
agreement, consideration, contractual capacity, legality
includes: ... a) an offer- one party must offer to enter into a…
any promises must be supported by legally sufficient consider…
both parties must have the contractual capacity to enter into…
elements of a contract
agreement, consideration, contractual capacity, legality
agreement
includes: ... a) an offer- one party must offer to enter into a…
64 terms
Contracts
Contract
Objective Theory of Contracts
Offeror
Offeree
An agreement between parties that is enforceable in court.
A party's intention to enter into a contract is judged by out…
A person who makes an offer.
A person to whom an offer is made.
Contract
An agreement between parties that is enforceable in court.
Objective Theory of Contracts
A party's intention to enter into a contract is judged by out…
28 terms
Ch. 7 Contracts
Executory Contract
Executed Contract
Express Contract
Implied Contract
when some future contract obligation is yet to be performed
when all of the contract obligations have been performed and…
oral or written agreement declaring intention to make a contr…
established by conduct without specific oral or written agree…
Executory Contract
when some future contract obligation is yet to be performed
Executed Contract
when all of the contract obligations have been performed and…
31 terms
Business Law Chapter 9: Introduction to Contracts and Agreement
Contract
4 Elements of a contract
Agreement
Consideration
promise or set of promises for the breach of which the law gi…
Agreement... Consideration... Contractual Capacity... Legal Object
offer made by offeror, and acceptance of the terms by the off…
what each party gets in exchange for his or her promise under…
Contract
promise or set of promises for the breach of which the law gi…
4 Elements of a contract
Agreement... Consideration... Contractual Capacity... Legal Object
24 terms
Contracts Chp.7
Contract
Tangible Personal Property
Offer
Offeror
Is a legally enforceable agreement that is created when two o…
Personal property that can be moved, such as a vehicle, kitch…
Is a proposal made by one party, the offeror, to another part…
The person making the proposal.
Contract
Is a legally enforceable agreement that is created when two o…
Tangible Personal Property
Personal property that can be moved, such as a vehicle, kitch…
Agreement and Consideration in Contracts
Promise
Promisor
Promisee
Contract
A declaration that binds the person who makes it (the promiso…
A person who makes a promise
A person to whom a promise is made
A set of promises constituting an agreement between parties,…
Promise
A declaration that binds the person who makes it (the promiso…
Promisor
A person who makes a promise
24 terms
Ch 7: Intro to Contracts (Business Law)
contract
tangible personal property
offer
offeror
legal enforceable agreement that is created when two or more…
personal property that can be removed (vehicle, table, comput…
proposal made by one party to another person that indicates a…
the person making proposal
contract
legal enforceable agreement that is created when two or more…
tangible personal property
personal property that can be removed (vehicle, table, comput…
23 terms
Contracts
Contract
Tangible personal property
Offeror
Offeree
Legally enforceable agreement that is created when two or mor…
Personal property that can be moved
A person or entity who makes a specific proposal to another
A person or entity to whom an offer to enter into a contract…
Contract
Legally enforceable agreement that is created when two or mor…
Tangible personal property
Personal property that can be moved
Legal Environment of Business Chapter 12
Contract
Promisor
Promisee
Obligee
A binding agreement based on the genuine asset of the parties…
Person who makes a promise
Person to whom a promise is made
Promisee who can claim the benefit of the obligation
Contract
A binding agreement based on the genuine asset of the parties…
Promisor
Person who makes a promise
34 terms
Chapter 9 Introduction to Contracts
common law
UCC (Uniform Commercial Code)
sale
goods
most contracts are governed primarily by state common law, in…
Article 2 of the UCC governs the sales of goods generally bet…
the transfer of title from seller to buyer
tangible personal property. All property other than an intere…
common law
most contracts are governed primarily by state common law, in…
UCC (Uniform Commercial Code)
Article 2 of the UCC governs the sales of goods generally bet…
23 terms
Ch 11: Nature & Classes of Contracts
Contract... (pg 206)
Elements of a Contract... (pg 206)
Privity of Contract... (pg 206)
Parties to a Contract... (pg 207)
a legally binding agreement... --> by mutual agreement or assen…
1. an agreement... 2. between competent parties... 3. based on the…
the term for the relationship amongst parties to a contract…
a contract binds only the parties to the contract... --> it cann…
Contract... (pg 206)
a legally binding agreement... --> by mutual agreement or assen…
Elements of a Contract... (pg 206)
1. an agreement... 2. between competent parties... 3. based on the…
21 terms
Nature and Classes of Contracts (ch 5)
contract
beach of contract
each party to the agreement (contract)
when an agreement meets all the legal…
legally enforceable agreement between two or more competent p…
failure of one of the parties to perform the obligations assu…
obtains certain rights and assumes certain duties and obligat…
the law recognizes it as binding on all parties
contract
legally enforceable agreement between two or more competent p…
beach of contract
failure of one of the parties to perform the obligations assu…
58 terms
Business Law: Contracts
contract
promisor
promisee
obligor
an agreement between 2 or more competent parties with genuine…
the person who makes a promise
the person to whom the promise is made
what the promisor might be called if the promise is binding,…
contract
an agreement between 2 or more competent parties with genuine…
promisor
the person who makes a promise
36 terms
Chapter 8 - Contracts
Contract
Statute of frauds
Express contract
Valid contract
Occurs when two or more legally competent parties mutually ag…
Provides that real estate contracts, with very few exceptions…
Occurs when the parties communicate their intentions to each…
Competent parties ... Mutual assent ... Consideration ... Lawful purpose
Contract
Occurs when two or more legally competent parties mutually ag…
Statute of frauds
Provides that real estate contracts, with very few exceptions…
20 terms
Module 6 Business Law Terms
Contract
Freedom of contract
Consensus
Consideration
A voluntary exchange of promises creating obligations that, i…
What parties agree on in contract generally unrestricted
Mutual agreement between parties that must be present in a co…
The price or commitment by each party is willing to pay to pa…
Contract
A voluntary exchange of promises creating obligations that, i…
Freedom of contract
What parties agree on in contract generally unrestricted
BLAW 2
Contract
4 Necessary Elements Making Up a Contr…
Privity
Valid Contract
agreement between 2 or more competent parties to do or to ref…
1. Offer and Acceptance, also known as mutual agreement, also…
a party is said to be in privity of a contract when this part…
a contract that contains the 4 necessary elements making up a…
Contract
agreement between 2 or more competent parties to do or to ref…
4 Necessary Elements Making Up a Contr…
1. Offer and Acceptance, also known as mutual agreement, also…
39 terms
CH 11 contracts
Contract
Written contract
Oral Contract
4 elements for valid contract
an agreement between two or more competent parties that creat…
a contrat in writting and must be brought within 5 years
known as parol contract and must be brought within 4 years
Lawful subject, agreement, consideration, 2 competent people
Contract
an agreement between two or more competent parties that creat…
Written contract
a contrat in writting and must be brought within 5 years
5 terms
Contracts
vitiate
executory interval
mutuality of obligation
lessor
spoil or impair the quality or efficiency of.
the period between the contract signing and the formal closing
the act in which both parties assume some legal obligations
a person who leases or lets a property to another; a landlord
vitiate
spoil or impair the quality or efficiency of.
executory interval
the period between the contract signing and the formal closing
40 terms
Business Law Chapter 2 The Law of Contracts
acceptance
avoid
bilateral contract
consideration
agreement by an offeree to the terms of the offer
the power to cancel a contract given by law to those whose ab…
all parties are obligated to perform their promises
what the offeror demands, and generally must receive, in orde…
acceptance
agreement by an offeree to the terms of the offer
avoid
the power to cancel a contract given by law to those whose ab…
52 terms
Contracts
Expressed Contracts consist of
Expressed contracts are
Statue of Frauds
Implied Contracts
oral, written, and bilateral
when the parties have expressed their intentions and stated t…
the legal concept that most contracts should be in writing to…
the agreement between the parties is shown by actions rather…
Expressed Contracts consist of
oral, written, and bilateral
Expressed contracts are
when the parties have expressed their intentions and stated t…
24 terms
Contracts
contract
tangible personal property
offer
offeror
A legally enforceable agreement that is created when two or m…
personal property that can be moved
a proposal made by one party (offeror) to another person (off…
person making a proposal
contract
A legally enforceable agreement that is created when two or m…
tangible personal property
personal property that can be moved
25 terms
BUDGET
disposable income
financial plan
resources
obligations
money income left after all taxes on it have been paid
a document that outlines the funds needed for a certain perio…
A source or supply or support
What is owned in a contract?
disposable income
money income left after all taxes on it have been paid
financial plan
a document that outlines the funds needed for a certain perio…
Contracts
Acceptance
Accord
Account Stated
Assignment
The taking and receiving of anything in good faith with the i…
A contract to discharge an existing cause of action, tort, or…
A summarized statement of a debtor's account.
In contact law, a transfer of equity in a contract to a third…
Acceptance
The taking and receiving of anything in good faith with the i…
Accord
A contract to discharge an existing cause of action, tort, or…
FIN 3055-Chapter 10~ Intro to Contracts
The purpose of a contract
Elements of a contract
agreement
consideration
-make business matters more predictable... -a series of contract…
1. Agreement (offer and acceptance)... 2. Consideration... 3. Legal…
one party must make a valid OFFER, and the other party must A…
there has to be BARGAINING that leads to an exchange between…
The purpose of a contract
-make business matters more predictable... -a series of contract…
Elements of a contract
1. Agreement (offer and acceptance)... 2. Consideration... 3. Legal…
15 terms
Contracts
Requirements of a Contract
Express and Implied Contract
Express contract
Implied contract
1. Mutual Assent... 2. Consideration... 3. Legality of Object... 4. Ca…
1. Entirely oral (Express)... 2. Partly oral and partly written…
a contract where the parties have manifested their agreement…
a contract where it is inferred from the parties conduct
Requirements of a Contract
1. Mutual Assent... 2. Consideration... 3. Legality of Object... 4. Ca…
Express and Implied Contract
1. Entirely oral (Express)... 2. Partly oral and partly written…
30 terms
BSLW- Chapter 12- Nature and Classes of Contracts
contract
Elements of a contract
promisor (obligor)
promisee (obligee)
legally binding agreement
1. offer, 2. Acceptance, 3. Capacity, 4. Consideration, 5. Le…
person who makes a promise
the person to who the promise is made
contract
legally binding agreement
Elements of a contract
1. offer, 2. Acceptance, 3. Capacity, 4. Consideration, 5. Le…
19 terms
Business Law- Chapter 9
Standardized form Contracts
Freedom of Contract
Elements of a contract
Clickwrap contracts
contracts that are preprinted by one party and presented to t…
Idea that contracts should be enforced because they are the p…
Offer, acceptance, consideration, have consideration, parties…
standardized online contracts requiring the viewer to click o…
Standardized form Contracts
contracts that are preprinted by one party and presented to t…
Freedom of Contract
Idea that contracts should be enforced because they are the p…
30 terms
Contracts
bilateral contract
executed contract
executory contract
option agreeement
the promise of one party is given in exchange for the promise…
all obligations have been performed
the period of time after a real estate sales contract is sign…
unilateral, expires in 6 months. Ex. Pam - in class
bilateral contract
the promise of one party is given in exchange for the promise…
executed contract
all obligations have been performed
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
15 terms
Contracts
Contract
Four Elements of Contract
Privity
Valid Contract
an agreement between two or more competent parties to do or t…
Offer and acceptance, two or more competent parties, consider…
A party is said to be in privity of a contact when this party…
This is a contract that contains the four necessary elements…
Contract
an agreement between two or more competent parties to do or t…
Four Elements of Contract
Offer and acceptance, two or more competent parties, consider…
24 terms
Legal Environment of Business: Chapter 7 Contract Terminology
Contract
Tangible Personal Property
Offer
Offeror
a legally enforceable agreement that is created when two or m…
personal property that can be moved, such as a vehicle, kitch…
made by the offeror and accepted by the offeree
the party making the offer
Contract
a legally enforceable agreement that is created when two or m…
Tangible Personal Property
personal property that can be moved, such as a vehicle, kitch…
Chapter 1 - Overview of Contracts (Terms)
Contract
Contractual capacity
Contractual intent
Equity
a legally enforceable agreement between two or more parties i…
legal ability of a person to enter into a contractual relatio…
the purposefulness of forming a contractual relationship.
the branch of the law that deals with fairness and mercy to p…
Contract
a legally enforceable agreement between two or more parties i…
Contractual capacity
legal ability of a person to enter into a contractual relatio…
12 terms
contracts
express contract
implied contract
formal contract
simple contract
contract whose terms are explicit; all of the parties' contra…
contract created by a court so that once party does not unjus…
those contracts that must be in special form or produced in a…
any contract other than a formal contract whether written, or…
express contract
contract whose terms are explicit; all of the parties' contra…
implied contract
contract created by a court so that once party does not unjus…
Contracts Chapter 7
Contract
Tangible personal property
Offer
Offeror
A binding agreement between two or more persons that is enfor…
personal property that can be moved
A proposal by one party to another intended to create a legal…
The person who makes an offer
Contract
A binding agreement between two or more persons that is enfor…
Tangible personal property
personal property that can be moved
18 terms
Chapter 8: Contracts
Express contract
Contract
Promisor
Promisee
an agreement stated in words, spoken, or written
a legally enforceable agreement to do or not to do a specifie…
the person who makes a contractual promise
the person to whom a contractual promise is made
Express contract
an agreement stated in words, spoken, or written
Contract
a legally enforceable agreement to do or not to do a specifie…
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