Exam 1 - Chap 8, 9, 3, 4 Flashcards Preview

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Flashcards in Exam 1 - Chap 8, 9, 3, 4 Deck (47)
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1
Q

three steps of a contract

A

offer, acceptance, and consideration

2
Q

bilateral contract

A

is an agreement containing mutual promises - both people make promises

3
Q

unilateral contract

A

is an agreement with only one promise, and only one party is committed to perform

4
Q

quasi-contract

A

Are a judicial remedy to prevent one party from receiving unjust enrichment.

the doctrine that requires this result is based on an implied-in-law contract. Since there really is no actual contractual agreement, the phrase quasi-contract is often used.

5
Q

enforceable contract

A

when courts uphold the validity of such promises, the resulting agreement is an enforceable contract

6
Q

unenforceable contract

A

if a non performing party has a justifiable reason for noncompliance with a promise, the result is an unenforceable contract.
a defense exists that denies the legal enforcement of an agreement.

7
Q

valid contract

A

when an agreement is enforceable because all the essential requirements are present, courts refer to a valid contract.

8
Q

void contract

A

is one that appears to be an agreement but lacks an essential requirement for validity and enforceability

9
Q

voidable contract

A

is an agreement when at least one party has the right to withdraw from the promise made without incurring any legal liability.

10
Q

executed contract

A

is one in which the parties have performed their promises.

11
Q

executory contract

A

when the parties have not yet performed their agreement

12
Q

mirror image rule

A

for an acceptance to create a binding contract, standard contract law requires that the acceptance must “mirror” the offer exactly.

13
Q

mailbox rule

A

the acceptance becomes binding when it is “deposited” with the postal service. aka deposited acceptance rule

14
Q

consideration

A

the receipt of a legal benefit or the suffering of a legal detriment. courts will not enforce contractual promises unless they are supported by consideration.

15
Q

promissory estoppel or reliance contract

A

an exception to the rule requiring consideration to support a promise is the doctrine of promissory estoppel. Is increasingly used when the facts of a business relationship do not amount to an express or implied contract.

16
Q

capacity to contract

A

refers to a person’s ability to be bound by a contract. Minors, Intoxicated persons, and mentally incompetent persons.

17
Q

statute of frauds

A
is the law requiring that certain contracts be in writing
Sale of an interest in land
collateral promise to pay another's debt
cannot be performed within one year
Sale of goods of $500 or more
18
Q

common law

A

common law comes from judge’s decisions

19
Q

parol evidence rule

A

this rule states that parties to a complete and final written contract cannot introduce oral evidence in court that changes the intended meaning of written terms.

20
Q

condition precedent

A

if something must take place in the future, before a party has a duty to perform

21
Q

condition subsequent

A

excuses contractual performance if some future event takes place

22
Q

substantial performance

A

is a middle ground between full performance and a breach due to nonperformance.

23
Q

impossibility of performance

A

a party’s nonperformance is excused because of impossibility of performance. may occur because of death of an essential party, the destruction of essential materials, or the subject matter of the contract becomes illegal.

24
Q

waiver

A

when a party intentionally relinquishes a right to enforce the contract, a waiver occurs.

25
Q

release

A

when a party announces the other party does not have to perform as promised, a release exists.

26
Q

principal

A

interacts with someone for the purpose of obtaining that second party’s assistance.

27
Q

agent

A

the second party to the principal is the agent

28
Q

independent contractor

A

a principal may hire an independent contractor to perform a task

29
Q

eight remedies of breach of contract

A

Negotiated settlement, arbitration, compensatory damages, specific performance, consequential damages, liquidated damages, rescission, nominal damages

30
Q

subject matter jurisdiction

A

for any court to hear and decide a case at any level, it must have subject matter jurisdiction, which is the power over the issues involved in the case

31
Q

appellate courts

A

the parties to litigation are entitled as a matter of right to a review of their case by a higher court, or an appeal, if the requirements of procedural law are followed in seeking the review.

32
Q

courts of appeal

A

the intermediate courts are usually called the courts of appeal, and the highest court is called the supreme court

33
Q

the ______ law of the land is the _________

A

the supreme law of the land is the constitution

34
Q

the three courts in order are

A

trial court, appellate court, supreme court

35
Q

writ of certiorari

A

a petition for leave to appeal

36
Q

defendant

A

the one being sued

37
Q

plaintiff

A

the one who is suing

38
Q

actual authority

A

you have actual authority in the situation like a restaurant manager making decisions for the business

39
Q

apparent authority

A

existing or previous authority being used after actual authority is revoked. it is the company’s responsibility to alert others of loss of authority

40
Q

standing to sue

A

the plaintiff must establish that he or she is entitled to have the court decide the dispute

41
Q

two requirements for standing to sue

A

the plaintiff must allege that the litigation involves a case or controversy.
the plaintiff must allege a personal stake in the resolution of controversy

42
Q

personal jurisdiction

A

personal jurisdiction over the plaintiff is obtained when the plaintiff files the suite

43
Q

complaint

A

lawsuits begin by a plaintiff filing a pleading, called a complaint, with the court clerk

44
Q

motion

A

when a question of law is at issue, the parties can seek a pretrial determination of their rights by filing a motion with the court.
a document allowing authority

45
Q

three elements of discovery

A

interrogatories, request for production of documents, depositions, request for an admission

46
Q

verdict

A

the jury’s decision is called a verdict and it is announced in the courtroom when the jury’s deliberations are completed.

47
Q

burden of proof

A

describe the party at a trial with the burden of coming forward with evidence to establish a fact