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Flashcards in Final Exam Deck (51)
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1

Release of liability

A release of liability is a document that releases a party from liability, meaning, the parties to this document agree that they will not sue or take other legal action against the other party

2

Fraud

Fraud is defined in the law as an intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage.

3

Mistake

In contract law, a mistake is an erroneous belief, at contracting, that certain facts are true. It can be argued as a defense, and if raised successfully can lead to the agreement in question being found void ab initio or voidable, or alternatively an equitable remedy may be pro iced by the courts

4

Undue influence

Undue influence is influence by which a person is included to act otherwise than by their own free will or without adequate attention to the consequences

5

Duress

Duress is a threat of harm made to Conley someone to do something against their will or judgement

6

Rescind a contract

In contract law, rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the parties as far as possible, back to the position in which they were before they entered into a contract

7

Unconscionability

Unconscionability is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience

8

Puffery

In law, puffery is a promotional statement or claim that expresses subjective rather than objective views, which no reasonable person would take literally. Puffery serves to puff up an exaggerated image of what is being described and is especially silly featured in testimonials

9

Statute of frauds (with all the rules and exceptions)

The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged m, with sufficient content to evidence the contract

10

Surety vs guarantor

A

11

Collateral promise

Collateral promise refers to a promise to pay the debt of another that is ancillary to an original promise. It is an undertaking which renders the promised a guarantor or surety upon a debt owing by a third person who is primarily liable. It is not made for the benefit of the party making it

12

One-year-rule

One-year rule is a term relating to patent law. It is also known as one year grace period or on sale bar. The rule states that an inventor must file for patent protection within one year from introduction of an invention by publication to the public

13

Sale of goods of $500 or more

Any sale of goods $500 or more must be in writing for a legitimate contract

14

Interest in land

Interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another.

15

Are oral agreements generally enforceable?

Oral contracts are enforceable. As long as there is enough evidence, then a court will enforce your oral agreement

16

Integrated contract

A contract is a full integrated contract if the document captures the full agreement between the parties on some subject matter. In contract disputes, parole evidence is inadmissible to contradict the terms of a completely integrated agreement

17

Assignment

Assignment encompasses the transfer of rights held by one party-the assignor-to another party-the assignee

18

Assignee

An assignee is a person, company, or entity who receives the transfer of property, title or rights from a contract. The assignee receives the transfer from the assignor. For example, an assignee may received the title to a piece of real estate from an assignor

19

Assignor

An assignor transfers to the assignee. For example, a party(assignor) that enters into a contract to sell a piece of property can assign the proceeds, or benefits of the contract, to a third party(assignee)

20

Novation

Novation is the act of either: replacing an obligation to perform with another obligation; or. Adding an obligation to perform; or. Replacing a party to an agreement with a new party

21

Oblige

To force or require to do something because of a law of rule or because it is necessary

22

Anticipatory repudiation

Anticipatory repudiation, also called anticipatory breach, is a term in the law of contracts that describes a declaration by the promising party to a contract, that he or she does not intend to live up to his or her obligations under the contract

23

Contract discharge

Contract discharge means termination of a contract. It is the act of making a contract or agreement null. A discharged contract refers to contract that is fully performed.

24

Substantial performance

A term used in contract law to refer to a degree of performance of a contract which isn't full and complete performance, but is so nearly equivalent that it will be unfair to deny the contractor the payment agreed upon in the contract

25

Material breach

Material breach is a contract law term which refers to a failure of performance under the contract which is significant enough to give the aggrieved party the right to sue for breach of contract

26

Condition precedent

A condition precedent is an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless it's non-occurrence is excused, before Performance under a contract becomes due

27

Condition subsequent

A condition subsequent is an event or state of affairs that brings an end to something else. A condition subsequent is often used in legal context as a marker bringing an end to ones legal rights or duties

28

Condition concurrent

Condition concurrent is a condition which should occur or be performed simultaneously with another condition, the performance by each party separately operating as a condition present .

29

Third party beneficiary

A third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract

30

Intended beneficiary

Intended beneficiary benefits from a contract by acquiring rights under the contract. Intended beneficiary also has the ability to enforce the contract once those rights have vested.