Understanding Contracts: Terms, Definitions, and Exceptions, Quizzes of Personal Health

Download Understanding Contracts: Terms, Definitions, and Exceptions and more Quizzes Personal Health in PDF only on Docsity! TERM 1 a promise in exchange for another promise DEFINITION 1 bilateral contract TERM 2 a promise that is accepted through performance (by doing or not doing something) DEFINITION 2 unilateral contract TERM 3 where two parties explicitly state all of the important terms of their agreement orally or in a writing DEFINITION 3 express contract TERM 4 where the words or conduct of the parties indicate that they intended an agreement DEFINITION 4 implied contract TERM 5 an agreement where 1 or more of the parties have not performed (fulfilled its obligations) DEFINITION 5 executory contract TERM 6 an agreement where all parties have performed (fulfilled their obligations) DEFINITION 6 executed contract TERM 7 T/F. Does Virginia still recognize seals? DEFINITION 7 True TERM 8 all necessary elements are present making the contract binding and enforceable DEFINITION 8 valid TERM 9 a valid contract that can be enforced because there are no legal defenses against it DEFINITION 9 enforceable contract TERM 10 otherwise binding but may be voided at the option of one party DEFINITION 10 voidable contract TERM 21 a totality of the circumstances test that asks whether the purpose of the contract is primarily for goods or services DEFINITION 21 Predominant factor test TERM 22 a contract has to be writing and signed if the subject falls within... DEFINITION 22 the Statute of Frauds TERM 23 MY LEGS DEFINITION 23 M=marriage (common law) Y=cannot be performed within 1 year (common law) L=land (common law) E=executor of an estate (common law) G=goods for $500 or more (UCC) S=surety (to pay for the debts of another) (common law) TERM 24 T/F. If a contract could be performed in 1 year then it does not have to be in writing. DEFINITION 24 True TERM 25 What are the two main exceptions to agreements for land? DEFINITION 25 Full performance by seller Part performance by buyer TERM 26 If a promisor makes an oral promise that should reasonably cause the promisee to rely on it, and the promisee does rely, the promisee may be able to enforce the promise DEFINITION 26 Promissory estoppel TERM 27 Y/N. If the amount for the sale of goods was $499.99, would there need to be a contract in writing? DEFINITION 27 No contract TERM 28 What are the four exceptions to the requirement of writing for the sale of goods? DEFINITION 28 Specially manufactured goods Receipt and acceptance of goods Payment was made for the goods Admissions TERM 29 when one person agrees to pay the debt of another as a favor to that debtor DEFINITION 29 collateral promise TERM 30 What is the one main exception to surety agreements. DEFINITION 30 If the promisor makes the agreement out of self-interest, the statute of frauds does not apply TERM 31 What are the two things that must be in writing under the UCC? DEFINITION 31 Quantity Signature TERM 32 document of oral agreement between merchants, that can be used by either party as written evidence to enforce the contract DEFINITION 32 Confirmation memorandum TERM 33 any written or oral words outside the four corners of the written contract that may be used to contradict, vary or add to its terms DEFINITION 33 Parol Evidence TERM 34 a writing that the parties intend as the final complete expression of their agreement DEFINITION 34 Integrated contract TERM 35 Exceptions to the parol evidence rule? DEFINITION 35 Incomplete Ambigious Fraud, Misrepresentation Obvious clerical errors