Contract Law: Terms and Concepts, Quizzes of Business and Labour Law

Download Contract Law: Terms and Concepts and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Judicial Restraint DEFINITION 1 * A court taking a passive role and requiring that both party's to fulfill whatever obligations they agreed to.. - judges do their best to simple enforce the terms that have been agreed on, even if the terms results i serious harm.. * Judicial Restraint makes the law less flexible but more predictable.. TERM 2 Judicial Activism DEFINITION 2 * A courts willingness to change or ignore a contract that it perceives as unjust.. TERM 3 Contract Elements DEFINITION 3 *Agreement: one party makes a vaild offer and offer and the other accepts (meeting of the minds, offer, acceptance).. *Consideration: has to be bargaining between the 2 parties that leads to an exchange.. *Legality: must be for a lawful purpose.. *Capacity: must be adults TERM 4 Parties to a contract DEFINITION 4 *Offerer==> offeree.. *Promisor==> Promisee.. TERM 5 bilateral Vs. unilateral DEFINITION 5 *Bi: a promise in exchange for another.. *Uni: acceptance through doing TERM 6 Expressed vs. Implied DEFINITION 6 Expressed: 2 parties explicitly write there stipulations.. Implied: the 2 parties words show that tey intended an agreement.. TERM 7 Executory vs. executed DEFINITION 7 *Executory: an agreement where 1 or more parties have not performed.. *Executed: an agreement where both parties have performed.. TERM 8 Agreements Enforceable DEFINITION 8 *Valid: contract is binding TERM 9 Agreements Unenforceable DEFINITION 9 *Voidable: contract is otherwose binding but may be rejected at the option of one party.. Void: a legally unenforceable agreement.. TERM 10 Sources of Contract LAw DEFINITION 10 *Common Law, Restatement (second) of contracts, UCC (uniform commercial code) TERM 21 my lEgs DEFINITION 21 *Executor of an estate: an executor promise to use their own funds to pay a debt of the deceased must be in writing. ex. I will pay you even though my fathers estate does not cover the debt.. TERM 22 my leGs DEFINITION 22 *Goods over $500: TERM 23 what must be in writing under common law DEFINITION 23 *must be signed by the defendent (party resisting enforcement of the contract).. *STATE ALL FACTS ABOUT PARTIES AND AGREEMENTS TERM 24 what must be writen under UCC DEFINITION 24 *quantity (subject matter of quantity).. *signature/authentication of the defendant exception: merchants can agree orally TERM 25 Agreement (meeting of the minds) DEFINITION 25 * parties understand each other, intend to enter into an agreement with each other TERM 26 Agreement (offer) DEFINITION 26 2 elements: offeror's intent to enter into a present bargain and definite terms of the offer communicated to the offeree. TERM 27 Agreement DEFINITION 27 *meeting of the minds.. *mutual assent.. *offer.. TERM 28 termination of an offer DEFINITION 28 *revocation, rejection, expiration, operation of law TERM 29 Acceptance DEFINITION 29 manifestation of assent to the offer.. offeror can specify the means of acceptance and its timeliness.. authorized means of acceptance.. silence is not acceptance.. TERM 30 Mirror image rule (common law) DEFINITION 30 *if the offeree seeks to vary the offer by the slightest bit, there is no acceptance, besides a counter offer or rejection TERM 31 Battle of forms (UCC) DEFINITION 31 treats an offeree's additions to terms differently than how it treats an offeree's terms that contradict the offeror's offer TERM 32 UCC acceptance an additional terms DEFINITION 32 *btw non-merchants additional terms become proposals for inclusion into the contract.. *btw merchants, additions become apart of contracts, unless offeror's offer limits its acceptance to the terms, additional terms alter contract, offeror objects within reasonable time.. TERM 33 Mailbox rule DEFINITION 33 *Acceptance is generally effective upon dispatch TERM 34 Illusory Promise DEFINITION 34 *Where one of the parties has not given any consideration and has an unfettered election to perform or not (where one party is bound/obligated and the other party is not) TERM 35 Past Consiceration DEFINITION 35 *Generally, a benefit conferred by the promisee in the past is no consideratioin for a promise that is to be made by the promisor in the present