Chapter 11,12,13,15 Contracts | BLAW 3150 - Business Law I, Quizzes of Business and Labour Law

Download Chapter 11,12,13,15 Contracts | BLAW 3150 - Business Law I and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Contract DEFINITION 1 is a "promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty". TERM 2 Elements of a Contract (valid) DEFINITION 2 1. Agreement- offer and acceptance 2. Contractual capacity of the parties3. A legal purpose and object 4. Consideration TERM 3 Offeror DEFINITION 3 is the party making the offer TERM 4 Offeree DEFINITION 4 is the party to whom the offer is made TERM 5 Bilateral Contract DEFINITION 5 if the offeree can accept simply by promising to perform, the contract, "promise for a promise". the acceptance must be communicated to the offeree or his agent. two promised TERM 6 Unilateral Contract DEFINITION 6 if the offer is phrased so that the offeree can accept the offer only by completing the contract performance, "promise for a contract". acceptance is made by the performance of the act and in general. NO contract arises until the performance is completed! TERM 7 Valid Contract DEFINITION 7 has the elements necessary to entitle at least one of the parties to enforce it in court. TERM 8 Voidable Contract DEFINITION 8 is valid contract but on that can be avoided at the option of one or both of the parties TERM 9 Void Contract DEFINITION 9 no contract exists, or there is a contract without legal obligations. NO CONTRACT AT ALL. TERM 10 Quasi Contacts DEFINITION 10 or contracts IMLIED IN LAW, are not actual contracts. Quasi is Latin for "as if". the court will create (imply) a contract in order to avoid unjust enrichment (where not legal contract exist). NO JURY TRAIL TERM 21 Legally Sufficient Values: DEFINITION 21 1. a promise to do something that one has no prior legal duty to do2. performance of an action that one is otherwise not obligated to undertake.3. refraining from an action that one has a legal right to undertake-forbearance TERM 22 Accord DEFINITION 22 is the agreement TERM 23 Satisfaction DEFINITION 23 is the performance after the accord TERM 24 Past Consideration DEFINITION 24 promises that lack consideration in that the element of bargained for exchanges missing. in short, you bargained for something to take the place no or in the future but not for something that has already taken place. NO CONSIDERATION. A party cannot use performance that he rendered in the past as consideration to support an agreement entered into in the present. TERM 25 Mistakes of Fact DEFINITION 25 occur in two forms, unilateral mistakes and bilateral TERM 26 Unilateral Mistake DEFINITION 26 is made by only ONE of the parties. generally no reliefs given TERM 27 Bilateral Mistake DEFINITION 27 or mutual, mistake is made by both or the contracting parties. Courts often give relief, must be regarding "the subject matter" TERM 28 Restatement of the Law of Contracts DEFINITION 28 states that a contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which that law in some way recognizes as duty TERM 29 Classifications of Contract DEFINITION 29 1. can be oral or written.2. formal or simple 3. Bilateral or unilateral concerned with promises of the parties 4. Void, Voidable, and unenforceable 5. express or implied TERM 30 What difference does it make, when contract is under seal. DEFINITION 30 a. there is a rebutable presumption, the contract is supported by considerationb. statute of limitations is extended TERM 31 Void DEFINITION 31 a void "agreement" is one that lacks one of the elements of a contract TERM 32 Voidable DEFINITION 32 contains all the elements of a contract, but for one reason or another one of the parties may be entitled to rescind contract TERM 33 Unenforceable DEFINITION 33 satisfies all the requirements of a contract, but court will not enforce (Statute or frauds and limitations) TERM 34 express DEFINITION 34 when parties have manifested their intent to enter into a contract (either orally or written) TERM 35 Restatement of the law of Contracts defines an offer: DEFINITION 35 "a promise", which is in its terms conditional upon an act, forbearance or return promises being given in exchange for the promises TERM 46 Mutuality of Obligation DEFINITION 46 RULE: if the purchase of the output is strictly up to the buyers' whim or caprice, there is no consideration. Oscar Schlegel Mfg. Co. v. Peter Cooper's Glue Factory TERM 47 Forbearance DEFINITION 47 RULE: a forbearance or promise to forbear form exercising a legal or equitable right is good consideration when given in exchange for the promise of another person. TERM 48 Novation DEFINITION 48 the substitution of one party for another in a existing contract TERM 49 Composition Agreement DEFINITION 49 an agreement by a large number of creditors to accept less for there debts from a single debtor. TERM 50 Special Contract with Auctions DEFINITION 50 auctioneer solicits offers... the bid is the offer. "with reserve" or "absolute auction" TERM 51 Firm offer under the Uniform Commercial Code DEFINITION 51 when a merchant promises in a signed writing to keep an offer open for a stated period of time, it may not be revoked. Does not need consideration as does an option. if no stated time is mentioned, it is reasonable time NOT EXCEED 3 months (90 days) TERM 52 Rule of Adequacy Consideration DEFINITION 52 Sufficiency consideration. RULE: generally, courts will not inquire into the adequacy of consideration once it has determined that there is sufficient consideration to support the contract TERM 53 What is Charitable Subscription, what are the results? DEFINITION 53 most often applied in cases of promises made for subscriptions (pledges) to charitable institutions TERM 54 What is the Santucci Construction Case stand for? DEFINITION 54 Santucci Construction Corp v. County of Cook. Deals with unilateral mistake.