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28 Cards in this Set
- Front
- Back
recission |
cancellation |
|
rescinded |
cancellation |
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anticipatory repudiation |
An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time. |
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reformation of the contract |
x |
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substantial performance |
x
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substantial performance |
x
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repudiation |
x
|
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novation |
The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, novation involves the substitution of a new party for one of the original parties to the contract. |
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commercial impracticability |
A doctrine that may excuse the duty to perform a contract when performance becomes much more difficult or costly due to forces that neither party could control or contemplate at the time the contract was formed. |
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UCC |
uniform commercial code |
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Article 2 of UCC governs... |
contracts for the sale of goods |
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UCC: predominant-factor test |
a test courts use to determine whether a contract is primarily for the sale of goods for for the sale of services |
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Three most common open terms for which the UCC provides provisions to fill the gaps in a contract |
open price, open payment, and open delivery term |
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nonconforming goods |
x
|
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perfect tender rule |
requires a seller to deliver or hold at the buyer's disposal goods that conform to the contract's terms in every respect. If goods or tender of delivery fails in any respect to conform to the contract, the buyer or lessee has the right to accept the goods, reject the entire shipment, or accept part and reject part. See Performance of Sales and Lease Contracts. |
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warranties |
an assurance by the seller concerning the goods |
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Sources of International Law |
International customs • Evidence of a general principle accepted as law by the Statute of theInternational Court of Justice • Treaties and international agreements• International organizations • Composed of representatives from member nations, usuallyestablished by treaty |
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comity |
One nation will defer to the laws of the other nation, as long as thoselaws are consistent with the laws and public policy of theaccommodating nation. |
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act of state doctrine |
• The judicial branch of one country will not examine the public acts of another foreign government within its own territory. • This doctrine is important for businesses in foreign countries in determining whether property was confiscated or expropriated. |
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Force majeure: |
Acts of God or unforeseen political events will excuse a party |
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6. Which section of which act provides for the extraterritorial effect of U.S. antitrust laws? |
Section 1 of the Sherman Act |
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Implied contract: |
the conduct of the parties determines the terms |
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Executory contract: |
a contract that has not been fully performed |
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Unenforceable contract: |
a valid contract thatcannot be enforced due to a defense or statute |
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Shrink-wrap agreement: |
the terms are expressed in the box which packages the goods. |
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disaffirmance |
Minors can enter into contracts, but they are voidable at the minor’s request |
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Usury – |
charging an illegal interest rate |
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Statute of Frauds, certain contractsmust be written |
• Contracts involving land • Contracts that cannot be performed within one year and one day of execution • Contracts to answer the debts of another • Promises in consideration of marriage • Contracts for the sale of goods $500 or more |