Business Law Test 2

Front 1

what is a contract

Back 1

a ste of promises where the courts will hold each party accountable and if one party does not perform he will be in breach and the other party can sue for damages

Front 2

where do we get contract law

Back 2

common law and the ucc

Front 3

what does the uccc deal with in terms of contracts

Back 3

the sale of goods

Front 4

if the ucc does not apply what does

Back 4

common law

Front 5

what is the only significance of the ucc

Back 5

you have more proof

Front 6

what 2 things do you have with the ucc

Back 6

sale and contract for sale

Front 7

what is a slaw

Back 7

(present sale) passing of the title from the seller to the buyer for a price

Front 8

what is contract for sale

Back 8

a present sale plus the intent to sale goods in the future ie wal-mart)

Front 9

with the sell og goods , real estate nd personal service is covered by what

Back 9

common law

Front 10

what is a promise

Back 10

a person's intent to do or not to do somethin

Front 11

what is breach

Back 11

failure to perform properly

Front 12

what are the five requirements for a valid contract

Back 12

offer or promise, aceeptance, consideration, capacity, and legality of the subject matter

Front 13

what is an offer or a promise

Back 13

the offeror makes the offer, the promisor makes the promise

Front 14

what is acceptance

Back 14

the offeree accepts the offer the promisee acceptes the promise

Front 15

when an offer or promise is combined with acceptance what do you have

Back 15

mutual assent

Front 16

what is consideration

Back 16

something given in exchange ( every contract must have it and all parties to the contract must give it)

Front 17

what is capacity

Back 17

deals with if you are old enough , sane enough, and sober enough to enter into a contract

Front 18

what is leglity of the subject matter

Back 18

subject matter must be legel. if subject matter is not legal the contract doesn't exist

Front 19

what is sometimes the sixth requirements for a vaslid contract

Back 19

writing

Front 20

why does the ocntract have to be in writing sometimes

Back 20

it staisfies the statue of fruads

Front 21

are oral contracts as enforcable as written contracts

Back 21

yes

Front 22

what are the classifications of a contract

Back 22

expressed contract, implied contract, mutiality,

Front 23

what is an expressed contract

Back 23

one formed by language wheter oral or written

Front 24

what is an implied contract

Back 24

formed by the conduct of rge party, you look at the parties actions to see if there is a contract

Front 25

what two types of contracts are covered under mutiality

Back 25

bilateral or unilateral

Front 26

what is a bialteral contract

Back 26

a promise for a promise the a performance for a performace

Front 27

whta is a unilateral

Back 27

a promise for an action promise, performance, performace

Front 28

WHAT IS AN EXAMPLE OF A UNILATERAL CONTRACT

Back 28

a contest or reward

Front 29

what is a valid contract

Back 29

has all the requiremnts and is totally legals, binding, and enforcable

Front 30

what is voidable contracts

Back 30

it is enforcable by one party but not the the other party

Front 31

who is the enofrcable party in a voidable contract

Back 31

usually becase the contract has aminor defect that needs to be corrected and is enforceable by the person lacking capacity or taking advantage of

Front 32

what is an unenforcable contract

Back 32

one where the courts will not give a remedy

Front 33

what two things consituties an uneforcable contract

Back 33

statues of limitations and statur of frauds

Front 34

what is state of limitations

Back 34

time limit you have to go to court

Front 35

what is the statue of frauds

Back 35

types of contracts that must be in writing

Front 36

what is the executory contract

Back 36

it is only promises

Front 37

what is partial executed

Back 37

on party has perfromed and waiting on perfromance by the other party

Front 38

what is a executed contract

Back 38

both parties have perfromed

Front 39

what is a formal contract

Back 39

subject to statutory regulations

Front 40

what are statutory regulations

Back 40

laws governing these types of contracts

Front 41

laws dealing with negotiable instruments ( ie checks, , promissory note) are what type of contracts

Back 41

formal contracts

Front 42

what are infromal contracts

Back 42

all other contracts or simple contracts ( not subject to statitory regulations)

Front 43

what is a promissory estopel

Back 43

soetimes refered to as dedrimental review and is a consideration substatue. it keeps one of the parties from saying consideration is lacking in contract

Front 44

what are the 3 requirments of promissory estopel

Back 44

-have a too good to be true promise that would induce action

-reliance on that promise , actions taking on that promise

-injustice would result of we did not enforce contract

Front 45

what is a quasi contract

Back 45

not a type of contract but a remedy imposed by law

Front 46

how do we enforce contrcts

Back 46

by quasi contract

Front 47

how do we dertermine if there was mutal assent

Back 47

we use an objective standard

Front 48

what is an objective standard

Back 48

a reasonable person would have thought the parties would have agreed

Front 49

what is an offer

Back 49

an offer is the offerors willingess to enter into thr bargain

Front 50

what are 3 essential elements in a valid offer

Back 50

1. offer has to be communicated
2. intent
3. definitness

Front 51

what is a public offer

Back 51

offer made to a large group of people or the general public

Front 52

what is significane fo public offer

Back 52

it is how you revoke it . you can only revoke offer same wahy it was made. if the original mode is not avalable then you must use the next reasonable mode

Front 53

can you accept an offer you did not know was being made

Back 53

no

Front 54

what is intent

Back 54

offeror has to have intent to make the offer 9 advertisments are not valid offere they are invitatyions to negotiate)

Front 55

the more specific an advertisment is the mare what

Back 55

you can create a vlid offer

Front 56

what is auction with reserve

Back 56

the item can be taken back if they don't get the price they want

Front 57

what is auction without reserve

Back 57

auctioner cannot withdraw item regardless of price

Front 58

what do we call auction without reserve

Back 58

absolute auctions

Front 59

what is definteness

Back 59

offer must be clear enough that you know exactly what is being offered ( all terms are present

Front 60

if terms are left out of a contract what do we say

Back 60

the contract is do indefinate to be enforced

Front 61

what doexs the ucc say about indefinate contracts

Back 61

that they are not really fair

Front 62

what does the ucc do for indefinate contracts

Back 62

use gap fillers, they will fill in all missing terms except quantity

Front 63

if quaintity is left out what will happen

Back 63

the contract will be indefinate

Front 64

what are the 2 exceptions for quanitty being missing

Back 64

output quantity and the requierment contract

Front 65

what is output contract

Back 65

is where uyou agree to purchase all a manifacter can make or produce

Front 66

what is a requirment contract

Back 66

is where you agree to purchase all you would need for a specific time period

Front 67

what are the seven ways to terminate an offer

Back 67

1. lapse of time
2. revocation
3. rejection
4. counteroffer
5. death or incompetency
6. destruction of subject matter
7. subsquently illegality

Front 68

what is lapse of time

Back 68

time runs out

Front 69

most offers are what in consideration to time

Back 69

most offers are open-ended , if offer is open-ended it expires in a resonable time

Front 70

what is revocation

Back 70

only the offeror can revoke the offer. the offeroe can revoke anytime prior to acceptance

Front 71

what is the rule dealing with revocation

Back 71

revocation is not effective until recived by the offeree