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BL Unit 2
| Answer | Question |
|---|---|
| Acceptance | Unqualified willingness by the offeree to go along with the offer |
| Benefits | Something that a party was not previously entitled to receive |
| Bilateral | Contains two promises |
| Capacity | Legal ability to enter into a contract |
| Consideration | Exchange of benefits and detriments by the parties to an agreements |
| Counteroffer | Any change in the terms of the offer |
| Death | Offeror dies |
| Detriments | Any loss suffered; anything given up |
| Duress | Overcoming a person’s free will by use of force or by threat of force or bodily harm |
| Economic Duress | Threats to a person’s business or income |
| Emancipation | severing of the parent-child relationship |
| Express | Contract statement that may be written or oral |
| Firm Offer | a written offer for goods that states the period of time during which the offer will stay open |
| Forbearance | Not doing something that you have the right to do |
| Fraudulent Misrepresentation | Party to a contract deliberately makes an untrue statement of fact |
| Genuine Agreement (Assent) | A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree |
| Illusory Promises | Clause or wording that allows party to escape from legal obligation |
| Implied | Contract that comes about from the actions of the parties |
| Insanity | Offeror is declared insane |
| Legality | Illegal Contracts |
| Mentally Incapacitated | Lacking the ability to understand the consequences of his or her contractual acts |
| Mirror Image Rule | Terms of the acceptance must match exactly (mirror) the terms of the offer |
| Mutual Mistake (Bilateral Mistake) | Both parties are mistaken about an important fact |
| Nominal Consideration | Token amount in a written contract where either the parties cannot or do not wish to state the amount |
| Offer | Proposal by one party to another with intent to create a legal binding agreement |
| Offeree | Offer made to this person |
| Offeror | Makes the offer |
| Option | the offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time |
| Oral | Created by two or more people speaking to each other |
| Past Performance | An act that has already been performed cannot be consideration in a contract. |
| Price Fixing | competitors agree on certain price ranges within which they will sell their products |
| Rejection | Refusal by the offeree |
| Restrictive covenant | agreement not to compete in a region for a period of time |
| Revocation | Taking back of an offer by offeror |
| Statute of Frauds | Requires that certain contracts be in writing to be enforceable |
| Unconscionable | So grossly unfair or oppressive that it would shock the conscience of the court |
| Undue Influence | Unfair and improper persuasive pressure within a relationship of trust |
| Unenforceable contract | Contract that court will not uphold, usually because of some rule of law |
| Unilateral | Contains a promise by only one person to do something if, and when, the other party performs a certain act |
| Unilateral Mistake | An error on the part of one of the parties |
| Usury | charging too high of an interest rate |
| Valid contract | Includes all elements recognized by the courts |
| Void contract | Without legal effect |
| Voidable contract | One or more parties can get out of contract for some legal reason |
| Written | contract terms are written so that both parties know the exact terms |
| Accord and Satisfaction | Substitute one contract for another. |
| Actual Damages | Damages DIRECTLY related to breach. |
| Anticipatory Breach | Notified that a party to the contract will not fulfill their part of the contract prior to the required time of fulfillment. |
| Assignee | Party to whom right is transferred. |
| Assignment | Legally transferring your RIGHTS in a contract. |
| Assignor | Party who transfers the right. |
| Breaching a Contract | Wrongful failure to perform one or more promises in a contract. |
| Compensatory Damages | Award only for injuries suffered – nothing more. |
| Complete Performance | All terms have been carried out properly and completely. |
| Consequential Damages | Damages that DO NOT flow directly from the breach. |
| Delegation | Transfer a duty. |
| Incidental Damages | Reasonable expenses that arise INDIRECTLY from breach of contract. |
| Injunction | Court order that prevents a party from performing an act |
| Liquidated Damages | Anticipated damages agreed upon prior to contract being signed. |
| Mutual Release | Each side releases the other side from the contract. |
| Nominal Damages | Award to prove legal injury but no damages caused. |
| Punitive Damages | Damages in excess of losses suffered in order to punish party for breach. |
| Satisfactory Performance | Law requires that services be completed in a satisfactory manner. |
| Speculative | Damages awarded not on fact but on expectations from contract fulfillment. |
| Statute of Limitations | Individual states have a time limit on lawsuits to be filed. |
| Substantial Performance | Slightly less than full performance |
| Tender of Performance | Offer to Perform |
| Wrongful Alteration | Any altering or changing of a contract will discharge parties to the agreement. |
| Offeree | Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Mark? |
| Offeror | Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Jill? |
| When received | If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect? |
| Acceptance | John agreeing to Jason's proposal to sell his car is which element? |
| Offer | John proposes to sell his car to Jan for $500. What element did John propose? |
| Statute of Frauds | Samantha decides to sell Joanne her music collection for $550. Both sign a written contract, but Joanne orally promises to add 2 more items to the collection after signing the contract. what law required the contract to be in writing? |
| Forbearance | Carol gives up her legal right to sue Janice. What term describes this situation? |
| Detriment | John sold a watch he owned. What term is used to identify the watch in this transaction? |
| Unilateral | Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this? |
| Voidable | When Donnie, Matt, and Steve, all age 15 enter into a contract, what term describes this type of contract? |
| Duress | After being threatened at gun point, Dale cancels his contract based on which part of genuine agreement? |
| Legality | Agreeing to give false testimony violates which element? |
| Genuine Agreement | A threat against a person's business would violate which element? |
| Legality | A contract to charge a set price with competitors violates which element? |
| Statute of Frauds | Carter Construction is building the new civic arena. The construction is expected to take over two years to complete. The contract must be in writing according to which law? |
| Substantial | A 40-story building is completed on time but has a slightly different tile floor in one room than required by the contract. How was the contract discharged? |
| Signing a contract without reading it | Which is a type of unilateral mistake? |
| Offeror | Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction? |
| Offeree | Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Mark? |
| Offeror | Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Jill? |
| Oral | Bill and Sarah agreed at lunch to a contract for landscaping services. Bill did not have the contract form for Sarah to sign. What type of contract is this? |
| Oral | Molly agrees to buy a set of glassware after talking to the salesman over the phone. What type of contract is this? |
| Statute of Frauds | Marco and Angelica are purchasing their first home. What law requires that their contract be in writing? |
| existing duty | A detective caught a suspect who intentionally set fire to a pharmacy. He was not allowed to accept a gift from the proprietor due to: |
| Rejection | After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated? |
| Statute of Frauds | Curt and Carrie sign a real estate contract to purchase a historic home. In the body of the contract, a change is handwritten in. What law requires the contract to be in writing? |
| Accord and Satisfaction | Unable to pay off a $250 contract, Jon wants to change the contract by giving something worth $250 to Peter. How was the contract discharged? |
| Operation of Law | Greg has a contract with Steve to buy a riding lawnmower. After the contract was signed, Greg changed the price from $150 to $250 without Steve's knowledge. What method of termination is this? |
| Assignment | Bill transfers his rights to renting his apartment to Bob. How was the contract transferred? |
| Impossibility of Performance | A world famous artist dies suddenly before finishing several projects. How will all of the artist's contracts be discharged? |
| Delegate | Amber transfers her duty of cleaning Julie's house to Roxanne. However, Amber is still responsible for the job. How was the contract transferred? |
| Complete performance | Monica has a contract with Fred's Landscape Service to mulch her yard. After the job is finished, the contract is discharged by what method? |
| Injunction | An environmental group is suing to stop the clear cutting of trees by a local developer. What type of remedy will they request? |
| Mutual Agreement | Nancy has a contract to buy a car from Bryan. Nancy realizes she cannot afford the car. After signing the contract, Bryan wishes he had not contracted to sell the car to Nancy. They both decide to terminate the contract by what method? |
| Substantial Performance | Carol has agreed to make Debbie's prom dress. Debbie has indicated that she wants her to make the dress, a cape, and gloves. Carol is pressed for time and forgot to make the gloves. What type of performance has Carol completed? |
Created by:
EddieS