Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Ch. 6 Contracts

Business Law- Overview and Formation of Contracts

TermDefinition
PrommissOR Makes the promise
PromissEE Receives the promise
Statute of Frauds States that certain contracts must be in writing to be enforced EX. Contract for the sale of goods for $500 or more under UCC
Bilateral Contract Involves two promises and two performances
Unilateral Contract Involves one promise, followed by one performance, which then triggers a second performance
Express Contract Created when the parties have expressly agreed on the terms.
Implied Contract Agreement is reached by the parties actions.
Quasi-Contract One party suffers losses as a result of another party's unjust enrichment
Elements of a Contract 1. Offer and Acceptance 2. Consideration 3. Mutual Assent 4.Competent Parties 5. Legal Subject Matter
Valid Contract Has the necessary elements
Void Contract Agreements that have not been formed in conformance with the law from the outset of the agreement and cannot be enforced by either party.
Unenforceable contract One that meets the elements required by law but is subject to a legal matter
Forbearance Ask someone NOT to do something
Advertisement Not an offer, but invitation to make an offer
After the Offer... Revoke Rejection Counteroffer Acceptance Operation of Law
Mailbox Rule Offer effective upon receipt Acceptance effective upon dispatch
Mistake A belief that is not in accordance with the facts
Consideration What is given in exchange for something else. Involves: 1. Legal detriment to the promissee or benefit to the promisor 2. Bargained for exchange
Social Promise Doesn't have elements of contract, cannot take to court. EX. Aunt give you car when you graduate college
Competent Parties Voidable contracts: Minors, mentally incompetent, exception: drunk/drugged not intentionally but by another Void Contracts: Declared insane in court of law
Misrepresentation 1. False info 2. Did not know that it's false 3. Other party relies on info 4. Other party is damaged
Fraudulent Misrepresentation 1. False info 2. Knowledge that is false 3. Other party relies on info 4. Other party is damaged
Sources of Law 1. State common law- case law (less than $500) 2. State statutory law- UCC
Created by: ginganinjaem
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards