Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Business Law Ch9
Business Law with UCC Applications Ch 9
| Question | Answer |
|---|---|
| Accord | The limited or expressed acceptance of less than what the creditor billed the debtor. |
| Accord and Satisfaction | An agreement (accord) whereby a creditor accepts as full payment an amount that is less than the amount due. |
| Bargain-for exchange | In reference to agreements, when a promise is made in exchange for another promise, in exchange for an act, or in exchange for a forbearance act. |
| Consideration | In contract law, the mutual promise to exchange benefits and sacrifices between parties. |
| Disputed Amount | Consideration on which parties to a contract never agree. |
| Estoppel | A legal bar to denying acts, statements, or promises that are relevant and material to the validity of an insurance contract. |
| Firm Offer | A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods. |
| Irrevocable Offer | A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods. Also called firm offer. |
| Forbearance | The act of refraining from doing (or promising not to do) something that a person has a legal right to do. |
| Illusory Promise | A promise that does not obligate the promisor to anything. |
| Locus Sigilli | The place of the seal. The abbreviation L.S. is often used in place of the seal itself on formal written contracts. |
| Option | In contract law, the giving of consideration to support an offeror's promise to hold an offer open for a stated or reasonable length of time. Also called option contract. |
| Past Consideration | A promise to give another something of value in return for goods or services rendered and delivered in the past. |
| Preexisting Duty | An obligation that a part is already bound to by law or by some other agreement. The party may not use this as consideration in a new contract. |
| Promissory Estoppel | The legal doctrine that restricts an offeror from revoking an offer under certain conditions, even though consideration has not been promised to bind the agreement. |
| Release | In contract law, a promise made by one party agreeing not to sue a second party. |
| Satisfaction | The agreed-to settlement as contained in an accord. |
| Seal | A mark or impression placed on a written contract that the instrument was executed and accepted in a formal manner, |
| Statutes of Limitations | State laws that restrict the time within which a party is allowed to bring legal action against another. |
| Unconscionable | Ridiculously inadequate. |
| Undisputed Amount | An amount upon which the parties to a contract have mutually agreed. |
| Legal Detriment | Doing (or promising to do) something that one has a legal right not to do, giving up (or promising to give up) something that one has a legal right ot keep, or refraining from doing (or promising not to do) something that one has a legal right to do. |
| Safe Harbor Principles | Principles of electronically stored information (ESI) protection established by the Department of Commerce that, if followed by American companies, will qualify them for commerce with the EU. |
Created by:
dengler
Popular Business sets