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Basic Legal Principl

Contracts

QuestionAnswer
What are incidental damages additional cost of making a person whole
What are liquidated damages contract specifies certain amount to be paid in the event of a breach.
What is promissory estoppel person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery
What is contractual capacity all parties entering into the contract must have the contractual capacity to do so.
What is fraudulent misrepresentation a defense when one of the parties has lied.
what is merchantability? implied warranty. When products are sold consumers can expect them to work as advertised and comparable to other products
What is agreement offer and acceptance
what is warranty of habitability implied warranty. covers leasing of structures and protects consumers by ensuring that the minimum standards of habitability must be met for transactions.
what is fitness for purpose when a seller provides advice about a product for a given consumer or set of circumstances, consumers expect the product to be suitable for their use
what is warranty of title implied warranty. when people purchase goods with the belief that the seller has the right to sell goods legally
what is legality contracts purpose must be to accomplish some goal that is legal and not against public policy
what is duress a defense to a valid contract. You cant be forced into a contract
What are the defenses to a valid contract? mistake, genuiness of assent, fraudulent misrepresentation, duress, undue influence
what is the UCC? the uniform commercial code. a model code but doesnt have legal effect. enacted in part by 50 states .
what are the elements of promissory estoppel clear and definite promise, promisee must justifiably rely on the promise, reliance normally must be of substantial and definite character, and justice will be better served by the enforcement of the promise
what is unjust enrichment no person should be allowed to profit at another expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received or retained
what is implied warranty when someone buys a product and uses it in a ordinary fashion the consumer has a reasonable expectation that the product will function as expected
what is expressed warranty a spoken or written promise by the seller while bargaining
when does a contract have to be in writing? involves intrest in land if they by their terms cant be performed within a year from formation collateral or secondary contract, promise to answer to others debt promises made inconsideration of marriage sales of goods over 500 dollars
what is recission the contract is voided, result of fraud, duress,mistake, incapacity. The parties can be placed in the position they were before the contract
what is restitution must be paid in order to bring parties back into original position
what is specific performance? available if money damages are insufficient the breaching party must perform
what are compensatory damages the non breaching party is entitled to the benefit of the bargain. He or she should be placed in the same position they would have if the contract had been performed
what are consequential damages additional damages which might occur as a result of the breach they must be foreseeable
what is consideration a promise for a promise.
when are you not contractual capacity incompetent, intoxication to the point of mental incapacity, minors, licensing, no authority
what are the requirements for a valid contract agreement, consideration,contractual capacity,legality
what is a contract agreement between two or more competent parties in which an offer is made and accepted and each party benefits.
Created by: vvsbella16
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