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Contract Law

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a rule of civl conduct commanding you to do what is right and prohibiting you from doing what is wrong   law  
original law produced in the US-old judge-made law that our forefathers brought from England   common law  
laws based on custom and usage which the court recognize as being binding on the people   common law  
any law that is a formal enactment of a legislature (federal or state)   statute  
a statute that is enacted by local government (any gov below the state level)   ordinance  
governmental body/commission created by either a state or federal government such as FTC or OSHA   administrative agency laws  
first law of the US-supreme law of the land, all other laws are derived from it   US Constitution  
document that defines the relationship btw the different parts of the government and the relationship btw the government and its people   US Constitution  
relief awarded to the plaintiff OTHER than monetary damages   equity  
first 10 amendments to the Constitution   bill of rights  
laws which relate to business or commercial transactions, such as contracts between merchants   business law  
decisions of the higher courts (appellate judges and supreme court decisions) are made into this kind of law   case law  
latin for "stand by the decision"-guides decision-making in similar cases   stare decisis  
a violation of a criminal statute or ordinance-offense against society as a whole   criminal law  
a civil wrong, a wrong committed against a person or their property   tort  
to listen to facts and testimony, review documents, and apply those facts to the interest of law involved   purpose of court  
court must have authority to hear that type of case, called   jurisdiction  
two types of jurisdiction:   1) subject matter jurisdiction 2) personal jurisdiction  
how do you get personal jurisdiction for: 1) plaintiff, 2) defendant   1) voluntarily submit when they file suit, 2) summons  
how do you secure a witness for testimony?   subpoena  
the court with the original jurisdiction of the case in a state issue   trial court  
what is the condition for appeal?   must be a matter of law at hand  
second court that may hear a case at state level   first court of appeals  
third court that may hear a case at state level, if appealed   Supreme Court of that State  
court of original jurisdiction at the federal level   Federal District Court  
if appealed at fed level, first go to   Court of Appeals  
if appealed after Court of Appeals, my petition to be heard at   US Supreme Court  
document to petition for US Supreme Court to hear your case appeal:   Application for a Writ of Certiorari  
person who files the lawsuit to bring action against another   plaintiff  
the name for a lawsuit (2 names)   petition or complaint  
person being sued   defendant  
in a civil matter the plaintiff is always: (2)   an individual OR a corporation  
in a criminal matter, the plaintiff is:   the people of the state of ____  
a document issued to a person to obtain witnesses, who is not a party to the lawsuit   subpoena  
a means of obtaining information from the other party to a suit before the trial begins   discovery  
oral examination of a party under oath (taken down by a court reporter) - type of discovery   deposition  
written questions that are submitted by your attorney to the other party which they must answer - type of discovery   interrogatories  
decision of the jury   verdict  
statements of the attorneys advising the jury what the case is all about and what you're trying to prove   opening statements  
attorney speaks to the jury to summarize the facts and sway them to a favorable outcome for their client   closing arguments  
a legally enforceable agreement btw two or more competent people   contract  
4 requirements for a valid contract   1) mutual agreement 2) legally competent parties 3) consideration 4) contract must be composed of legal subject matter  
contract with no formality attached is considered   simple  
contract where a formality is required is considered   formal  
a witness, notary, or seal on a contract is   formality  
implies a social arrangement, not enforceable by law   agreement  
involves a business transaction of some sort, enforceable by law   contract  
All agreements are contracts, but not all contracts are agreements. TRUE or FALSE?   FALSE. All contracts are agreements, but not all agreements are contracts.  
failure of one of the parties to a contract to perform   breach  
contract that is completely unenforceable at law   void  
contract that is completely enforceable at law   valid  
a contract that is valid but may be avoided because of certain circumstances, one or both of the parties may agree to set it aside   voidable  
a contract wherein all of the terms have been fully set forth by the parties (can be oral)   expressed  
contracts wherein all of the terms have not been set forth-we infer from the parties' actions what the terms of the contract are   implied  
sometimes parties don't actually agree to anything, but there are rights and obligations imposed by law on the parties due to certain circumstances (ex: if the landlord doesn't kick you out, it's assumed that you are allowed to rent for the next month)   quasi  
all of the terms of a contract have been fulfilled   executed  
if the parties have not yet performed all of the terms of the contract   executory  
contract calling for an act to be given in the future for a promise made   unilateral  
an exchange of promises   bilateral  
3 Essential requirements of an offer and proposal (mutual agreement)   1) must be definite (know exactly what the offeror proposes) 2) must be seriously intended 3) must be communicated to the offeree  
who can accept a proposal?   only the offeree or their agent  
mutual agreement is valid once the written acceptance has been postmarked   postmark rule  
a proposed acceptance that alters the terms of the original offer   counter-offer  
TRUE or FALSE: offeror may revoke the offer at any time prior to acceptance   TRUE-UNLESS! The offeror accepted some consideration to keep the offer open for a certain period of time  
when the offeror agrees to keep an offer open for a certain period of time and accepts some consideration to do so, then the offeror is bound   option contract  
under common law, adulthood for contracts was   21  
under statutory law, adulthood for contracts is   18  
if a minor enters into a contract it is ______-at the option of whom?   voidable, option of the minor-EXCEPT for necessities (must pay the cost for the necessities that he/she received)  
act of avoiding a contract (2 terms)   1) disaffirmance of the contract OR 2) repudiation  
when can a minor disaffirm a contract?   only when in minorhood  
silence after adulthood is reached is consideration _____ of the contract   ratification  
if a person is adjudicated as "mentally incompetent", every contract they enter thereafter is   void  
if a person has not been adjudicated as mentally incompetent, any contract the individual enters is treated is if it were the contract of   a minor  
anything of value given up in a contract (money, services, merchandise)   consideration  
an act or a promise to act of to forbear/refrain from acting where you had a legal right to do so, given up in exchange for the other party to the contract's promise or action or refraining to act   consideration  
you can promise NOT to do something as part of consideration as long as it's something you would have had a legal right to do   forbearance  
does partial payment of a past due act as consideration to discharge the entire obligation?   NO, but 4 exceptions.  
Exception 1: amount owed is in dispute, the creditor accepts the lesser sum, the obligation is   discharged  
Exception 2: debtor has several creditors that he owes $ to, all creditors agree to accept a lesser sum to avoid debtor filing bankruptcy   composition of creditors agreement  
Exception 3: creditor accepts a lesser sum and issues   a receipt acknowledging payment in full  
Exception 4: if a collateral note was not originally signed as part of the agreement, and offers personal property as collateral plus lesser sum   exchanges unsecured note for secured not, it's enforceable  
money in exchange for nothing, to a charitable organization can be enforced without dual consideration   pledge  


   




 
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Created by: amyziolkowski on 2010-10-18



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