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Marino Chpt 13
Marino - Kubasek Dynamic Business Law Chapter 13
Question | Answer |
---|---|
Contract | A legally enforceable agreement |
Contract Elements | Offer, Acceptance, Consideration |
“Express” Contract | Based on written or spoken words |
"Implied” Contract | Based on conduct or actions |
“Valid” Contract | All elements of contract formation satisfied |
“Void” Contract | Illegal purpose/subject matter; unenforceable |
“Voidable” Contract | One or both parties can withdraw from contract |
“Executed” Contract | All terms of contract fully performed |
“Executory” Contract | Some duties under contract not performed by one/both parties |
“Formal” Contract | Must meet special form requirements |
“Informal” Contract | No formalities required in making; a “simple” contract |
Sources of Contract law | Common Law and Uniform Commerical Code (UCC) |
agreement | is made up of the offer and the acceptance |
Consideration | What a person will recieve in return for a contract. the bargained-for exchange |
Contractual capacity | Age of majority, not intoxicated, has mental ability to understand |
unilateral Contract | requires a PERFORMANCE in order to form a contract. |
Bilateral Contract | Consists of a PROMISE in exchange for a promise. |
Express Contract | has all the terms clearly set forth in either written or spoken words. |
implied contract | arises from the conduct of the parties rather than thier words. |
Valid Contract | Offer, acceptance, consideration |
Void | contract was not vaild, never came to light. |
Voidable | there is a contract, something changes to cause the contract to become void. Law Changes, house burns down before painting. |
unenforable | law probibits the court from enforcing |
executed contracts | terms have been fully performed |
Excutory | some of the duties have not yet been performed |
Plain-meaning rule | a writing or term in question, appears to be plain and ambiguous, its meaning must be determined from the instrument itself, with the words given thier ordinary meaning. |
Objective theory of contracts | means that the existence and interpretation of a contract is based on the outward manifestations of intent by the parties. |
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