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Business Law
Chapter 7
| Question | Answer |
|---|---|
| What is an express term? | Ambiguous or explicit promise |
| What is an implied term? | Intended not expressly. Judge is entitled to add implied terms and there is statutory requirements. Also, implied terms are for parties with previous dealings. |
| What is quantum meruit? | (Contractual) Awards one party a reasonable sum for goods |
| How do courts interpret contracts? | Rules for construction, parole evidence rule ( Limits evidence for parties or contents), statutory requirements, entire contract clause ( Agree complete as written), and electronic contracts ( Person who introduces must prove authenticity) . |
| What are the contractual terms to managing risks? | Changed circumstances similar to frustration and conditional agreements, such as: Condition subsequent: Condition when occurs contract ends and condition precedent: condition when occurs suspends parties contracts obligations to perform |
| How do you manage liability? | By limitation of liability, exemption clause, and liquidated damages clause ( How much one part will owe the other in breach) |
| What is a standard from contract? | Take it or leave it, read and understand before signing because it is non-negotiable and protect your own interest |
| What is shrink wrap? | Is enclosed terms with product ( Prepackaged) |
| What is click wrap? | User agrees to terms when buying or downloading stuff ( License) |
| What is browse wrap? | Accept terms on the site |
Created by:
Marlenathibeault
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