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
Chapter 6-10
| Term | Definition |
|---|---|
| Contracts | Agreements between two or more parties |
| Offeror | Makes the offer |
| Offeree | Person who its made to |
| Offer | Proposal by an offeror |
| Revocation | Withdraw a offer before its accepted |
| Counteroffer | Offeree changes the terms to the contract |
| option | something of value to keep offer open |
| Firm Offer | Written offer stating how long it will stay open |
| Acceptance | to accept the contract |
| Mirror Image rule | Acceptance must exactly match the terms |
| Bilateral | offeree accept by communicating the request promised |
| Unilateral | indicate acceptance by preforming the test |
| Genuine Assent | True & complete agreement |
| Voidable | cancel the contractual obligation |
| rescission | get back whatever they put out already |
| Ratification | intend to be bound by the contract |
| duress | improper threat to act an agreement |
| Undue influence | one party is dominating the other party |
| Unilateral Mistakes | one party holds a incorrect belief |
| Mutual Mistake | Both have a incorrect belief |
| Material Facts | facts influencing decisions about the contract |
| Void | voided |
| innocent misrepresentation | make statements that are untrue |
| Fraudulent misrepresentation | known the statement was untrue |
| Fraud | misrepresenation |
| Consideration | what a person demands in the contract |
| gift | transfer of ownership without anything in return |
| donor | giver of the gift |
| donee | receiver of the gift |
| forbearance | to not do something |
| promisor | promising an action |
| promisee | person who the promise is made to |
| legal Value | been a change in a partys legal position |
| nominal consideration | token amount stated instead |
| output contract | if the contract contains producers production |
| Requirement's contract | supply all the needs of a buyer |
| liquidated debt | one party agrees that the debt exists |
| Accord and satisfaction | payment offered in full settlement by the debater |
| Release | discharge agreement |
| composition with creditors | debtor agrees not to file for bankruptcy |
| Past Consideration | an act already been preformed |
| Statute of limitations | time limit for bringing a law suit |
| Promissory estoppel | prevents promisors from stating they did not receive consideration |
| Contractual capacity | ability to understand the contract |
| Age of majority to contract | age where a person can manage there own life |
| minor | person not reached the age of majority |
| minority | being below the age of majority |
| necessaries | things needed to maintain life |
| emancipation | making child be supported by themselves |
| mental incapacity | mental insane |
| intoxication | being under the influence |
| scope of authority | range of contractual acts |
| disaffirmance | refusal to be bound by a previous legal commitment |
| ratification | action by the party indicating being bound by the contract |
| lottery | three elements prize chance and consideration |
| wager | common forms of gambling |
| compounding a crime | informing on or prosecuting an alleged crime |
| competency license | ensure they can preform |
| revenue license | raise revenue |
| price fixing | crime under federal law |
| bid rigging | price fixing |
| unconscionability | occurs when there is a unfair contract |
| statute of frauds | contracts must be in writing to be enforceable |
| executed contract | fully preformed contract |
| executor contract | not been fully preformed |
| quasi-contract | enforceable contract piece is missing |
| parole evidence | consist of word spoken prior o the final writting |
Created by:
15269
Popular Business sets