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Business Law

Chapters 9, 10, 11, and 13 Review

TermDefinition
Discharge by impossibility of performance 1. Destruction of the subject matter 2. New laws making the contract illegal 3. Death or physical incapacity of a person to render personal services 4. An act of the other party
Alteration of a written contract If one of the parties intentionally and without the consent of the other party alters the written contract, the other innocent party is discharged. The altering party can be held to either the original or altered terms.
Statute of limitations Time within which the right to sue must be exercised or lost
Discharge by operation of law 1. Discharge in bankruptcy 2. Running of the statute of limitations 3. Alteration of written contract
Substantial performance A party can collect the price agreed upon in the contract after a substantial amount of work has been done, less damages suffered by the other party
Satisfactory performance Performance must be "satisfactory to" or "to the satisfaction of" a certain person
Legal tender Any form of lawful money
Tender of payment Offer and ability to pay money owed
Tender of performance Offer to perform in satisfaction of terms of contract
Time of performance Contract provisions for date/time of performance must be followed. If no time is specified, the performance must be rendered within a reasonable time
Terminating contract by performance When all terms of a contract have been fulfilled. Factors determining whether there has been performance: 1. Time of performance 2. Tender of performance 3. Tender of payment 4. Satisfactory performance 5. Substantial performance
Methods by which contracts may be terminated 1. By performance of the contract 2. By operation of law 3. By voluntary agreement of the parties 4. By impossibility of performance 5. By acceptance of a breach of contract
Parol Evidence Rule Complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists.
Parol Evidence Oral testimony
Default Breach of contractual obligation
Debt Obligation to pay money
Statute of frauds Law requiring certain contracts to be in writing
Unfair competition Practices Robinson-Patman Act attempted to eliminate certain unfair competitive practices in interstate commerce. It is unlawful to discriminate in price between competing buyers if the goods are similar.
Contracts to restrain trade Contracts to fix prices, divide trade territory or otherwise limit competition are void. The Sherman Antitrust Act and Clayton Act declare such contracts illegal
Common Acts in Unreasonable Restrain of Trade 1. Contracts not to compete 2. Contracts to limit competition 3. Contracts to fix the resale price 4. Unfair competitive practices
Legal rate Interest rate applied when no rate is specified. Lower than the contract rate.
Sunday Contracts The prohibition of the sale of certain products on Sunday
Maximum contract rate Highest legal rate of interest
Usury Charging higher rate of interest than the law allows
Gambling contract Agreement in which parties win or lose by chance
Contracts contrary to public policy 1. Contracts limiting the freedom of marriage 2. Contracts obstructing the administration of justice 3. Contracts injuring the public service
Reformation Judicial correction of a contract
Rescind To set a contract aside
Duress Obtaining consent by means of a threat. -Physical -Emotional -Economic
Innocent misrepresentation False statement made in belief it is true
Misrepresentation False statement of a material fact
Passive fraud Failure to disclose information when there is duty to do so
Active fraud Party engages in action that causes the fraud
Fraud in execution Defrauded party did not intend to sign a contract when nature of writing could not be understood
Fraud in inducement Party intended to make a contract on false statement of terms or obligations of transaction
Fraud Inducing another to contract as a result of an intentionally or recklessly false statement
Mistakes that do not invalidate contracts Unilateral mistakes Mutual mistakes -Mistakes as to value, quality, or price -Mistakes as to the terms of the contract -Mistakes of law
Mutual mistake Mistake by both parties to a contract
Unilateral mistake Mistake by one party to a contract
Force majeure clause Contract provision excusing performance when extraordinary event occurs
Economic duress When one party threatens to injure another person financially in order to get agreement to a contract
Undue influence Person in special relationship causes another's action contrary to free will. May result from sickness, infirmity, or serious distress.
*Contracts prohibited by statute 1. Gambling contracts 2. Sunday contracts 3. Usurious contracts 4. Contracts of an unlicensed operator 5. Contracts for the sale of prohibited articles 6. Contracts in unreasonable restraint of trade
*Three of the six aspects of statute of frauds 1. An agreement to sell land or any interest in land 2. An agreement the terms of which cannot be performed within one year from the time it is made 3. An agreement to become responsible for the debts of another
*Last three of the six aspects of statute of frauds 4. An agreement of an executor or administrator to pay the debts of the estate from the executor's or the administrator's personal funds 5. an agreement containing a promise in consideration of marriage 6. An agreement to sell goods for $500 or more
Five ways to legally terminate a contract 1. By performance of the contract 2. By operation of law 3. By voluntary agreement of the parties 4. By impossibility of the contract 5. By acceptance of a breach of contract
Remedies for breach of contract 1. Sue for damages 2. Rescind the contract 3. Sue for specific performance
Concealment If one actively conceals material facts for the purpose of preventing the other contracting party from discovering them, such concealment results in fraud even without false statements
Compensatory damages Amount equal to the loss sustained. The injured party cannot profit from another's wrongdoing,
Nominal damages Small amount awarded when there is technical breach but no injury
Punative damages Amount paid to one party to punish the other
Silence May count as passive fraud when one has a duty to speak. If one does not have a duty to speak, fraud is not committed.
Created by: JuliRae
 

 



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