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Contracts Review
| Term | Definition |
|---|---|
| An exchange of promises that is enforceable in court. | Contract |
| A serious, definite promise to another party to do something or not do something. | Offer |
| To refrain from doing something that you are legally able to do. | Forebearance |
| The person to whom an offer is made. | Offeree |
| What advertisements are usually considered. | Invitations to contract |
| The right to withdrawal before acceptance. | Revocation |
| What results when an offeree changes the terms of an offer in important ways. | Counteroffer |
| Insanity terminates an offer. True or False? | True |
| What is created when the offeree gives the offeror something of value to keep the offer open. | Option |
| An offer made in writing stating how long it is to stay open. | Firm Offer |
| The requirement that the terms in the acceptance must exactly match the term in the offer. | Mirror Image Rule |
| Silence can be used as acceptance. True or False? | False |
| The type of contract where the offer must be accepted by performing an act. | Unilateral Contract |
| Absence of genuine agreement will make a contract void or voidable? | Voidable |
| Backing out of a transaction is called _________. | Rescission |
| When one party uses an improper threat or act to obtain agreement. | Duress |
| When one party is in a position of trust and wrongfully dominates the other party. | Undue Influence |
| An unintended act, omission, or error. | Mistake |
| When both parties hold a mistaken believe about a material fact. | Mutual (Bilateral) Mistake |
| If a party knows a statement to be untrue there is ____________ misrepresentation. | Fraudulent |
| Fraud includes the elements of misrepresentation plus __________ and __________. | Intent and Injury |
| Punitive damages are an available remedy for fraud. True or False? | True |
| The protected parties under capacity include ___________, ____________, and _______________. | Minors, Mentally Incapacitated, Intoxicated |
| Things needed to maintain life and lifestyle. | Necessaries |
| People under the age of 18. | Minors |
| The severing of the parent-child relationship | Emancipation |
| In an organization, a person with the authority to contract is acting within his/her _____________________. | Scope of Authority |
| A minor who lies about his/her age is guilty of the tort of ________________________. | False Representation |
| Gambling involves which three elements: | Payment to participate, chance to win based on luck, a prize for the winner |
| Lending money at a rate higher than the maximum allowed. | Usury |
| In order to prove competency in certain occupations, many states require a _____________ license. | Competency |
| Competitors colluding to make sure one party has the lowest bid is called: | Bid Rigging |
| Competing firms agreeing to charge the same price for a product or service is called: | Price Fixing |
| What do you call language in a contract where a party attempts to relieve itself of any tort liability. | Exculpatory clause |
| This occurs when there is a grossly unfair contract that parties under ordinary circumstances would not accept. | Unconscionability |
| Transfer of ownership without receiving anything in return. | Gift |
| A token amount given as consideration. | Nominal consideration |
| A promise is said to be ___________ if it contains a clause that allows a party to escape a legal obligation | Illusory |
| The type of contract created if a seller agrees to supply all of the needs of a buyer. | Requirements Contract |
| Type of debt when both parties agree the debt exists and the amount of the debt. | Liquidated |
| When a group of creditors agrees to take less than what is owed in exchanged for the debtor not filing bankruptcy. | Composition of Creditors |
| Legally forcing a party to follow through on a promise. | Promissory Estoppel |
Created by:
naalonz
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