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Contracts Review

TermDefinition
A promise or several promises that are 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. False
A contract that implies that it can be accepted by giving a promise instead of performing an act. Bilateral Contract
Absence of genuine agreement will make a contract void or voidable? Voidable
Backing out of a transaction. 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
A contract that is conclusively unreasonable and illegal is illegal _____ _____ Per se
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
Language in a contract whereby a party attempts to relieve itself of tort liability. Exculpatory clause
This occurs when there is a grossly unfair contract that parties under ordinary circumstances would not accept. Unconscionability
The type of contract created when one party is solely responsible for drafting the contract. Contract of Adhesion
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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