What are four key things to agree on during contract negotiations?

Price, time, scope, and conditions.

What are three types of contract development options?

Attorney prepared, customized, non-negotiable Attorney prepared, customized, negotiable Standard contract forms, negotiated or non-negotiated

What are the six essential elements of a binding contract?

Mutual agreement (mutual assent) Offer Acceptance Consideration Competent parties (capacity) Legal purpose

What are void and voidable contracts?

Void: Missing one or more elements of enforceability Voidable: One party has the option to void the contract

Under contract law, when must a contract be in writing to be valid?

Land transactions Marriage Commercial sales over $500 Contracts over 1 year in length

What is the difference between a bilateral and unilateral contract?

Bilateral: Promise for a promise (two parties, reciprocal) Unilateral: Promise for an act (one party, enforceable only on the promisor)

What is the difference between tort liability and contractual liability?

Tort liability: Law of wrongful injuries Contractual liability: Based on time and price; breach results in damages

What is a quasi-contract?

An open-ended time and material agreement, often implied by law to prevent unjust enrichment.

A promise or set of promises to do or not do something that can be enforced by law.

Who should develop a contract?

You should, because no one knows your requirements and capabilities better. Lawyers can assist but should not make decisions for you.

What are some legal tactics to watch out for in customized contracts?

Making the contract difficult to read Placing unrelated information together Omitting titles or captions Using subtle but high-power words like "all," "highest," "certify"

What are some common sources of standard form contracts in construction?

AIA, ConsensusDocs, NAHB, EJCDC, DBIA

What are the benefits of using standardized contracts?

Inexpensive Common language Easily modified Familiarity Ample case law support

What is a key caution when using standardized contracts?

They can become very one-sided if heavily modified. Always review track changes and never assume.

What should you always do before signing a contract?

Always have your attorney review the documents for form, legal sufficiency, hidden risks, and shady tactics.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
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

Quiz 2 CMP 385

Question	Answer
What are four key things to agree on during contract negotiations?	Price, time, scope, and conditions.
What are three types of contract development options?	Attorney prepared, customized, non-negotiable Attorney prepared, customized, negotiable Standard contract forms, negotiated or non-negotiated
What are the six essential elements of a binding contract?	Mutual agreement (mutual assent) Offer Acceptance Consideration Competent parties (capacity) Legal purpose
What are void and voidable contracts?	Void: Missing one or more elements of enforceability Voidable: One party has the option to void the contract
Under contract law, when must a contract be in writing to be valid?	Land transactions Marriage Commercial sales over $500 Contracts over 1 year in length
What is the difference between a bilateral and unilateral contract?	Bilateral: Promise for a promise (two parties, reciprocal) Unilateral: Promise for an act (one party, enforceable only on the promisor)
What is the difference between tort liability and contractual liability?	Tort liability: Law of wrongful injuries Contractual liability: Based on time and price; breach results in damages
What is a quasi-contract?	An open-ended time and material agreement, often implied by law to prevent unjust enrichment.
What is a contract?	A promise or set of promises to do or not do something that can be enforced by law.
Who should develop a contract?	You should, because no one knows your requirements and capabilities better. Lawyers can assist but should not make decisions for you.
What are some legal tactics to watch out for in customized contracts?	Making the contract difficult to read Placing unrelated information together Omitting titles or captions Using subtle but high-power words like "all," "highest," "certify"
What are some common sources of standard form contracts in construction?	AIA, ConsensusDocs, NAHB, EJCDC, DBIA
What are the benefits of using standardized contracts?	Inexpensive Common language Easily modified Familiarity Ample case law support
What is a key caution when using standardized contracts?	They can become very one-sided if heavily modified. Always review track changes and never assume.
What should you always do before signing a contract?	Always have your attorney review the documents for form, legal sufficiency, hidden risks, and shady tactics.

Created by: user-2023995

"Know" box contains:
Time elapsed:
Retries: