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Bus Law II

Test III

QuestionAnswer
acceptance a voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct
accord and satisfaction common means of settling a disputed claim, whereby a debtor offers to pay a lesser amount than the creditor purports is owed; the creditor’s acceptance of the offer creates an accord and when the accord is executed, satisfaction occurs
adhesion contract “standard form” contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms
agreement meeting of two or more minds in regard to the terms of a contract; usually broken down into two events-an offer by one party to form a contract and an acceptance of the offer by the person to whom the offer is made
alienation process of transferring land out of one’s possession
anticipatory repudiation assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time
assignee party to whom the rights under a contract are transferred or assigned
assignment act of transferring to another all or part of one’s rights arising under a contract
assignor party who transfers his or her rights under a contract to another party
Bilateral contract type of contract that arises when a promise is given in exchange for a return promise
bilateral mistake mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract
blue laws state or local laws that prohibit the performance of certain types of commercial activities on Sunday
blue sky laws state laws that regulate the offering and sale of securities
breach of contract the failure, without legal excuse, of a promisor to perform the obligations of a contract
collateral promise secondary promise that is ancillary to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform; normally must be in writing to be enforceable
commercial impracticality doctrine under which a party may be excused from performing a contract when 1 a contingency occurs 2 the contingency’s occurrence makes performance impracticable, and 3 nonoccurrence of the contingency was a basic assumption on which the contract was made
concurrent conditions conditions that must occur or be performed at the same time; they are mutually dependent; no obligations arise until these conditions are simultaneously performed
condition precedent a condition that must be met before a party’s promise becomes absolute
condition subsequent a condition that, if not fulfilled, operates to terminate a party’s absolute promise to peform
condition qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties
consideration the value given in return for a promise
Contract agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or refrain from performing some legal act now or in the future
contractual capacity threshold mental capacity required by law for a party who enters into a contract to be bound by that contract
counteroffer offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer
covenant not to compete contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within specified geographic area
covenant not to sue agreement to substitute a contractual obligation for some other type of legal action based on a valid claim
delegatee party to whom contractual obligations are transferred
delegation of duties act of transferring to another all or part of one’s duties arising under a contract
delegator party who transfers his or her obligations under a contract to another party
disaffirmance the legal avoidance, or setting aside, of a contractual obligation
discharge termination of an obligation
duress unlawful pressure brought to bear on a person, causing the person to perform an act that she or he would not otherwise perform
emancipation the act of being free from parental control; occurs when a child’s parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor leaves home to support him- or herself.
employment contract contract between an employer and an employee in which the terms and conditions of employment are stated
estopped barred, impeded or precluded
exculpatory clause clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault
Executed contract contract that has been completely performed by both parties
Executory contract contract that has not yet been fully performed
Express contract contract in which the terms of the agreement are stated in words, oral or written
forbearance act of refraining from an action that one has a legal right to undertake
Formal contract contract that by law requires a specific form, such as being executed under seal, for its validity
frustration of purpose a court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party’s control)
Implied-in-fact contract contract formed in whole or in part from the conduct of the parties
impossibility of performance doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party)
incidental beneficiary 3rd party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed; has no rights in a contract and cannot sue to have the contract enforced
Informal contract contract that does not require a specified form or formality to be valid
integrated contract written contract that is intended to be a complete and final statement of the terms of the agreement from which extraneous evidence is excluded
intended beneficiary 3rd party for whose benefit a contract is formed; can sue the promisor is such a contract is breached
liquidated debt debt for which the amount has been ascertained, fixed, agreed upon, settled or exactly determined
mailbox rule rule providing that an acceptance of an offer becomes effective on dispatch if mail is, expressly or implied, an authorized means of communication of acceptance to the offeror
mirror image rule common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed
necessaries necessities required for life, such as food, shelter, clothing, and medical attention
novation the substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated
Objective theory of contracts theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions
obligee one to whom an obligation is owed
obligor one who owes an obligation to another
offer promise or commitment to perform or refrain from performing some specified act in the future
Offeree person to whom an offer is made
Offeror person who makes an offer
option contract contract under which the offeror cannot revoke the offer for a stipulated time period
parol evidence rule rule under which a court will not receive into evidence the parties’ prior negotiations, prior agreements, or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties’ written contract
past consideration act that takes place before the contract is made and that ordinarily, by itself, cannot be consideration for a later promise to pay for the act
performance the fulfillment of one’s duties arising under a contract with another
prenuptial agreement agreement made before marriage that defines each partner’s ownership rights in the other partner’s property; must be in writing
privity of contract the relationship that exists between the promisor and the promise of a contract
Promise assertion that something either will or will not happen in the future
Promisee person to whom a promise is made
Promisor person who makes a promise
promissory estoppel doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; binding if justice will be better served by the enforcement of the promise
Quasi contract fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another
ratification act of accepting and giving legal force to an obligation that previously was not enforceable
reformation court-ordered correction of a written contract so that it reflects the true intentions of the parties
release contract in which one party forfeits the right to pursue a legal claim against the other party
rescission remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be affected through mutual consent of the parties, by the parties’ conduct or by court decree
revocation the withdrawal of an offer by an offeror
scienter knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive
Statute of Frauds state statute under which certain types of contracts must be in writing to be enforceable
tender unconditional offer to perform an obligation by a person who is ready, willing and able to do so
third-party beneficiary one for whose benefit a promise is made in a contract but who is not a party to the contract
unconscionable contract or clause contract or clause that is void on the basis of public policy because one party, as a result of disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party
Unenforceable contract valid contract rendered unenforceable by some statute or law
Unilateral contract contract that results when an offer can only be accepted by the offeree’s performance
unilateral mistake mistake that occurs when only one party to a contract is mistaken about a material fact
usury charging an illegal rate of interest
Valid contract contract that results when the elements necessary for contract formation (agreement, consideration, legal purpose and contractual capacity) are present
Void contract contract having no legal force or binding effect
Voidable contract contract that may be legally avoided at the option of one or both of the parties
Created by: brigeroni