mert and gerds study stack
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Contract | A legally binding agreement between two or more competent parties
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| Bilateral contract | An agreement by both parties to do something for each other
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| Oral Contract | A verbal agreement between two or more parties
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| Witten Contract | An agreement between two or more parties in which the terms are set out on paper or by the internet communication
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| Implied contract | An agreement in which the parties indicate consensus through their conduct
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| Express Contract | An agreement in which the terms have been discussed and agreed upon in advance
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| Contract Under Seal | A written agreement bearing a red sticker, handwritten dot, or the word seal
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| Consensus Ad Idem | A clear understanding between the parties of the terms of the contract and the willingness to abide by them
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| Offer | A proposal to another party to enter into an agreement on certain terms
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| Offeror | A person who makes an offer
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| Offeree | A person who receives an offer
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| Invitation To Treat | A communication intended to elect offers from the persons who receive it
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| Lapse | To be terminated or cease to exist
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| Revoke | To withdraw or take back
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| Counteroffer | An offer made in response to an existing offer
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| Acceptance | A clear indication by the offeree to enter into a contract on the terms set out by the offeror
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| Unilateral Contract | A contract formed when the offeree accepts an offer by performing an act requested by the offeror
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| Consideration | Something of value that either benefits the party who receives it or is a loss or inconvenience to the party who provides it
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| Gratuitous Promise | An offer that gives the benefit to the offeree only
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| Present Consideration | Something of value that is exchanged at the time a contract is formed
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| Future Consideration | Something of value that is exchanged after a contract is formed
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| Past Consideration | A benefit conferred before a contract is alleged to have been formed
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| Capacity | The ability to enter into a legally binding contract
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| Necessaries | Basic items a person requires to function in society, such as food, clothing, shelter, and medical and dental care
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| Voidable contract | A contract that can be avoided or not carried out
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| Ratification | An indication of willingness to be bound by a contract
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| Repudiation | An indication by words or conduct that one does not intend to honour the obligations of a contract
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| Void contracts | Agreements with legal force
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| Legal Purpose | A purpose not forbidden by law
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| Rescission | Restoring the parties to the positions they would have occupied had there been no contract
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| Contrary to the public policy | Against the morals and ethics of a community
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| Mistake | An error about an important term of a contract
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| Common mistake | The same mistake made by both parties
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| Mutual mistake | An error made by both parties to a contract about different things
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| Unilateral mistake | An error made by one party to a contract, of which the other party is aware
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| Clerical mistake | An error made in recording the details of the contract
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| Non est factum | Latin for "its not my fault," which can be used as a defence to void a contract
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| Misrepresentation | A false or inaccurate statement of fact that causes the other party to enter into a contract
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| Caveat emptor | Latin for "let the buyer beware," implying that a purchase is made at the buyer's risk
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| Innocent misrepresentation | A false statement that is believed to be true by the party making it
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| Fraudulent misrepresentation | A statement of fact that the maker knows is false, made with the intent to cause another person to act on the statement
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| Duress | The use of unlawful threats or pressure to force someone into a contract
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| Undue influence | Pressure arising from a special relationship with an individual that is used to convince him or her to enter into a contract
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| Unconscionability | Unreasonable advantage taken of one of the parties to a contract
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| Privity of contract | Only the parties to the contract can enforce the rights and obligations created by the contract
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| Breach of contract | Failure by a party to perform the obligations agreed to in the contract
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| Specific performance | A court order requiring a party to fulfill the terms of a contract
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| Condition | A very important term of a contract
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| Warranty | A minor term of a contract
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| Exemption clauses | Clauses that release a party from liability
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| Damages | Money awarded by the court for actual losses resulting from a breach of contract
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| Mitigation of damages | The obligation on the part of the injured party to attempt to minimize losses suffered
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| Injunction | A court order requiring or prohibiting an action
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| Agreement to sell | An agreement whereby title is transferred to the buyer in the future
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| Manufacturer's warranty | A promise from a manufacturer to repair its product without cost to the purchaser within a specific period
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| Implied conditions | Essential elements of a contract that are not specifically stated in the contract
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| Default | Failure to do something required by law
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| Lien | The right to hold or dispose or another person's property in payment for a debt
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| Stoppage in transit | Returning goods to a seller before they have been delivered to a buyer
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| Bait and switch | Advertising an item at a low price and maintaining a small amount of stock in hopes of luring consumers into the store to purchase higher-priced goods
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