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| A moral theory that dictates that people must choose the action or follow the rule that provides the greatest good to society. |
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| A moral tehory that says people owe moral duties that are based on universal rules. Do unto others as you would have them do unto you. |
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Common Law Constitution Statutory Law Regulatory Law |
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Five Theories of Contracts |
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Implied in Fact Quasi Reliance Implied in Law Express |
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| A rule that states that an acceptance is effective when it is dispatched, even if it is lost in transmission. |
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| A situation in which only one party is mistaken about a material fat regarding the subject matter of a contract. |
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| A person is deceived as to the nature of his or her act and does not know what he or she is signing. Person has signed thinking that it was something else. |
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| Party knows what he or she is signing but has been fradulently induced to enter into the contract. |
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| Occurs when one party takes specific action to conceal a material fact from another party. |
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Prevents fraud and requires certain contracts to be in writing (and signed by the party who is obligated) CONTRACTS THAT MUST BE IN WRITING: Transfer in an interest in land, sale of goods over $500, those that can't be performed in one year, and guarantor contracts. |
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| A situation that occurs when one party threatens to do a wrongful act unless the other party enters into a contract. |
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| When one person takes advantage of another person's mental, emotional, or physical weakness and unduly persuades that person. |
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| Clause in a contract that reserves the right to a party to pay for the items or services contracted for onlly if they meet his or her satisfaction. |
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| A condtion, if it occurs or doesn't occur, that automatically excuses the performance of an existing contractual duty to perform. |
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| Performance by a contracting party that deviates only slightly from complete performance. |
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| The repudiation of a sales or lease contract by one of the parties prior to the date set for performance. |
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| Remedies that may be awarded by a judge where there has been a breach of contract and either the legal remedy is not adequate or the judge wants to prevent unjust enrichment. |
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| Permits the court to rewrite a contract to express the parties true intentions. |
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| UCC (Uniform Commerical Code) |
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Definition
Governs commercial transactions |
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Definition
Open price term (Reasonable price will be put into contract) Open payment Term (Payment is due upon delivery of the goods) Open Delivery Term (Sellers place of business) Open Time Term (Reasonable time) Open Assortment Term (Up to the buyer and what is reasonable) |
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Definition
| A contract whereby delivery of the goods by the seller is made to the carrier, th buyer bares the risk of loss. |
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| A contract whereby delivery of the goods by the seller is made to the carrier, the seller bares the risk of loss. |
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| Allows buyer upon delivery to accept or reject goods if they conform. |
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Express Implied warranty of merchantability Implied warranty of fitness for human consumption Warranty of Fitness for a particular purpose |
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