Term
| What is the name given to a contract that is a promise for an act? |
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Definition
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Term
| What is the name of a contract that must be in writing to be enforceable? |
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Definition
| A contract within the statute of frauds. |
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Term
| If Bert agrees in writing to sell his car to Matilda for $45,000 and she writes back "I accept the car for $43,000." what is the name given to her response? |
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Definition
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Term
| What is the name of a contract that must be in a particular form to be enforceable? |
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Definition
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Term
| If the elements of an offer are missing, this is the name of what has occurred. |
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Definition
| A preliminary negotiation. |
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Term
| What is the name of a contract entered into by a minor? |
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Definition
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Term
| As a general rule, how would you classify a statement appearing in a newspaper, on the internet or on the radio that states, "Shirts for sale for $5.00." |
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Definition
| A preliminary negotiation. |
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Term
| What is an example of a formal contract? |
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Definition
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Term
| What is the burden of proof in a contracts dispute? |
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Definition
| A preponderance of the evidence. |
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Term
| What is the name given to a contract missing one or more of the elements of a contract? |
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Definition
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Term
| If Alicia wakes up in the hospital after suffering a head trauma, what is the hospital's best argument for receiving payment? |
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Definition
| An implied in law contract; or a quasi-contract. |
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Term
| What is the name given to a contract that states, "I agree to sell you all of the poker chips that our factory can produce"? |
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Definition
| An output requirement contract |
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Term
| What is the name of a contract that is an exception to the rule of quantity under the UCC? |
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Definition
| An output requirement contract. |
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Term
| What contracts are under the UCC? |
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Definition
| Contracts for the sale of goods. |
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Term
| If Betty agrees to purchase on behalf of Ford Motor Company "all of the automobile tires that we might require for the year 2014, what is the name of this type of contract? |
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Definition
| An output requirement contract. |
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Term
| Trina, a merchant, agreed in writing to sell an apartment building to Ayana, also a merchant. Ayana asked Trina for 30 days so she could secure financing. In writing, Trina said, "Sure, I will hold open the offer." Trina signed the agreement to hold open the offer. Why is this unenforceable? |
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Definition
| Because an option contract under the common law must involve the payment of money to be enforceable. |
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Term
| What does language of an offer have to be to form a contract? |
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Definition
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Term
| What does an implied in law contract prevent? |
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Definition
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Term
| What is the name of a contract that is not yet fully performed? |
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Definition
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Term
| What is the name give to the rule governing which contracts must be in writing? |
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Definition
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Term
| If Angelina hires Brad to deliver to her a kilo of heroin, what is the name given to this contract? |
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Definition
| Illegal. A contract to commit a crime. |
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Term
| What is the name of a contract that has all five elements through pantomime or gestures? |
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Definition
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Term
| What is the name of a contract that is formed orally or in writing? |
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Definition
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Term
| Dustin promised in writing to sell his Mazda Miata to Sally Fields. Before Sally could accept, Dustin went insane. This is called... |
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Definition
| Termination by operation of law. |
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Term
| If Laurie promises Andrew that she will buy him a car for Christmas, and Andrew sells his present car anticipating the new car, what must Andrew's reliance be? |
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Definition
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Term
| What is the effect of a counter offer on the original offer? |
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Definition
| It kills the original offer. |
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Term
| What is the name of a contract in which all of the parties have performed? |
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Definition
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Term
| If Bert agrees in writing to sell his car to Matilda for $45,000 and he sends the offer to her and hears nothing back from Matilda, what is the name given to his offer? |
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Definition
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Term
| If A tells B that she is thinking about selling her goats, why is this not an offer? |
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Definition
| The language is not definite and certain. |
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Term
| What is the name of the test that contract formation depends on how the parties' actions appear to a reasonable person? |
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Definition
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Term
| If the United States government places information in a newspaper that offers a $1000 reward for information leading to the arrest of John Wilkes Boothe, why is that an offer? |
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Definition
| It limits the class of offerees. |
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Term
| Dustin placed an ad on Craig's List in which he offered to sell his apartment house to the first person to offer him $450,000. Sally Fields wrote back, "I accept." On the day of the closing, Dustin met Sally at his attorney's office and realized she was only 14 years old. True or False. Dustin can get out of the contract. |
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Definition
| False. Only the minor can disaffirm. |
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Term
| If Bert agrees in writing to sell his car to Matilda for $45,000 and she writes back "I accept the car for $43,000." what effect does this response have on who the parties are? |
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Definition
| Matilda is now the offeror and Bert is the offeree. |
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Term
| What is the name of contracts that have both goods and services? |
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Definition
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Term
| What is the name of a contract whose purpose is to prevent unjust enrichment? |
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Definition
| Quasi contract or implied-in-law contract. |
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Term
| How is forbearance defined? |
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Definition
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Term
| If Talia pushes Justin away from a speeding train, and as a result Justin promises Talia a $10,000 reward, why is this not enforceable? |
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Definition
| The promise did not induce the detriment; this is past consideration. |
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Term
| If Bert agrees in writing to sell his car to Matilda and before she accepts Bert says he doesn't want to be in the contract, what is this called? |
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Definition
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Term
| If Maria agrees to paint Elbridge's house for $5500 what kind of debt is this? |
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Definition
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Term
| Dr. Joe is the best dentist in Tinytown. He also runs a very profitable investment firm on the side. One day, while working on a patient, he tells her about a new get rich scheme in which she could invest. The patient trusts Joe with her teeth, so she decides to also invest in his scheme. After losing all of her money, the patient could successfully sue Dr. Joe under what theory? |
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Definition
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Term
| If Bert agrees in writing to sell his car to Matilda for $45,000 and she writes back "I accept the car for $43,000." what effect does this response have on Bert's offer? |
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Definition
| It kills the original offer. |
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Term
| What contracts are under the common law? |
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Definition
| Contracts for the sale of real estate, land and contracts for services (employment). |
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Term
| What is the name of acceptance under the common law? |
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Definition
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Term
| What one term must be in all contracts under the UCC? (Assuming the contract does not have to be in writing) |
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Definition
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Term
| If A mistakenly tells B that she is thinking about selling her goats, when in fact A meant to offer the goats to C, why is this not an offer? |
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Definition
| The offer was not communicated to the offeree. |
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Term
| What does an offer create in the offeree? |
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Definition
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Term
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Definition
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Term
| What is the name of the test used by the courts to determine what body of contract law a contract is under? |
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Definition
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Term
| If Wilbur agrees to purchase 1000 or more baskets for his fruit grove, why has he not entered into a contract? |
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Definition
| There is no definite quantity. |
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Term
| If the United States government offers a $1000 reward for information leading to the arrest of John Wilkes Boothe, what type of contract does this form? |
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Definition
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Term
| What is the effect of a counter offer on the status of the parties? |
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Definition
| The parties switch positions: the offeror becomes the offeree and vice versa. |
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Term
| Nate is watching tv and sees a telethon to help victims of Hurricane Sandy. Nate calls the telethon and offers to contribute $4000.00 but later revokes his offer claiming there is no consideration. Is there? |
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Definition
| Yes. The promise to contribute to a charity is enforceable without consideration. |
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Term
| Dustin promised in writing to sell his Mazda Miata to Sally Fields for $4500. Sally wrote back, "I accept, but for $4000." Who now has the power of acceptance? |
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Definition
| The original offeree becomes the offeror, so Sally. |
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Term
| What is the definition of the burden of proof in a contracts dispute? |
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Definition
| The plaintiff must convince a majority of the jury; and that majority must each be convinced by 51% or more. |
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Term
| What is the name of a contract that has all five elements of a contract? |
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Definition
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Term
| Why does a large communicating medium NOT create a contract? |
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Definition
| There are too many potential offerees to have a power of acceptance in any one person. |
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Term
| What is the name of the test best illustrated by the case Lucy v. Zehmer? |
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Definition
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Term
| What is the effect of vague terms on a contract under the UCC? |
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Definition
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Term
| Under the UCC if both parties to a contract are merchants, what happens to any new terms in the acceptance? |
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Definition
| They automatically become part of the contract. |
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Term
| If Bob pays Gretta $394 to hold open an offer, this formed what type of contract? |
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Definition
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Term
| Dustin promised in writing to sell his Mazda Miata to Sally Fields. Sally paid Dustin $100 to hold open the offer and Dustin accepted. Subsequently, Dustin sold the car to Bert Reynolds. In a lawsuit by Sally against Dustin why would she win? |
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Definition
| Because this is a valid option contract. |
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Term
| Dustin promised in writing to sell 100 corn futures to Sally Fields. Sally accepted in writing after an hour. By then, Dustin had sold the corn to Bert Reynolds. In a lawsuit by Sally against Dustin, she would lose because... |
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Definition
| The contract lapsed because this is a rapidly changing market. |
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Term
| Dustin promised in writing to sell his Mazda Miata to Sally Fields for $4500. Sally wrote back, "I accept, but for $4000." What is this an example of? |
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Definition
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Term
| Dustin promised in writing to sell his Mazda Miata to Sally Fields for $4500. Before Sally could accept, Dustin said, "Never mind." Who now has the power of acceptance? |
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Definition
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Term
| Elaine hired Emily D. Construction to build the largest house on the east coast, a house bigger and more grand than the Taj Mahal. After Emily D. Construction finished the house, Elaine refused to pay, claiming that the contract was unenforceable because it should have been in writing. Who will win and why? |
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Definition
| Elaine's claim is false because it is a contract that could possibly be completed in a year and therefore could be oral and still enforceable. |
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Term
| Dustin promised in writing to sell his Mazda Miata to Sally Fields for $4500. Before Sally could accept, Dustin said, "Never mind." What is this an example of? |
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Definition
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Term
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Definition
| Placing the non-breaching party in as good a position as he/she would have been had there not been a breach. |
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Term
| To determine compensatory damages, the parties must establish two prices. The first is__________ and the second is_________ |
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Definition
The original k price
The second is the cost of substitute goods |
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Term
In a k formed between ABC Industries and Ajax, the parties place the following:
In the event the product injures any employees of Ajax, ABC agrees to hold harmless Ajax for any product defects. This is an example of |
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Definition
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Term
| What is the name of the party in a contract, who revokes an offer? |
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Definition
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Term
| What is the name of the contract that is a promise for a promise? |
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Definition
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Term
| What is the name of a contract that has all five elements present through actions or pantomime? |
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Definition
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Term
| What is the name of the rule that applies when a contract has both goods and services? |
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Definition
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Term
| What is the reason that a court will enforce a quasi-contract? |
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Definition
| To prevent unjust enrichment |
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Term
| What is the name of the rule that the court will decide a contract based on how the interactions appeared to a reasonable third party? |
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Definition
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Term
| What happens under the UCC if parties leave out a term in the contract? |
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Definition
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Term
| Under the common law, what is the name of the rule pertaining to acceptance? |
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Definition
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Term
| What is the name of a contract that has been fully performed? |
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Definition
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Term
| What is the name of the contract that lessens or gets rid of one’s liability? |
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Definition
| Exculpatory or waiver of liability |
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Term
| When will a unilateral mistake NOT be enforced? |
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Definition
| If the other party knew or should have known |
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Term
| What is the only type of relationship that may result in undue influence? |
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Definition
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Term
| What is the name of non-money damages? |
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Definition
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Term
| What is the name of the time limit for bringing a lawsuit? |
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Definition
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Term
| What is the name given to placing the non-breaching party in as good a position…? |
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Definition
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Term
| What is one difference between an option contract and a 2-205 contract? |
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Definition
| No money is paid in a 2-205 K |
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Term
| What type of damages will not be enforced in a breach of contract lawsuit? |
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Definition
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Term
| What is it called when a minor chooses to get out of a contract (prior to reaching the age of 18?) |
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Definition
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Term
| What is it called when a minor chooses to stay in a contract after reaching majority? |
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Definition
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Term
| In what situation is an insane person’s contracts void? (What has to happen for their k to be void?) |
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Definition
| When they have been adjudicated insane. |
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Term
| What is the name of the contract that is for the sale of goods and does not have quantity but is still enforceable? |
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Definition
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Term
| What is the name of a contract that is specified, “To my satisfaction”? |
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Definition
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Term
| What is the name of the damages that are not foreseeable at the time the parties enter into the k? |
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Definition
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Term
| List the three factors that a court will consider in determining whether to enforce a k in restraint of trade. |
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Definition
| Time, Geographic Area, Necessity to the business |
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Term
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Definition
| Placing the non-breaching party in as good a position as he/she would have been had there not been a breach. |
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Term
| What is the name of one offer that may not be revoked? |
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Definition
| Unilateral, 2-205, option K |
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Term
| What is the name of the relationship defined by the courts as a “relationship of the highest trust?” |
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Definition
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Term
| What is the name of a k that has an illegal rate of interest? |
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Definition
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Term
| What is the name of a k that is based on a person's personal taste; or that must meet a person's own personal standards? |
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Definition
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Term
| What is the name of a k that is based on unjust enrichment? |
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Definition
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Term
| When there is partial performance, what is the name of this type of breach? |
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Definition
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Term
| In a k for the sale of goods greater than $500, what is the name of a k that can be oral and still enforceable? |
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Definition
| 2-201, goods accepted and delivered, custom made goods |
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Term
| What is the name given to the situation when one party to the contract thinks an apple is an orange and the other party thinks an apple is an orange? |
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Definition
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Term
| What is the name given to someone who has been adjudicated insane? |
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Definition
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Term
| What is the name of the type of contract that involves a substitution of parties? |
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Definition
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Term
| Joshua offers Olivia a home in writing for $450,000.00. Olivia asks Joshua to take $500.00 to hold open the offer. The parties have entered into what type of contract? |
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Definition
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Term
| Jeremy offered Antoine $5000.00 to run across the Brooklyn Bridge. What is the name of the contract they entered into? |
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Definition
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Term
| Andrew orally offered to sell his Aston Martin automobile to Billy for $45,000.00. Andrew delivered the car and Billy paid. Why can this contract be oral and still enforceable? |
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Definition
| Goods delivered and accepted take the K out of the statute of frauds |
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Term
| Brandon offered in writing to sell his $65,000 Porsche to William. Before William could accept, Brandon died. What is the name of this type of k? |
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Definition
| Termination by operation of law |
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Term
| Nathaniel offered in writing to sell his $65,000 Porsche to Alys. Before Alys could accept, Nathaniel said, “Never mind.” What is the name given to Nathaniel’s action? |
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Definition
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Term
| Samantha offered in writing to sell her Labrador puppy to Gianna. Gianna said, “No.” What is the name given to this type of rejection? |
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Definition
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Term
| What happens to an offer after the offeree says “no.” |
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Definition
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Term
| What are the two bodies of law that govern contract law? |
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Definition
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