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The _______ is the party to whom the offer is made.
Contracts that have an illegal object are ________.
Most of the common law of contracts has developed from ________ courtdecisions.
Which article of the Uniform Commercial Code (UCC) prescribes a set ofuniform rules for the creation and enforcement of contracts for the sale ofgoods?
Which article of the Uniform Commercial Code (UCC) prescribes a set ofuniform rules for the creation and enforcement of contracts for the lease ofgoods?
The objective theory of contracts holds that the intent to enter into anexpress or implied-in-fact contract is judged by the ________ person standard.
A contract is _______ if the offeror's promise is answered with theofferee's promise of acceptance.
A contract is ________ if the offeror's offer can be accepted only bythe performance of an act by the offeree.
A ________ contract is one where at least one party has the option toavoid his or her contractual obligations.
A contract that has not been performed by both sides is called a(n)________ contract.
A quasi-contract is also referred to as a(n) ________ contract.
Implied in Law
According to the Restatement (Second)of Contracts, "A contract is a promise or a set of promises for the breachof which the law gives a remedy, or the performance of which the law in someway recognizes a duty."
Trueor false: The offeror is the party who makes an offer to enter into a contract,while the offeree is the party to whom the offer is made.
True or false: To have an enforceable contract, there must be an agreement between theparties; this requires an offer by the offeree, and an acceptance of the offerby the offeror.
True or false: The goal of the Uniform Commercial Code (UCC) is to promote individualstate autonomy in the creation and enforcement of commercial law.
True or false: The common law of contracts is no longer used as a source of contractlaw.
True or false: Article 2 of the Uniform Commercial Code (UCC) prescribes a set ofuniform rules for the creation and enforcement of contracts for the sale ofgoods.
True or false: A contract is unilateral if the offeror's promise isanswered with the offeree's promise of acceptance.
True or false: A contract is bilateral if the offeror's offer canbe accepted only by the performance of an act by the offeree.
True or false: Informal contracts are not legally enforceable.
True or false: A void contract has no legal effect; in essence, it is as if no contracthad ever been created.
True or false: A contract that has not been fully performed by both sides is called anexecuted contract.
True or false: The equitable doctrine of quasi-contract, also called implied-in-lawcontract, allows a court to award monetary damages to a plaintiff by providingwork or services to a defendant, even though no actual contract existed betweenthe parties.
True or false: The doctrine of quasi-contract is intended to prevent unjust enrichmentand unjust detriment.
A promise ora set of promises for the breach of which the law gives a remedy or theperformance of which the law in some way recognizes a duty
Agreement,Consideration, Lawful Object, and Contractual Capacity are all elements ofwhat?
Offer byofferor and acceptance by offeree, with mutual assent?
The promisemust be supported by bargained-forconsideration that is legally sufficient, Example Money for Services
Parties musthave contractual capacity for the contract to be enforceable against them andMinors or persons adjudged to be insane do not have contractual capacity?
Contracts toaccomplish illegal objects or contracts that are against public policy arevoid, Example: a contract to split the earnings from a bank robbery.
A contractis lacking ______ if consent is obtained by, Duress, Undue influence, andfraud?
Comprehensivestatutory scheme that includes laws that cover aspects of commercialtransactions
A contractin which if one party fills to perform as promised, the other can use thecourts to enforce the contract and recover damages or other remedy?
The lawrequires that certain contracts be in ____ or in a certain ____. Failure to provide these may prevent enforcement?
A theorythat says the intent to contract is judged by the reasonable person standardand not by the subjective intent of the parties?
A contractedentered into by way of exchange of promises of the parties, a promise for apromise?
A contractin which the offeror's offer can be accepted only by the performance of an actcy the offeree: a promise for an act.
Mary a storeowner tells Peter "if you paint my shop by next week I will pay you $1000."if peter paints the shop by the end of the week Mary owes him $1000, if not;There has been no acceptance of contract. What kind of contract is this?
This is acontract that requires a special form or method of creation?
This iswhere a party acknowledges in court that he/she will pay a specified sum ofmoney if a certain event occurs?
This is acontract that is not formal, and are fully enforceable and may be sued upon ifbreached?
Contractthat meets all of the essential elements to establish a contract and areEnforceable by at least one of the parties?
Contractthat has no legal effect, Neither party is obligated to perform, Neither partycan enforce the contract are 3 reasons to what?
One or bothparties can avoid contractual obligations, If a contract is avoided, bothparties are released from their contractual obligations are two reasons forthis type of contract?
This is acontract that has been fully performed on both sides, and is considered acompleted contract?
This is acontract that has not been fully performed by either or both sides?
An agreementthat is expressed in written agreement (like buying a car from a dealer) oroffering to buy a bicycle from a neighbor per oral agreement
a contractin which agreement between parties has been inferred from their contract?
An equitabledoctrine whereby a court can award damages to a plaintiff providing work, or services to a defendant even though nocontract existed. this is intended to prevent unjust enrichment/detriment?
This is adoctrine that permits judges to make decisions based on fairness, equality,moral rights, and natural law?
A person to whom an offeris made is called the ________.
Accordingto the Restatement (Second) of Contracts, a(n) ________ is defined as "themanifestation of willingness to enter into a bargain, so made as to justifyanother person in understanding that his assent to that bargain is invited andwill conclude it."
Anadvertisement for the sale of goods is generally considered a(n) ________.
Inan auction ________, the seller retains the right to refuse the highest bid andwithdraw the goods from sale.
In anauction ________, the seller must accept the highest bid and cannot withdrawthe goods from sale.
A ________by the offeree simultaneously terminates the offeror's offer and creates a newoffer.
According tothe ________ rule, for an acceptance to exist, the offeree must accept theterms as stated in the offer.
According tothe ________ rule, acceptance is effective when it is dispatched, even if it islost in transmission.
If an offerstipulates that acceptance must be by a specified means of communication, suchstipulation is called ________ authorization.
In terms ofthe mode of acceptance, ________ authorization may be inferred from what iscustomary in similar transactions, usage of trade, or prior dealings betweenthe parties.
True or false: In order for an offer to be legallyeffective, the offeror must subjectively intend to be bound by the offer, theterms of the offer must be definite or reasonably certain, and the offer mustbe communicated to the offeree.
True or false: To be considered definite, an offer(and contract) generally must contain the following terms: (1) identificationof the parties; (2) identification of the subject matter and quantity; (3) considerationto be paid; and (4) time of performance.
True or false: As a general rule, advertisementsfor the sale of goods, even at specific prices, are generally treated asinvitations to make an offer.
True or false: An offer to pay a reward (e.g., forthe return of lost property, or the capture of a criminal) is an offer to forma unilateral contract.
True or false: In an auction with reserve, theseller retains the right to refuse the highest bid and withdraw the goods fromsale; a contract is formed only when the auctioneer strikes the gavel down orindicates acceptance by some other means.
True or false: As a general rule, in an auctionwithout reserve, the seller must accept the highest bid and cannot withdraw thegoods from sale.
True or false: An offer is terminated if theofferee rejects it; any subsequent attempt by the offeree to accept the offeris ineffective, and is construed as a new offer that the original offeror (nowthe offeree) is free to accept or reject.
True or false: A counteroffer by the offereesimultaneously serves as acceptance of the offeror's offer, and creates a newoffer.
True or false: The death or incompetency of eitherthe offeror or the offeree terminates an offer.
True or false: According to the "mirrorimage" rule, for an acceptance to exist, the offeree must accept the termsas stated in the offer.
True or false: The mailbox rule is also known asthe "acceptance-upon-receipt" rule.
True or false: If an offer stipulates thatacceptance must be by a specified means of communication (e.g., registeredmail, telegram) such stipulation is called "express authorization."
True or false: "Implied authorization"may be inferred from what is customary in similar transactions, usage of trade,or prior dealings between the parties.
Manifestationby two or more persons of the substance of a contract, and Requires mutual assentto perform current or future contractual duties?
The manifestation of willingness to enter into abargain, so made as to justify another person in understanding that his assent to that bargainis invited and will conclude it?
The party who makes an offer
The party towhom an offer has been made
The offerormust objectively intend to be bound by the offer, The terms of the offer mustbe definite or reasonably certain, The offer must be communicated to theofferee are all requirement for and effective what?
Intent tocontract is judged by the reasonable person standard and not by the subjectiveintent of the parties?
The terms ofan offer must be clear enough to the offeree to be able to decide whether toaccept or reject the terms of the offer, Terms must be definite are bothexamples of what?
Identificationof the parties, Identification of the subject matter and quantity,Consideration to be paid, Time of performance are all terms that must beincluded in what?
A term in acontract that can be reasonably be supplied by the courts?
This is aninvitation to make an offer or an actual offer?
If anauction is _____________ and an item is offered at $100K but the highest bid is$75K, the auctioneer does not have to sell?
If anauction is ____________ for an antique is quoted to be worth $100K but thehighest bid is $75K the auctioneer cannot withdraw the item and must sell tothe highest bidder?
Withdrawalof an offer by the offeror that terminates the offer
Expresswords or conduct by the offeree to reject an offer
A responseby an offeree that contains terms and conditions different from or in additionto those of the offer, and this terminates the previous offer?
Thisconsists of situations in which one party takes an action which indicates thathe is not interested in forming a contract under the terms of the offer?
This is awithdrawal of an offer by the offeror that terminates the offer.
The subjectmatter of an offer is destroyed prior to acceptance through no fault of eitherparty, Prior to acceptance of an offer, either offeror/offeree dies or isincompetent, prior to acceptance theobject becomes illegal by statute, law, or regulation, or if time exceeds thestated time in the contract?
Anacceptance must be clear and unambiguous, and must have only one possiblemeaning, and must not contain conditions or exceptions?
A rule whichstates that for an acceptance to exist, the offeree must accept the term asstated in the offer?
Dog says tocat " I'll sell you my food for 10" and cat says " Yes I willbuy your food" this is considered what
To create acontract an offeree must accept the terms as state in the offeror's offer,without modification. Any attempt to accept the offer on different terms constitutesa counteroffer, which rejects the offeror's offer. This is an example of what?
_____ may bemissing because a party entered into a contract based on mistake, fraudulent misrepresentation,or duress.
This is anaction to undo a contract, because of fraud, mistakes, or misrepresentation.
This is amistake in which only one party is mistaken about a material fact regarding thesubject matter of a contract.
This is amistake made by both parties concerning a material fact that is important tothe subject matter of a contract.
Helen findsa painting in her attic and has no use for it and offers it to Bob for adollar. Bob likes the painting and buys it for the stated price. Neither partyknew of its true value which was 2 million, and Helen cannot recover the painting. This is an example of what?
This is anevent that occurs when one person consciously decides to induce another personto rely and act on a misrepresentation?
Thewrongdoer made a false representation, intended to deceive, innocent partyjustifiably relied on misrepresentation, and the innocent party was injured areall elements required to prove what?
This isfraud that occurs if a person is deceived as to the nature of his or her actand does not know what he or she is signing?
This is fraudthat occurs when the party knows what he or she is signing but has beenfraudulently induced to enter into the contract.
Heatherbrings her professor a grade card to sign. The professor signs the grade cardon the from without reading the grade card. On the front, are terms thattransfer all the professors property to heather. The contract is voidbecause....
this occurswhen one party takes specific action to conceal a material fact from anotherparty?
This is asituation in which one party threatens to do a wrongful act unless the otherparty enters into contract
This is asituation in which one person takes advantage of another person's mental,emotional, or physical weakness and unduly persuades that person to enter intoa contract. The persuasion by the wrongdoer must overcome the free will of theinnocent party.
A fiduciaryor confidential relationship must have existed between the parties, and the dominantparty must have unduly used his or her influence to persuade the servant partyto enter into a contract are both elements that must be shown to prove what?
This is asituation that occurs if one or both parties do not perform their duties asspecified in the contract?
Compensatory,consequential, liquidated, and nominal damages are monetary damages that canresult from what action?
Contractsare discharged in three ways what are they?
A situationin which a party to a contract renders performance exactly as required by thecontract. __________ discharges that parties obligations under the contract.
Andunconditional and absolute offer by a contracting party to perform his or herobligations under a contract.
This is abreach that occurs when a party renders substantial performance of his or hercontractual duties, or when a party to a contract renders performance thatdeviates slightly from complete performance?
This is abreach of contract that occurs when a party renders inferior performance?
This is abreach that occurs when one contracting party informs the other that they willnot perform the contractual duties when due?
This is anaward of money?
This is anaward of money intended to compensate a non breaching party for the loss of thebargain?
Foreseeable damages that arise from circumstancesoutside a contract and the breeching party must know or have reason to knowthat the breach will cause special damages to the other party?
These areusually awarded in small amounts such as a dollar, and are awarded when the nonbreaching party sues the breaching party even though no financial loss hasresulted from the breach.
This occurswhen a non=breaching parties legal duty to avoid or reduce damages caused by abreach of contract.
These aredamages that parties to a contract agree in advance should be paid if thecontract is breached?
An action torescind (undo) a contract, and is available if there has been a material breachof contract, fraud, duress, undue influence, or mistake?
This is thereturn of goods or property received from the other party to rescind a contract,and if the actual goods or properly are not available, a cash equivalent mustbe made
This ordersthe sheriff or other government officer to seize property in the possession ofthe breaching party that he or she owns and to sell the property at auction tosatisfy the judgment?
This is anorder of the court that orders that wages, bank accounts, or other property ofthe breaching party held by third persons be paid to the non breaching party tosatisfy a judgment?
This is aremedy that is available if there has been a breach of contract that cannot beadequately compensated through a legal remedy or to prevent unjust enrichment?
Specificperformance, reformation, and injunction are all what type of remedies?
This ordersthe breaching party to perform the acts promised in the contract, usuallyawarded regarding subject unique subjects such as land, heirlooms, andpaintings?
This is an equitabledoctrine that permits the court to rewrite a contract to express the partiestrue intentions, usually to correct clerical errors in contracts?
This is acourt order that prohibits a person from doing a certain act. To obtain this,the requesting party must show that he or she will suffer irreparable injury ifthis is not issued?
Thesedamages include compensation for personal injury, pain and suffering, emotionaldistress, and punitive damages?
This is a tortthat arises when a third party induces a contracting party to breach thecontract with another party?
This is animplied covenant under which the parties to a contract not only are held to theexpress terms of the contract but are also required to act in good faith anddeal fairly in all respects in obtaining the objective of the contract
A profootball player is currently in contract with the Saints for 4 years. TheGiants offer the player double the salary knowing he is in contract with theSaints. The player leaves the Saints to play for the Giants. The Saints can suebecause of what?
These relationshipscan include a sales person who sells goods for a store or an executive whoworks for a corporation, a partner who acts on behalf of a partnership.
These areoutside contractors who are employed by a principal to conduct limitedactivities for the principal.
This is alarge body of common law that governs agency, and is a mixture of contract andtort law.
This is aparty who employs another person to act on his or her behalf.
This is aparty who agrees to act on behalf of another.
Thefiduciary relationship which results from the manifestation of consent by oneperson to another that the other shall act in his behalf and subject to hiscontrol, and consent by the other so to act.
Arelationship formed when an employer hires an employee and gives that employeeauthority to act and enter into contracts on his or her behalf.
A relationshipthat results when an employer hires an employee to perform some task or servicebut the employee has not been authorized to enter into contracts on behalf ofhis employer
This is themost common form of agency, and occurs when a principal and an agent expresslyagree to enter into an agency agreement with each other.
This is acontract a principal and agent enter into that says the principal cannot employany agent other then the exclusive agent.
This is themost formal types of express agency agreements, and is often used by a principalto give an agent the power to sign legal documents such as deeds to real estateon behalf of the principal.
This confersbroad powers on the agent to act in any matters on the principals behalf?
This limitsthe agent to those acts enumerated by the agreement. An example is for Tim tosell his brother Denny's car on behalf of Denny. Tim can sell the car, signrequired documents, and taking other actions that require the sale of the car?
This is an agencythat occurs when a principal and an agent do not expressly create an agency,but is inferred from the conduct of the parties?
This agencyoccurs when a person misrepresents him or herself as another agent when in facther or she is not and the purported principal ratifies the unauthorized act.
This is anagency that arises when a principal creates the appearance of an agency thatinactuality does not exist.
This is aduty that a principal owes to pay an agreed upon amount to the agent eitherupon the completion of the agency or at some other mutually agreeable time.
In carryingout an agency an agent may spend his or her own money on the principals behalf.Unless otherwise agreed the principal owes _________ the agent for all suchexpenses if they were authorized by the principal, are within the scope of theagency, and is necessary to discharge the agents duties in carrying out theagency.
A principalalso owes a duty of _______ the agent for any losses the agent suffers becauseof the principals conduct. This occurs when an agent is held liable for theprincipals misconduct.
Informationthat is learned by an agent that is attributed to the principal. Meaning thatthe principal is assumed to know what the agent knows.
A duty thatan agent owes to maintain an accurate accounting of all transactions undertakenon the principals behalf.
This is anagency in which a contracting third party knows that the agent is acting for aprincipal and knows the idnetity of the principal.
An agency inwhich a contracting third party knows that the agent is acting for a principalbut does not know the identity of the principal?
An agency inwhich a contracting third party does not know of either the existence of theagency or the principals idnetidy
A warrantyof an agent who enters into a contract on behalf of another party that he orshe has the authority to do so.
A situationin which a principal accepts an agent unauthorized contract
A person whocontracts with another to do something for him who is not controlled by theother nor subject to the others right to control with respect to his physicalconduct in the performance of the undertaking.
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