Chapter 8 Legal Studies Vocab
Chapter 8 Legal Studies Vocab LEGL2800H
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This 2 page Class Notes was uploaded by Ford on Sunday February 14, 2016. The Class Notes belongs to LEGL2800H at University of Georgia taught by Dr. Pagnattaro in Winter 2016. Since its upload, it has received 23 views. For similar materials see Legal Studies in Law and Legal Studies at University of Georgia.
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Date Created: 02/14/16
CHAPTER 8: Promise a commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) The most successful attempt to have states adopt a uniform law. This code’s purpose is to simplify, clarify, and modernize the laws governing commercial transaction. Goods tangible (touchable), movable personal property Bilateral contract an agreement that contains mutual promises, with each party being both a promisor and a promisee Unilateral contract a contract in which the promisor does not receive a promise as consideration; an agreement whereby one makes a promise to do, or refrain from doing, something in return for a performance, not a promise Express contract contracts in which parties show their agreement in words Impliedinfact contract a legally enforceable agreement inferred from the circumstances and conduct of the parties Impliedinlaw contract a quasi contract Quasicontract a quasicontract, often referred to as an implied in law contract, is not a true contract. It is a legal fiction that the courts use to prevent unjust enrichment and wrongdoing. Courts permit the person who conferred a benefit to recover the reasonable value of that benefit. Nonetheless, the elements of a true contract are not present. Enforceable contracta contract that can be enforced in court Unenforceable contract a contract that cannot be enforced in court Valid contracta contract that contains all the proper elements of a contract. Void contract a contract that is empty, having no legal force; ineffectual, unenforceable Voidable contract capable of being declared a nullity, though otherwise valid Executed contract a contract that is fully accomplished or performed, leaving nothing unfulfilled. Executory contract an agreement that is not completed. Until the performance required in a contract is completed, it is executory. Offer a contractual communication that contains a specific promise and a specific demand. The offer initiates the process of making a contract. Indefiniteness when the terms of an agreement are not sufficiently specific, the agreement does not rise to the level of a contract because of the doctrine of indefiniteness. Revocation the contractual communication of withdrawing an offer Rejection the refusal of an offer; a rejection terminates an offer. Counteroffer an offer made in response to another’s offer. Usually made in place of an acceptance. A counteroffer usually terminates an offer. Lapse of time when the offeree fails to accept by a deadline defined in the offer or after a reasonable period of time. Subject matter destruction when the object of the contract is destroyed or legally eliminated Offeror death or insanity when the offeror no longer has the capacity to make the offer Subject matter illegality when a change in the law renders the agreement illegal, acceptance is no longer possible Acceptance the contractual communication of agreeing to another’s offer. The acceptance of an offer creates a contract. Mirror image rule the common law rule that the terms of an acceptance offer must mirror exactly the terms of the offer. Any variation of terms would make the attempted acceptance a counteroffer Mailbox rule the rule that an acceptance is effective once it is sent. Deposited acceptance rule the contractual doctrine that a binding acceptance of an offer occurs when a mailed acceptance is irrevocably placed with the postal service. Consideration an essential element in the creation of a contract obligation that creates a detriment to the promisee or a benefit to the promisor Accord and satisfaction payment of money, or other thing of value, usually less than the amount demanded, in exchange for cancellation of a debt that is uncertain in amount. Firm offer an offer in signed writing by a merchant to buy or sell goods; it gives assurances that the offer will be held open for acceptance under the Uniform commercial code (UCC) Option a contractual arrangement under which one party has for a specified time the right to buy certain property from or sell certain property to the other party. It is essentially a contract to not revoke an offer. Promissory estoppel court enforcement of an otherwise unbinding promise if injustice can be avoided only by enforcement of the promise. A substitute for consideration Covenants not to compete an agreement in which one party agrees not to compete directly with the businesses of the other party; may be limited by geography or length of time. Fraud a false representation of fact made with the intent to deceive another that is justifiably relied upon to the injury of that person. Misrepresentation an untrue manifestation of fact by word or conduct; it may be unintentional. Mutual mistake a situation in which parties to a contract reach a bargain on the basis of an incorrect assumption common to both parties. Rescission a contractual remedy that cancels the agreement and returns the consideration exchanged to each party. Unilateral mistake arises when only one of the parties to a contract is wrong about a material fact. It is not usually a basis for rescinding a contract. Duress action by a person that compels another to do what he or she would not otherwise do. It is a recognized defense to any act that must be voluntary in order to create liability to the actor. Undue influence same as “duress” above.
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