BUS LAW CHPT 13

the bargained-for-exchange or what each party gets in exchange for his or her promise under a contract is known as..

consideration

a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty is known as a..

contract

all_______ interpreted by the US law are either governed by the uniform commercial code or common law

contracts

the four types of formal contracts are..

contracts under seal, recognizance, letters of credit and negotiable instruments

the legal ability to enter a contract is known as..

contractual capacity

a_______ not to complete restricts what an employee may do after leaving a company

covenant

when a contract has been fully performed, we call it a..

executed contract

a contract is _________ if some of the terms have not yet been performed

executory

the terms of_________contracts are all clearly set forth in either written or spoken terms

express

when there are requirements to the manner and look of a contract, then it is considered a______ contract

formal

in a conflict of versions of a contract, a __________ contract will prevail over a typed contract

handwritten

Darla was experiencing a great deal of pain. the pain was so bad that she went to the emergency room where she underwent emergency surgery for the removal of her appendix. the kind of contract that requires her to pay for the services she received, even though there was no prior negotiation of payment, is known as a..

implied contract

quasi-contracts are sometimes called..

implied-in-law contracts

a couple of painters came to the door offering to paint the house numbers on the homeowner's curb for $10. Barbara answered the door and the painters made their offer. Barbara did not say anything at all, but watched the painters paint her house number on the curb. when they came to the door for their $10, she refused, telling them that she had never formally agreed to their price. if a court requires Barbara to pay the painters the $10, this would be called recovery..

in quasi-contract

the_______ of the parties to a contract is determined by objective words and behavior

intent

fraud, duress, undue influence or misrepresentation are examples of a ________ of genuine assent

lack

there are two defenses to the enforcement of a contract even if all of the essential elements of a contract are present. they are..

lack of genuine assent and lack of proper form

an agreement by the issuer to pay another party a sum of money on receipt of an invoice and other documents is called a..

letter of credit

the authors of the uniform commercial code are the..

national commissioners on uniform state laws and the american law institute

an unconditional written promise to pay the holder a specific sum of money on demand or at a certain time is known as a..

negotiable instrument

charlie offers Aaron $5000 for some medical marijuana which is legal in the state. Aaron agrees, but the following day, the state legislature passes a law which basically makes any scale of marijuana, even for medical purposes, illegal, does Aaron have to perform the contract?

no, because the object of the contract is no longer legal

knowing the proper classification is important-- whether the contract is bilateral or unilateral-- because it determines when the..

offeree is legally bound to perform

Virge tells Ken, "I will buy your coin collection for $100". In this scenario, Virge is the___________ and Ken is the____________.

offeror, offeree

a contract for land was under scrutiny in the court. there appeared to be a disagreement as to what the term "corner property" actually meant. If the court only looks at the words and they are clear and unambiguous, and the court will only interpret the terms using the agreement itself, the court is said to use the..

plain-meaning rule of interpretation

one defense against the enforcement of a contract is if there is lack of a writing (if one is required). this is known as a lack of..

proper form

a __________ is when a person acknowledges in court that they will perform an act or pay a price

recognizance

to find that there is an implied contract or an implied-in-fact contract, the court must deem that (1) the plaintiff provided some property or service to the defendant, (2) the plaintiff expected to be paid for such property or service, and (3) the defendant had an opportunity to..

reject the property or service, but did not

the american law institute brought together legal scholars to create the__________ of the law, contracts

restatement

the concept that comes to mind most often when people think about a formal contract is a contract under..

seal

a contract that does not require any formalities in making the contract is known as a...

simple contract

________ terms to a contract will be interpreted as understood by persons in the profession using the contract

technical

the rule of contract interpretation is that the judge should interpret an ambiguous contract against the interests of....

the drafter of the contract

basing the existence of a contract on the parties' outward manifestations of intent and basing the interpretation of that intent on how a reasonable person would interpret it is known as..

the objective theory of contracts

justin had contracted with Acme construction company to build a huge chicken coop adjacent to his house. Acme discovered that if they built the chicken coop, they would be violating the local zoning laws. Acme refused to perform the contract. the court also refused to make Acme honor the contract, since to do so would mean they had to order Acme violate the zoning laws, such a contract is considered to be..

uneforceable

contracts for the sale of goods are governed by the _______________ _____________ _____________

uniform commercial code

in an________ contract, the offeror want the offeree to do something, not to promise to do something

unilateral

when a contract has all of the required elements and is enforceable, it known as a..

valid contract

a ______ contract is not a contract at all

void

a contract is _______ if one or both parties has the ability to either withdraw from the contract or enforce it

voidable

a judge has to decide how to interpret a contract that was a bit ambiguous in its terms. one general rule of interpretation is that the terms should reflect the intentions of the parties..

at the time the contract was made

a contract was under review because it had multiple interpretations of its terms. according to a general rule of contract interpretation, the judge should recognize the interpretation that makes the contracts lawful, operative, definite, reasonable, and capable of..

being carried out

the type of contract in which the offeror wants a promise from the offeree to form a binding contract is called a..

bilateral contract

the two most important sources of contract law are_________ law and the uniform commercial code (UCC)

case

the law of contracts is made up mainly from..

common law