Contracts 2

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tismeinaz
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107391
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Contracts 2
Updated:
2012-05-27 01:57:19
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Contracts Quiz Terminology Paralegal
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Terminology
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  1. Each party to a contract must get something to which that party was not legally entitled before entering the contract, and each party must give something to which that party was legally entitled before the contract.
    Consideration
  2. An illusion; stated consideration does not really obligate the party.
    Illusory
  3. Stated consideration did not really occur
    Sham Consideration
  4. Event that must occur before the contemplated transaction is completed.
    Condition Precedent
  5. Event that may "undo" an executed contract
    Condition Subsequent
  6. Contract under which buyer agrees to purchase all of buyer's needs from seller.
    Needs Contract
  7. Contract under which parties agree to deal only with each other with respect to particular needs.
    Exclusive Dealing
  8. Agreement to accept and give payment or performance, different from that originally required by contract.
    Accord and Satisfaction
  9. Mutual agreement to cancel.
    Recision
  10. Debt that is not in dispute
    Liquidated Debt
  11. Causes payments to become immediately due upon the happening of stated event
    Acceleration Clause
  12. Remainder of agreement can be enforced without unenforceable provision contained in agreement.
    Severable
  13. The parties are equally at fault
    In Pari Delicto
  14. Inherently bad
    Malum Per Se
  15. A clause that permits immediate entry of judgment without notice or opportunity to present defenses
    Confession of Judgment
  16. Prohibits certain transactions on Sundays
    Blue Law or Sunday Statute
  17. Provision that attempts to excuse a party from liability for that party's tort
    Exculpatory Clause
  18. Relationship where parties have equal power to negotiate terms
    Arm's-length Transaction
  19. One party agrees to compensate the other for losses arising from the contract
    Hold Harmless or Indemnification Clause
  20. Provision under which party agrees to refrain from engaging in specified business activities
    Covenant Not to Compete
  21. A person who has not reached adult status
    Minor
  22. Things indespensable to life.
    Necessities
  23. Minor is no longer under care/control of an adult
    Emancipation
  24. Return of, restoration of, or compensation for
    Restitution
  25. Make a contract void
    Disaffirm
  26. To acknowledge or validate a contract after its execution
    Ratify
  27. Mental incompetence determined by inability to understand the nature and consequences of a transaction
    Cognitive Test
  28. Mental incompetence shown by inability to act reasonably with respect to a transaction
    Volitional Test
  29. Court has declared person incompetent
    Adjudicated Incompetent
  30. Court appointed person to advocate in best interest of child in litigation
    Guardian ad litem
  31. Attempt to limit or excuse liability
    Affirmative Defense
  32. One who participates jointly in borrowing
    Cosigner
  33. Agreement used in connection with software licenses.
    Click-wrap Agreement
  34. Party attempting to avoid contract liability
    Party to be Charged
  35. M
    Y
    L
    E
    G
    S
    Marriage, Year, Land, Estate, Goods, Surety
  36. Agent has a financial stake in the transaction
    Agency Coupled with an Interest
  37. A transfer of property or rights
    Assignment
  38. New party takes over an obligation - involves a new contract
    Novation
  39. Assignment of obligations
    Delegation
  40. One who acts on behalf of another
    Agent
  41. A third-party beneficiary, no intended to benefit from contract, does not acquire rights under contract.
    Incidental Beneficiary
  42. Co-obligors can be sued together or any one can be liable for the entire obligation
    Joint and Several Liability
  43. To Register or record and instrument so that the public is on notice of its terms
    Perfect
  44. Being a party to the contract
    Privity
  45. Agent has a financial stake in the transaction
    Agency Coupled with an Interest
  46. Belief that other party will not perform
    Anticipatory Breach
  47. Contract provision excusing performance for an 'act of God'
    Force Majeure
  48. Any performance delay constitutes breach
    Time Is of the Essence
  49. Limit or reduce damages
    Mitigate
  50. Contract has no remaining value for party because of an unanticipated event
    Frustration of Purpose
  51. Interchangeable
    Fungible
  52. Unable to pay debts
    Insolvency
  53. An arrangement under which goods are placed for sale but title does not transfer to the seller
    Consignment
  54. A party's words or actions indicating intention not to perform the contract
    Repudiation
  55. No deviations from contract expectations; also called perfect performance.
    Strict Performance
  56. Damages agreed to in advance of breach, in the contract itself.
    Liquidated damages
  57. That which a reasonable person would anticipate
    Foreseeable
  58. An attempt to reduce the harm
    Mitigation of damages
  59. A neutral hears both positions and imposes a decision
    Arbitration
  60. Award of money; also called damages
    Legal Remedy
  61. Award that is non-monetary and involves court orders
    Equitable Remedy
  62. Damages intended to put non-breaching parties in the position they would have occupied if the contract had been fully performed
    Compensatory Damages
  63. Losses that do not flow directly and immediately from an injurious act
    Consequential Damages
  64. Puts party in position that would been occupied if the contract had not been made.
    Reliance Damages
  65. Recovery of property from one who is wrongfully in possession
    Replevin
  66. Parties give up the right to challenge arbitration result in court.
    Binding Arbitration
  67. The Difference between a bilateral and unilateral contract is the number of promises exchanged by parties. T/F
    True
  68. A contract generally is enforceable when there is a valid offer, there is a valid acceptance, and the agreement is supported by mutuality of assent. T/F
    False
  69. Alan promises to perform a service to Baker, in exchange for which Baker promises to file his (Alan) incom tax return on April 15, Alan is not bound. T/F
    True
  70. Alan agrees to buy all the widgets that Baker can supply, provided that Alan is satisfied with the quality of the widgets. Alan's promise is not enforceable because it is illusory. T/F
    False
  71. In general, the UCC requires contracts for the sale of goods valued in excess of $250 to be in writing to be enforceable. T/F
    False
  72. When parties agree to substitute one party's performance for another's, an accord and satisfaction occurs. T/F
    False
  73. Parole evidence rules apply to matters related to the meaning of contract terms, both before and after the creation of the contract. T/F
    False
  74. When one leaves clothing with a retail laundry, a master-servant contract is created. T/F
    False
  75. Boarding a bus and putting money in the slot without saying anything is a type of quasi- contract. T/F
    False
  76. Assumpsit
    Common law term for quasi-contract
  77. One who wishes to tranfer his rights under a valid contract should execute a(n)
    A. option
    B. delegation
    C. conveyance
    D. assignment
    D. assignment
    (this multiple choice question has been scrambled)
  78. The document used to transfer legal ownership of personal property from one person to another when a title document is not required is a(n)
    A. invoice purchase
    B. power of attorney
    C. bill of sale
    D. conveyance transfer
    C. bill of sale
    (this multiple choice question has been scrambled)
  79. Nudum Pactum
    term used to refer to a mere (bare) promise, that (standing alone) cannot be enforced by the court.

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