Chapters 1-3

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Chapters 1-3
2014-02-13 01:05:00
The Law Of Contracts and the Uniform Commercial Code second edition
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  1. Administrative Law
    Body of laws that are imposed on administrative agencies by the courts or legislatures.
  2. Procedural Rules
    Rules established by courts and legislatures that parties must follow.
  3. Reasoning
    A courts legal basis for deciding a case.
  4. Case Summary
    Section at the beginning of a case that summarizes general information about the case; it is usually prepared by the publisher of the case and the court.
  5. Case Headnotes
    Short case summary at the beginning of a case that identifies a point of law within a case; prepared by the publisher and is not part of the formal court opinion.
  6. Restatments
    A compilation of general areas of the law by the American Law Institute.
  7. Black Letter Law
    The Fundamental and well-established rules of law.
  8. Uniform Commercial Code (U.C.C)
    One of the uniform laws, which has been adopted in much the same form in every state. It governs most aspects of commercial transactions.
  9. Magnuson-Moss Warranty Act
    Federal law that applies to warranties for transactions for products used by household, family or individuals.
  10. Uniform Electronic Transaction Act (UETA)
    A uniform act passed by most states addressing electronic signatures and records.
  11. Electronic Signatures in Global and National Commerce Act (E-Sign)
    Federal law that addresses electronic signatures and records.
  12. Uniform Computer Information Transaction Act (UCITA)
    Uniform law drafted by the NCCUSL to address electronic and Internet transactions; Not widely used or accepted in commercial world.
  13. Legal Treatise
    Scholarly book on a specific legal subject; usually multivolume.
  14. Hornbook
    Legal book that summarizes a legal subject; usually used by law students.
  15. Formbook
    Multivolume set of books that contains exaples or templates of legal documents to assit in drafting.
  16. Legalese
    Legal jargon; legal or archaic language.
  17. Offer
    A proposal made with the purpose of obtaining an acceptance thereby creating a contract.
  18. Mutual Assent
    A meeting of the minds ; consent; agreement.
  19. Acceptance
    • The assent by the person to whom an offer is made.
    • Acceptance is a fundamental element of a binding contract.
  20. Consideration
    That which is given in exchange for performance or the promise to perform; the price bargained and paid; the inducement. Essential element of a valid and enforceable contract.
  21. Capacity
    • 1. Competency in the law.
    • 2. A person's ability to understand the nature and effect of the act in which he or she is engaged.
  22. Legality
    The condition of conformity with the law; lawfulness.
  23. Statute Of Frauds
    A statue, existing in one or another form in every state, that requires certain classes of contracts to be in writing and signed by the parties. Its purpose is to prevent fraud or reduce the opportunities for fraud.
  24. Bilateral Contract
    A contract in which each party promises performance to the other, the promise by the one furnishing the consideration for the promise from the other.
  25. Unilateral Contract
    A contract in which there is a promise on one side only; a unilateral contract is an offer that is accepted not by another promise, but by performance.
  26. Express Contract
    A contract whose terms are stated by the parties.
  27. Implied In Law Contract
    Quasi contracts are those imposed by the law, usually to prevent unjust enrichment.
  28. Implied In Fact Contract
    A contract in which the law infers from the circumstances, conduct, acts, or relationships of the parties rather than from their spoken words.
  29. Quasi Contract
    Are those imposed by the law.
  30. Unjust Enrichment
    The equitable doctrinaire that a person who unjustly receives property, money or other benefits may not retain them without some compensation to the other party.
  31. Quantum Meruit
    Doctrine that makes a person liable to pay for services or goods that they accept while knowing the other party expects to be paid even if there is no express contract.
  32. Executed Contract
    A contract whose terms have been fully preformed.
  33. Executory Contract
    A contract yet to be preformed.
  34. Void Contract
    One that has no legal effect.
  35. Voidable Contract
    May be voided or canceled by one of the parties.
  36. Disaffirmance
    The refusal to fulfill a voidable contract.
  37. Formal Contract
    Signed written contract as opposed to oral.
  38. Informal Contract
    Not in the customary form; often oral.
  39. Preliminary Negotiation
    Parties who commence the contract or bargaining process, a form of solicitation.
  40. Output Contract
    Where seller agrees to sell all his product to one buyer.
  41. Requirements Contract
    Where buyer aggrees to purchase all required supply from seller while contract is in force.
  42. Breach
    Failure of a party to preform contract obligations
  43. Solicitations
    Invitation to negotiate a contract.
  44. Acceptance
    The assent by the person to whom one offer is made. Fundamental element of a binding contract.
  45. Mailbox Rule
    Rule in contract law that acceptance of an offer is effective upon dispatch by the offerie and not upon receipt by the offer-or.
  46. Counteroffer
    A position taken in response to an offer. Porposing a different offer.
  47. Clickwrap Agreement
    Internet contract that requires a person to click i accept.
  48. Rejection
    Any act or word of an offeree communicated to an offeror to refuse his or her offer
  49. Revocation
    A cancellation or with draw of an other.
  50. Option Contract
    An offer combined with an agreement supported by consideration not to revoke the other for a specified period of time.
  51. Irrevocable Offer
    An offer made in a signed writing, which by its terms gives assurance that it will be held open and not terminated by the offeror.
  52. Unilateral Contracts
    A contract in which there is a promise on one side only. n offer that is accepted not by another promise but by performance.
  53. Bilateral Contract
    A contract in which each party promises performance to the other, Promise by the one furnishing the consideration for the proise from the other.