Card Set Information
Contracts Quiz Terminology Paralegal
Quiz Terms for Midterm
Offer, acceptance and consideration
No physical contract but parties act in a way that shows a contract exists.
Contract in which both parties make promises
Contract formed when one party acts in response to other party's promise.
An agreement with no legal effect
Theory under which a promise can be enforced, despite lack of consideration, because of reliance on that promise and knowledge of that reliance.
Based on fairness and individual circumstances
Measure of damages where there is no contract dictating the amount to which a party is entitled; "as much as is deserved" to avoid unjust enrichment.
Intention to enter into a contract is judged by objective (outward) facts as interpreted by a reasonable person, rather than by a party's subjective intention.
Objective Theory of Contracts
Appearance that an agreement exists
Manifestation of Mutual Assent
A uniform law, regarding sale of goods, enacted as statutory law in all 50 states.
Uniform Commercial Code
Has no physical existence / no intrinsic value in and of itself.
personal property other than real estate
Actions, not items
Hybrid transaction - sale of goods and services. If goods are the most predominant of the transaction - issues covered by UCC. If services are - then common law covers it.
consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks
Non-business party entered into a contract for personal use
Copyright, patents, trade secrets
contract between two businesses
Shorthand way of referring to a person, place, thing or event that might otherwise require a lengthy description
Short statements that provide background or explain the reasons for the contract; not technically part of contract.
A reference to an outside document, making that document part of a contract
Incorporation by Reference
Complied with formalities and can serve as testimony in court
A writing, intended by the parties to be a final embodiment of their agreement, cannot be modified by evidence that adds to, varies, or contradicts the writing.
Parol Evidence Rule
Contract provision stating that the document is the complete and final statement of agreement
A separate, later agreement that changes or modifies the original agreement
"Standard" contract language used in many contracts without adaptation to individual circumstances
Contract provision that in the event that one part of the contract is found to be invalid, the rest of the contract shall remain in effect.
Overly formal, often archaic language sometimes used in legal document
Used to determine whether parties had a "meeting of the minds" looks to what a reasonable person would believe, based on circumstances.
Indication of current willingness to enter into a contract, communicated by person making it
An offer, supported by consideration, may not be revoked at will
Offeree terminates offer
Offeree responds to offer with an offer
Events including death, insanity, destruction of subject matter, and illegality, may terminate an offer.
Operation of Law
Compliance or agreement by one party with the terms of another's offer so that a contract forms
Common law rule, acceptance occurs when dispatched by appropriate means
Acceptance must be identical to offer
Mirror Image Rule
Agreement in principle, contract will follow
Letter of Intent
A legal fiction created by courts to prevent unjust enrichment of a defendant by allowing the plaintiff to seek restitution of a benefit.
The Statute of ___________determines if a contract must be written.
A contract with written or spoken terms.
T/F Mutual Assent is determined by the subjective standard, not what a reasonable person would do under the circumstances.
T/F - A contract defense is a defect that prevents enforcement of a promise or agreement of the parties.
A coercive threat induces a party to manifest assent is
When the will of the dominant person is substituted for the will of the victim is called
An element of scienter is required for a finding of
__________ is to termininate a contract
T/F - Past consideration is sufficient for future contracts.
The creation of an enforceable security interest
Intent to honor contract or acknowledge of contract can be inferred from behavior or words
to state or write intent to honor a contract or , if the contract has been executed, to acknowledge the contract.
not inherently bad; less serious
a buyer has a reasonable time to reject goods that fail, in any respect, to conform to the contract.
Perfect Tender Rule