Contracts 1

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Contracts 1
2012-05-16 14:06:20
Contracts Quiz Terminology Paralegal

Quiz Terms for Midterm
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  1. Offer, acceptance and consideration
  2. No physical contract but parties act in a way that shows a contract exists.
    Implied Contract
  3. Contract in which both parties make promises
  4. Contract formed when one party acts in response to other party's promise.
  5. An agreement with no legal effect
    Void Contract
  6. Theory under which a promise can be enforced, despite lack of consideration, because of reliance on that promise and knowledge of that reliance.
    Promissory Estoppel
  7. Based on fairness and individual circumstances
    Equitable (equity)
  8. 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.
    Quantum Meruit
  9. 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
  10. Appearance that an agreement exists
    Manifestation of Mutual Assent
  11. A uniform law, regarding sale of goods, enacted as statutory law in all 50 states.
    Uniform Commercial Code
  12. Has no physical existence / no intrinsic value in and of itself.
    Intangible property
  13. personal property other than real estate
  14. Actions, not items
  15. 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.
    Predominant purpose
  16. consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks
    Electronic Commerce
  17. Non-business party entered into a contract for personal use
  18. Copyright, patents, trade secrets
    Intellectual Property
  19. contract between two businesses
  20. Judicial Decisions
    Common Law
  21. Shorthand way of referring to a person, place, thing or event that might otherwise require a lengthy description
    Defined Term
  22. Short statements that provide background or explain the reasons for the contract; not technically part of contract.
  23. A reference to an outside document, making that document part of a contract
    Incorporation by Reference
  24. Complied with formalities and can serve as testimony in court
    Self-proving Document
  25. 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
  26. Contract provision stating that the document is the complete and final statement of agreement
    Merger Clause
  27. A separate, later agreement that changes or modifies the original agreement
    Subsequent Agreement
  28. "Standard" contract language used in many contracts without adaptation to individual circumstances
  29. 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.
    Severability Clause
  30. Overly formal, often archaic language sometimes used in legal document
  31. Used to determine whether parties had a "meeting of the minds" looks to what a reasonable person would believe, based on circumstances.
    Objective Standard
  32. Indication of current willingness to enter into a contract, communicated by person making it
  33. An offer, supported by consideration, may not be revoked at will
  34. Offeree terminates offer
  35. Offeree responds to offer with an offer
  36. Events including death, insanity, destruction of subject matter, and illegality, may terminate an offer.
    Operation of Law
  37. Compliance or agreement by one party with the terms of another's offer so that a contract forms
  38. Common law rule, acceptance occurs when dispatched by appropriate means
    Mailbox Rule
  39. Acceptance must be identical to offer
    Mirror Image Rule
  40. Agreement in principle, contract will follow
    Letter of Intent
  41. A legal fiction created by courts to prevent unjust enrichment of a defendant by allowing the plaintiff to seek restitution of a benefit.
  42. The Statute of ___________determines if a contract must be written.
  43. A contract with written or spoken terms.
    Express Contract
  44. T/F Mutual Assent is determined by the subjective standard, not what a reasonable person would do under the circumstances.
  45. T/F - A contract defense is a defect that prevents enforcement of a promise or agreement of the parties.
  46. A coercive threat induces a party to manifest assent is
  47. When the will of the dominant person is substituted for the will of the victim is called
    Undue Influence
  48. An element of scienter is required for a finding of
  49. __________ is to termininate a contract
  50. T/F - Past consideration is sufficient for future contracts.
  51. The creation of an enforceable security interest
  52. Intent to honor contract or acknowledge of contract can be inferred from behavior or words
    Implied Ratification
  53. to state or write intent to honor a contract or , if the contract has been executed, to acknowledge the contract.
    Express ratificaton
  54. not inherently bad; less serious
    Malum prohibitum
  55. a buyer has a reasonable time to reject goods that fail, in any respect, to conform to the contract.
    Perfect Tender Rule