LA100 Terms Flashcards 2023 with complete solution questions and answers

Void Missing one element that is needed to form a contract Voidable a term applied to a contract that one or both parties have the ability to either withdraw from or enforce Valid Contract containing all four elements needed to be enforced Unenforceable a term applied to a contract that, because of a law, cannot be enforced by the courts Article 2 covers Transactions involving sales of goods Mailbox rule Principle stating that the acceptance of an offer is effective upon dispatch of the acceptance via a commercially reasonable means and not when the acceptance is received by the offeree; governs common law contracts. Promissory Estoppel the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract Click wrap agreement An agreement that appears on a user's computer screen when a user attempts to download software or purchase goods (also referred to as a license) An internet click box of "I agree" which constitutes valid acceptance of enumerated contractual responsibilities Browse-Wrap Agreement Terms and conditions of use that are presented to an internet user at the time certain products, such as software, are being downloaded but that need not be agreed to before being able to install or sue the product. Ilusory promise A promise that courts will not enforce because the offeror is not truly bound by his vague promise or because a party cannot be bound by his promise due to the lack of a bargained-for exchange. Promises of gifts and deathbed promises are two examples. Past consideration A promise made in return for a detriment previously made by the promisee; does not meet the bargained-for exchange requirement. Bilateral Contract promise for a promise Unilateral contract promise in exchange for an act Meeting of the minds agreement between a buyer and seller on major points objective intent For an offer to have legal effect, the requirement that, generally, the offeror must have a serious intention to become bound by the offer and that the terms of the offer must be reasonably certain. mailbox rule A rule providing that an acceptance of an offer becomes effective on dispatch. Brightline Rule law or standard that is intended to be unambiguous and prevent subjective interpretation. Bright-line rules are commonly used to make quick, predictable and consistent decisions. flexible standards Standards that can be changed over time so that whatever is currently perceived to be positive about a relationship is considered important and whatever is currently perceived to be negative is dismissed as unimportant consent defects misrepresentation, fraud, duress, undue influence, unconscionability Parol Evidence Rule A substantive rule of contracts under which a court will not receive into evidence the parties' prior negotiations, prior agreements, or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract. Duty to Mitigate A duty placed on a party injured by breach, requiring that party to avoid damages by making reasonable efforts. condition precedent A condition in a contract that must be met before a party's promise becomes absolute. condition subsequent A condition in a contract that operates to terminate a party's absolute promise to perform. Condition Concurrent An event that must occur at the same time as another condition in a contract. Mutual agreement Recission Accord and Satisfaction Substitue agrement Novation Operation of Law Impossibility Impractiality Frusturatin of purpose Remedies at law Compensatory Consequentuak Restitution Liquidation Equitable remedies specific performace injunctive relief reformation Article 2 UCC governs the sale of goods Predominant Purpose Test Under this test, we ask whether the good or the service play a bigger role, in order to determine whether it is either the Common Law, or the UCC that is applicable to the given contract. (i.e. what are you MOSTLY contracting for?) firm offer contractual proposal in writing by a merchant stating how long the offer is to stay open output contract An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces. requirements contract An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.