Exam2 - Flashcards(2) - The flashcards are formatted for...

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Bilateral Contract
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An agreement between two or more parties that is enforceable at law. Mutual promises in a contract.
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Executory Unilateral
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Offer and acceptance in a contract. Contract in progress.
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Voidable Executed
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Completed contract. Contract that may be cancelled.
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Ambiguous Character Expresses
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Implicit terms to contract. Both parties have an obligation in the contract.
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Void ab initio Voidable
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Contract can be voided at a later date. “Void from the beginning;” always void.
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Consideration Void
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Error in contract; never really existed; void ab initio. Benefit or detriment bargained for by parties to a contract.
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Capacity Mutual Assent of Parties
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Meeting of the minds; people agree to issue at hand. Legal ability, sound mind, and intend to be bound.
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Consideration Age of Majority
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Must be 18 (legal age to enter contract). Reason for the contract.
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Understanding 1. Mutual assent of parties 2. Understanding 3. Capacity 4. Age of Majority 5. Consideration
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Requisites of contracts: Offer + Acceptance = Agreement
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Slayer’s Statute Statutes; Public Policy
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Contracts that violate ____ and ____ are illegal, void, and unenforceable. Can’t profit from your own misdeeds (i.e. insurance after murder).
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Minor; Adult Infancy Doctrine
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Minors under the age of majority may disaffirm (cancel) most contracts they have entered into with adults. According to the infancy doctrine, contracts are voidable by the ____, but not the ____.
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Voidable Mental Incompetence
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Contracts by persons who are insane are voidable. Contracts by intoxicated persons are ____ by the intoxicated person but not by the competent party to the contract.
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Consideration Meeting of Minds (Mutual Assent of Parties)
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The requisite for contracts the mentally incompetent do not meet. A benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.
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Consideration 1.Infancy Doctrine 2. Mental Incompetence 3. Intoxicated Persons
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Capacity to contract: Must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party.
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Promisee Promisor
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given to the ____ or to some other person. Consideration may be
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This note was uploaded on 08/30/2011 for the course PLA 3013 taught by Professor Carolbast during the Fall '10 term at University of Central Florida.

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Exam2 - Flashcards(2) - The flashcards are formatted for...

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