BUS 121TEST 2 STUDY GUIDE ANSWERS

BUS 121TEST 2 STUDY GUIDE ANSWERS - BUS 121 TEST 2 STUDY...

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BUS 121 TEST 2 STUDY GUIDE ANSWERS TERMS: Express Contract – contract in which the agreement is specifically stated Valid Contract – contract containing all the essential elements Agreement – agreement between the parties arrived at through offer and acceptance Consideration – something of value exchanged by each party Written Contract – Counteroffer – offer made by offeree to offeror, changing the terms of the original order Breach of Contract – failure to perform the obligations required by a contract Parol Evidence Rule – rule stating that terms of a written contract cannot be changed by prior oral or written agreements Minor – someone under the legal age of 18; considered incompetent to enter into contracts Offeror – one who makes an offer Impossibility to Perform – an offer ends if the offer becomes impossible to carry out before the offeree accepts it. Void Contract – contract that has no legal effect and cannot be enforced Damages – money paid by a defendant to a successful plaintiff in civil cases to compensate the plaintiff for his or her injuries Implied Contract – contract formed from actions of the parties Voidable Contract – contract enforceable against all parties until the party legally entitled to avoid the contract decides to do so Competent Parties – parties have the legal and mental ability to enter into binding contracts Legal Purpose – subject matter of contract must not be against the law Revocation – withdrawal of an offer Statute of Frauds – law requiring that certain types of contracts be in writing Specific Performance – court order requiring a party to carry out a contract according to its original terms Real Property – land, rights to land, and anything permanently attached to the land Necessaries – things a person needs to live, such as food, clothing, and shelter
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This note was uploaded on 11/18/2011 for the course BUS 121 taught by Professor Smith during the Spring '10 term at Lander.

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BUS 121TEST 2 STUDY GUIDE ANSWERS - BUS 121 TEST 2 STUDY...

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