BLAW372-_Midterm_.docx - Chapter 11 Bilateral contract...

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Chapter 11 Bilateral contract- promise for a promise Contract- a promise or a set of promises for the breach of which the law gives a remedy Express Contract- the terms of an agreement are fully and explicitly stated in words Extrinsic Evidence- any evidence not contained in doc itself Formal Contract- requires form Implied Contract- formed by the conduct of the parties Informal Contract- requires no form Objective Theory of Contracts- contract will be judged based on facts found Quasi Contract- contracts implied in law Unenforceable Contract- can’t be enforced for legal reasons Unilateral Contract- Promise for an act Valid Contract- good Voidable Contract- avoided not enacted Chapter 12 Acceptance- voluntary act by the offeree that shows agreement to offer Agreement- agree to terms of contract with an offer and acceptance Browse-wrap terms- person can assent to download without clicking agree Choice-of Law Clause- any dispute will be settled in specified area Click-on agreements- “I agree” box Counteroffer- rejection of offer w/new offer Forum-selection clause- where disputes will be resolved Mailbox rule- acceptance becomes valid when dispatched Mirror image rule- acceptance and offer must be the exact same Offer- commitment to do or not do something Option contract- created to hold offer open Partnering agreement- a seller and buyer who frequently do business with eachother Record- info that is transcribed on a tangible medium or that is stored Revocation- withdrawing Shrink-wrap agreement- (paper textbook) Chapter 13 Accord &Satisfaction- debtor offers to pay and creditor accepts a lesser amount than originally owed Consideration- what is given for promise (Bilateral) or performance (unilateral) Covenant not to sue- some other legal action Estopped- cant use lack of consideration Forbearance- refraining from an action one has legal right to undertake Liquidated debt- fixed Past consideration- promises made in return for actions that have already happened Promissory estoppel- someone relies on a promise reasonably and substantially Release- wont pursue legal action Rescission- unmaking of content (cancel) Unliquidated debt- unsettled Chapter 14 Age of Majority- When a person is no longer a minor Contractual Capacity- legal ability to enter into contractual relationship Covenant not to Compete- agreement not to

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