BLAW 3430 UNT Exam (Questions Answers)
1) Contract - A binding agreement that courts will enforce
2) Requirements of a Contract - Mutual Assent,
... [Show More] Consideration, Legality of Object, Capacity
3) Express Contract - A contract, the terms of which are stated either orally or in writing
4) Implied-in-Fact - A contract not created by the explicit agreement of the parties, but mutual assent is inferred by acts or circumstances
5) Implied-at-law (quasi-contract) - No contract; Equitable remedy to prevent unjust enrichment
6) Measure of recovery - not contract price, but reasonable value of goods or services (quantum meruit)
7) Bilateral - Formed by the exchange of reciprocal promises; promise of each party is consideration supporting the promise of the other: A promise for a promise
8) Unilateral - Formed by the rendition of performance requested by a promise: A promise for performance
9) Executory - A contract that has not as yet been fully completed or performed
10) Executed - A contract fully performed; nothing remains to be done by either party
11) Valid - A contract which is fully enforceable, i.e. satisfies all of the elements of a contract
12) Void - An agreement which produces no legal obligation (EX: Illegal contracts)
13) Voidable - An otherwise valid contract which may be avoided by a party (EX: Minors, incompetent, duress, fraud)
14) Promissory Estoppel - The principle that a promise made without consideration may nonetheless be enforced to prevent injustice. Dispenses with need for consideration. Detrimental and justifiable reliance on a promise.
15) Mutual Assent - Statement that creates power of acceptance in offeree
16) Must be communicated to offeree, must manifest an intent on the part of the offeror to enter into a contract, and terms must be sufficiently definite and certain
17) Revocation by Offeror - Revocation effective when received
18) Revocation by Offeree - Rejection effective when sent
19) Counteroffer by Offeree - Operates to reject offer
20) Termination of Offers prior to acceptance as Operation of Law - Destruction of subject matter, subsequent illegality, lapse of time, Death/incompetency of parties
21) Acceptance - Manifestation of offeree's assent into contract
22) Mirror Rule - Acceptance must mirror terms of offer, otherwise treated as a counter-offer which has the effect of terminating offer
23) Mailbox Rule - Acceptance effective when sent by offeree
24) Conduct Invalidating Assent (Affirmative Defense) - One's assertion of facts and arguments that, if true, will defeat plaintiff's claim, even if all the allegations in the complaint are true, has burden of proof
25) Effect of Affirmative Defense - One avoids liability even though other proves all elements of a contract
26) Duress - Wrongful or unlawful act or threat that overcomes the free will of a party
27) Physical Compulsion - Coercion involving physical force renders the agreement void
28) Improper threats - Improper threats or acts, including economic and social coercion, render the contract voidable
29) Fiduciary Relationship - A relationship based on trust and confidence
30) Undue Influence - The improper use of power or trust in a way that deprives a person of free will and substitutes another's objective... Effect: Voidable
31) Fraud in the Execution - A misrepresentation that deceives the other party as to the nature of a document evidencing the contract, renders agreement void
32) Fraud in the Inducement - Misrepresentation that leads another to enter into a transaction with a false impression of the risks, duties, or obligations involve... Effect: Voidable
33) Mutual Mistake - Mistake that is shared and relied on by both parties to a contract (fact, not law).... Effect: Voidable
34) Unilateral Mistake - A mistake that is relied on by only one party, does NOT invalidate assent
35) Consideration - The Inducement to enter into a contract. Elements: Legal Sufficiency and Bargained-for-exchange
36) Legal Sufficiency of Consideration - Consists of either a benefit to the promisor or a detriment to the promisee
37) Legal Benefit - Obtaining something to which one had no prior or legal right
38) Legal Detriment - Doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
39) Legal Sufficiency Components - Adequacy, Unilateral Contracts, Bilateral Contracts
40) Adequacy - Not required where the parties have freely agreed to the exchange
41) Unilateral Contracts - Promise is exchanged for an act or a completed act
42) Bilateral Contracts - Promise exchanged for a promise, both promises must be supported by consideration
43) Illusory Promise - Promise that imposes no obligation on the promisor; the following promises are not illusory
44) Output Contract - Agreement to sell all of one's production to a single buyer
45) Requirements Contract - Agreement to buy all of one's needs from a single producer
46) Exclusive Dealing Contract - Grant to a franchisee or licensee by a manufacturer of the sole right to sell goods in a defined market
47) Conditional Promises - The obligations are contingent upon the occurrence of a stated event
48) Preexisting Public Obligations - Public duties such as those imposed by tort or criminal law are neither a legal detriment nor a legal benefit
49) Preexisting Contractual Obligation - Performance of a preexisting contractual duty is not consideration
50) Modification of a Preexisting Contract - Under the common law a modification must be supported by mutual consideration (Under UCC a contract can be modified without new consideration) [Show Less]