4/28/2021 Business Law: Contracts Final Flashcards | Quizlet

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Business Law: Contracts Final

Terms in this set (179)

Basic Elements of a offer, acceptance, consideration, capacity, legal

Contract

both parties make a promise

Bilateral
ex) pay rent in exchange for a leased house

a promise for an act

Unilateral
ex) reward for finding a lost dog

meets legal requirements for a binding contract and

Valid Contract
are enforceable in court

meets basic legal requirements, but cannot be

Unenforceable
enforced in court

one of the parties has the legal right to cancel their

Voidable Contract
contract

Void Contract no legal obligations and no remedy

terms of the contract are directly stated orally or in

Express Contract
writing at the time the contract was formed

surrounding facts and circumstances indicate an

Implied Contract
agreement has in fact been reached
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Executed all parties have performed their contractual duties

some duties under the contract still need to be

Executory
performed

statute that represents modern contract law;

- applies only to sale of goods
- applies to contracts that deal predominantly with
sale of goods
- more flexible, less weight to technical
UCC requirements like consideration
- reasonable standard and duty of good faith
- gives broad discretionary powers to deal with
unconscionable contracts
- merchants are held to a higher standard than
nonmerchants

case law, judge-made law; applies to sale of real

Common Law
estate, intangibles, and services

"honesty in fact" and fair dealing, imposed in the

Duty of Good Faith
performance and enforcement of every contract

grossly unfair or one-sided, and it gives the courts

Unconscionable
broad discretionary powers to deal fairly with such
Contract
contracts

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