Midterm 2 Flashcards

UCC (Uniform Commercial Code)

A set of laws that govern sales of goods and covers aspects of commercial transactions.

Valid Contract

A contract that contains all elements needed to be enforceable.

Voidable Contract

A contract where one of the parties has the ability to avoid it.

Void Contract

A contract that lacks essential elements needed for validity.

Unilateral Contract

A contract that involves a promise for an act, where acceptance occurs upon execution of the act.

Bilateral Contract

A contract that involves a promise for a promise, creating mutual obligations.

Express Contract

A contract where the terms are directly stated by the parties at the time of formation.

Implied Contract

A contract formed by the actions or circumstances of the parties rather than written or spoken terms.

Quasi Contract

Not a true contract, but a legal obligation created to prevent unjust enrichment when one party benefits without payment.

Promissory Estoppel

Legal principle preventing a party from withdrawing a promise if the other party has relied on that promise.

Executed Contract

A contract that has been fully performed by all parties.

Offer

A manifestation of willingness to enter into a contract on certain terms.

Offeree

The person who receives an offer to enter into a contract.

Acceptance

An agreement to the terms of an offer, creating a binding contract.

Counteroffer

A response to an offer that modifies its terms, thus rejecting the original offer.

Firm Offer

An offer that cannot be revoked for a specified period under the UCC.

Consideration

Something of legal value exchanged between parties in a contract.

Past Consideration

A prior act that cannot be used as consideration for a new contract.

Mutuality of Obligation

Both parties in a contract are bound to perform their respective promises.

Promissory Estoppel

A principle that enforces a promise when the promisee has relied on it to their detriment.

Liquidated Debt

A debt that is due and certain in validity or amount.

Non-liquidated Debt

A debt that is not settled and has some dispute regarding its existence or amount.

Contract Law

The body of law that governs the rights, duties, and obligations arising from agreements.

Capacity

The legal ability of a person to enter into a contract.

Legality

The requirement that a contract's purpose and terms must be legal to be enforceable.

Performance

The fulfillment of contractual obligations by the parties involved.

Breach of Contract

A failure to perform any term of a contract without a legitimate legal excuse.

Authorized Communication

Communication that is officially approved and recognized by an organization.

Unauthorized Communication

Communication that occurs without permission and is not sanctioned by an organization.

Formal Communication

Communication that follows established protocols and uses professional language.

Informal Communication

Casual and unofficial communication, often occurring between friends or colleagues.

Verbal Communication

The use of spoken or written words to convey a message.

Nonverbal Communication

Communication through body language, facial expressions, and gestures.

Common Law Contracts

Contracts that are governed by the common law, typically involving services and real estate, rather than by statutes or the UCC.

Accord

The offering of something less than what is owed

Satisfaction

Accepting the offering of something less than what is owed