Void, Voidable, or Valid
Meredith (age 20) offers $300 for Olivia's (age 13) cat Benjamin. This contract is considered..
What is voidable
The branch of government that writes laws
What is the Legislative Branch
A type of tort that results in unintentional damage or loss
What are negligent torts
The person who brought the case forward
This type of contract is not really a contract
What is a quasi-contract
Willow (age 22) offers Este (age 24) $450 for her boat. This contract is considered...
What is valid
The Latin term the ABFSE wants us to know for precedent
What is Stare Decisis
Under the UCC, a merchant's signed written offer that stays open without consideration for the stated time, or a reasonable time not longer than three months
What is a merchant's firm offer
This implied warranty means goods are fit for the ordinary purposes for which they are sold; to disclaim it, the disclaimer must mention it by name
What is the implied warranty of merchantability
Offer, acceptance, and contractual capacity. a contract requires this 4th element to be valid
What is consideration
Betty (age 15) presents Marge (age 73) a written contract for $20,000 to run over her tutor with a tractor. This contract is considered...
What is void
The branch of government that interprets the law
What is the Judicial Branch
Under this shipping term, risk of loss passes to the buyer as soon as the seller delivers the goods to the carrier
What is FOB shipment
Movable, tangible personal property (such as caskets, urns, and burial vaults) covered by UCC Article 2
What are goods
This rule states which contracts must be in writing to be enforceable
What is the Statute of Frauds
Dorthea (age 25) offers Abigail (age 13) $200 for her bike. This contract is considered...
What is voidable
The type of law made when judges interpret the law, using precedent
What is case law (or common law)
The test a court uses to decide whether a contract for both goods and services is governed by the UCC or by common law
What is the predominant-factor test
Type of law pertaining to crimes committed against society and punishing the wrongdoer
What is criminal law
Exceeding the maximum interest rate allowed on loans
What is usury
Dana has never held a mortician's license. She signs a contract with the Larson family to embalm their father and direct his funeral for $8,000. This contract is considered...
What is void
Highest and most powerful source of law in the US
What is the US Constitution
When someone unfairly benefits based upon the mistake of another
What is unjust enrichment
A private or civil wrong against a person that is not a breach of contract
What is a tort
The doctrine that prevents going back on a promise after the Promisee acts on that promise to their detriment
What is promissory estoppel