Business Law 1
Any agreement enforceable by law
Contract
This means legally good or legally binding
Valid
This contract contains 2 promises
Bilateral
The legal ability to enter into a contract
Capacity
person who has not yet reached the age of legal adulthood
Minor
How many elements are there to a contract?
6
This means a contract with no legal affect
Void
The deliberate deception intended to secure an unfair or unlawful gain
Fraud
A mark or impression placed on a written contract indicating that the instrument was accepted
Seal
People who are living in this country but owe their allegiance to another country
Aliens
The legal ability to enter into a contract
Capacity
A contract stated in words either verbally or written
Express contract
This law protects consumers when they buy defective vehicles
Lemon Law
The exchange of benefits and detriments by parties to an agreement
Consideration
These include food, clothing, shelter and medical care
Necessaries
A proposal by one party to another intended to create a legally binding agreement
Offer
A contract that comes from the actions of the parties
Implied contract
The taking back of an offer by the offeror
Revocation
The cost of a loan in dollars and cents
Finance charge
A minor who is no longer under the control of their parents is considered what
Emancipated
Most advertisements in newspapers, magazines, etc. are treated as what?
Invitations to negotiate
An error on the part of one of the parties to the contract
Unilateral mistake
Choosing NOT to reveal important information
Concealment
A bank or loan company can do this if the car was stolen or people don't make their payments
Repossess
This type of insurance applies to damage to your vehicle from sources other than collision, including fire, theft, lightning, flood, hail, etc.
Comprehensive Insurance