An agreement that can be rejected by one or both of the parties.
What is a voidable contract?
100
An explicit, specifically stated promise.
What is an express warranty?
100
Approval of a contract made by a minor after reaching age of majority.
What is ratification?
100
An agency that results when a principal approves an unauthorized act performed by an agent or approves an act done in the principal's name by an unauthorized person.
What is agency by ratification?
100
A transfer of a contract right to a third party who can receive the benefits of the contract.
What is an assignment?
200
The requirements of a valid offer.
What are 1) definite and certain, 2) communicated to the offeree, and 3) made with a serious intention that the offeror will be bound.
200
A denial or repudiation in an express warranty that places specific limitations in the warranty.
What is a disclaimer?
200
The three types of illegal agreements.
What are 1) agreements contrary to common law, 2) agreements that have been declared illegal by statute, and 3) agreements against the security or welfare of the public (against public policy)?
200
An agency that is created when a court finds teh need for an agency to achievwe a desired social policy; guardian ad litems.
What is agency by operation of law?
200
The rule that any spoken or written words in conflict with what the written contract states cannot be introduced as evidence in a court of law, except to clarify a patently ambiguous term.
What is the parol evidence rule?
300
The act of applying unlawful or improper pressure or influence to a person to gain her agreement to a contract.
What is duress?
300
A guarantee suggested or inferred from known facts and circumstances.
What is an implied warranty?
300
In the making of a contract, the party who makes a promise.
What is promisor?
300
An agency that is created when circumstances make such an agency necessary.
What is agency by neccessity?
300
A party who guarantees the promises assigned.
What is the guarantor?
400
The six requirements of a valid contract.
What are 1) offer and acceptance, 2) mutual agreement, 3) consideration, 4) compentant parties, 5) legality of purpose, 6) proper form?
400
The law's assumption that goods are fit for their intended use.
What is implied warranty of fitness for a particular purpose?
400
A limitation on the full exercise of doing business with others.
What is a restraint of trade?
400
When the agent informs the third party that he or she is acting on behalf of another, but the identity of the principal is unknown to the third party.
What is a partially disclosed principal?
400
A law requiring certain contracts to be in writing to be enforceable.
What is the statute of frauds?
500
The calling back of an offer by the offeror before the offer has been accepted or rejected.
What is revocation?
500
A warranty that does not meet the minimum requirements of a full warranty.
What is a limited warranty?
500
A promise to repay someone for a benefit after it has been received.
What is past consideration?
500
An agent's authority that the principal voluntarily and specifically sets forth as oral or written instructions in an agency agreement.
What is express authority?
500
When a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.