Exam II

  1. acceptance
    an indication made by the offeree that he or she agrees to be bound by the terms of the offer
  2. administrator
    a personal representative appointed by the court
  3. age of minority
    the age at which a person is legally recognized as an adult and bound by the terms of his or her contract
  4. bankruptcy
    a condition in which a person or business is legally recognized as unable to pay legitimate debts
  5. breach of contract
    when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner
  6. competent party
    a person of legal age and at least normal mentality who is considered by law to be capable of understanding the meaning of a contract
  7. consideration
    the promise to give up something of a value that a party to a contract has a legal right to keep
  8. contract
    a legally enforceable agreement that is created when two or more competent parties agree to perform
  9. counteroffer
    a response to an offer in which the term and conditions of the original offer are changed
  10. executor
    a personal representative named in the will
  11. forbearance
    the promise to refrain from doing something that a party has a legal right to do
  12. fraud
    the intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party
  13. injunction
    a permanent court order prohibiting the performance of a certain act
  14. misrepresentation
    a misstatement of a material fact that results in inducing another to enter into an agreement to his or her injury
  15. statute of frauds
    a law requiring certain contracts to be in writing to be enforceable
  16. oral contracts
    an agreement that is not in writing or signed by the parties
  17. written contracts
    an agreement that is reduced to writing on a permanent surface
  18. express contracts
    a contract that explicitly states the agreement of the parties, either orally or in writing
  19. implied contracts
    a contract that does not explicilty state the agreement of the parties but in which the terms of the agreement can be inferred from the conduct of the parties
  20. formal contracts
    a specialty contract that is written and under seal
  21. simple contracts
    an informal contract made without seal
  22. entire contracts
    an agreement that is made up of two or more parts, in which each part is dependent upon others
  23. divisible contracts
    an agreement that is made up of two or more parts, each part being independent of the others
  24. executor contracts
    an agreement in which some future act or obligation remains to be performed under its terms
  25. executed contracts
    a record of an agreement that has been completed in all respects by all the parties
  26. valid contracts
    an agreement resulting in an obligation that is legally enforceable
  27. void contracts
    a contract that is not enforceable from the beginning because it lacks one of the requirements of a valid contract
  28. voidable contracts
    an agreement that can be rejected by one of the parties for a legally acceptable reason
Card Set
Exam II
Business Law