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Review Exam III
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invitation to trade
an announcement published for the purpose of creating interest and attracting a response by many people
oral contracts
a contract that is created entirely throught conversation of the parties involved
executed contracts
a contract that has been fully completed by both parties
revocation
the calling back of an offer by the offeror before the offer has been accepted or rejected
mutual agreement
a "meeting of the minds"
competent
a person who is of legal age and normal mentality
duress
the act of applying unlawful or improper pressure or influence to a person to gain his or her agreement to a contract
divisible contracts
a contract with several unrelated parts
consideration
the promises exchanges by parties to a contract
implied contract
a contract that is understood from the acts or conduct of the parties
counteroffer
a response to an offer
formal contract
a written contract that bears a seal
voidable contracts
a contract that allows the incompetent party to withdraw
entire contracts
a contract with several related parts, each dependant on the other parts for satisfactory performance
express contracts
a contract whose meaning is not determined by the conduct of the parties
proper form
a requirement for contracts for the sale of goods for $500 or more
executory contracts
a contract that has not yet been completed by both parties
void contract
a contract that lacks an essential element and hence was never legally a contract
fraud
the intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party
legality of law
the requirement that a contract cannot violate the law
limited liability company
a relatively new organizational form available in most states that provides all of the owners with limited
corporation
a business formed as a separate legal entity
articles of incorporation
a document that lists the general powers of a corporation
limited partnership
a business in which there are one or more general partners and one or more limited partners
sole proprietorship
a business ownes and operated by one person
limited liability
legal exposure in which an owner of a business is not personal liable for all of the debts and obligations of the business
Author
kikicutler
ID
17966
Card Set
Review Exam III
Description
5-5-10
Updated
2010-05-05T21:34:26Z
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