Review Exam III

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