Contract Law Overview

<p>Offer and acceptance (D)</p> Signup and view all the answers

<p>To facilitate communication between the parties. (C)</p> Signup and view all the answers

<p>When behavior indicates a clarity of intent (C)</p> Signup and view all the answers

<p>Parties can influence the selection of arbitrators. (C)</p> Signup and view all the answers

<p>Corporate governance (D)</p> Signup and view all the answers

<p>Different interpretations may arise about the meaning (D)</p> Signup and view all the answers

<p>An offer has been made (B)</p> Signup and view all the answers

<p>It must show clear agreement to the initial offer (D)</p> Signup and view all the answers

<p>Holding up a book at a booth and asking '50 dollars?' (D)</p> Signup and view all the answers

<p>Casual conversation about selling items (A)</p> Signup and view all the answers

<p>A description of the goods and price (C)</p> Signup and view all the answers

<p>To provide a framework for electronic contract enforceability (A)</p> Signup and view all the answers

<p>Formal court procedures (C)</p> Signup and view all the answers

<p>They are closely related and can influence each other (D)</p> Signup and view all the answers

<p>It allows for more flexibility and confidentiality (D)</p> Signup and view all the answers

<p>General Usage of International Digitally Ensured Commerce (GUIDEC) (A)</p> Signup and view all the answers

<p>Traditional rules do not adapt well to digital formats (D)</p> Signup and view all the answers

<p>Jurisdiction for legal disputes (D)</p> Signup and view all the answers

<p>To manage disagreements in a cost-effective manner (B)</p> Signup and view all the answers

<p>It is overly complex for many countries (B)</p> Signup and view all the answers

<p>The offeree demonstrates willing behavior or statements. (D)</p> Signup and view all the answers

<p>The presence of consideration. (A)</p> Signup and view all the answers

<p>The party misled may rescind the contract. (D)</p> Signup and view all the answers

<p>Coercion or pressure leading to unwilling consent. (D)</p> Signup and view all the answers

<p>Individuals can enter any agreement they choose. (D)</p> Signup and view all the answers

<p>One party is a minor or lacks mental competence. (B)</p> Signup and view all the answers

<p>Literal interpretation. (C)</p> Signup and view all the answers

<p>One party having significantly more power during the agreement. (C)</p> Signup and view all the answers

<p>An offer must be accepted within a specified time frame to be valid. (B)</p> Signup and view all the answers

<p>Consideration must involve a mutual exchange of value. (D)</p> Signup and view all the answers

<p>The offer is considered rejected. (D)</p> Signup and view all the answers

<p>The value exchanged between the contracting parties. (C)</p> Signup and view all the answers

<p>The contract may be declared unenforceable. (D)</p> Signup and view all the answers

<p>Community values and priorities (D)</p> Signup and view all the answers

<p>An unforeseen event that excuses non-performance (A)</p> Signup and view all the answers

<p>A fundamental breach of contract (D)</p> Signup and view all the answers

<p>To restore the economic position as if the contract was fulfilled (D)</p> Signup and view all the answers

<p>To restore the injured party to their position at contract formation (B)</p> Signup and view all the answers

<p>They are governed by commercial legal rules and codes (D)</p> Signup and view all the answers

<p>At a point clearly specified in the sales agreement (A)</p> Signup and view all the answers

<p>The obligation to minimize losses resulting from non-performance (D)</p> Signup and view all the answers

<p>Specific performance (A)</p> Signup and view all the answers

<p>Forced negotiation (C)</p> Signup and view all the answers

<p>The right of the non-breaching party to seek remedies (A)</p> Signup and view all the answers

<p>To guarantee good faith and fair dealing (C)</p> Signup and view all the answers

<p>Permitting use of intellectual property (B)</p> Signup and view all the answers

<p>Full performance of the contract terms (A)</p> Signup and view all the answers

<p>Payments may be structured in installments (D)</p> Signup and view all the answers

The process of creating a legally binding agreement, usually requiring an offer and acceptance.

A clear indication by one party to another that they are willing to enter a binding agreement.

The clear expression of agreement to the terms of an offer by the other party.

A legally binding agreement that meets the required criteria.

Contracts related to a business transaction (e.g., sales of goods or services).

A standard used to determine if a person's actions (like an offer or acceptance) would be understood by a typical person.

Figuring out what the contracts actually mean.

When one party does not fulfill their part of a contract.

The offeree's clear indication to the offeror that they agree to the terms of the offer, either through words or actions.

The person making the offer.

The person to whom the offer is made.

Something of value (item or service) exchanged between parties in a contract.

Something done or promised in exchange for a contractual promise; must have a bargain, mutual exchange, and specific value.

A contract's enforceability based on various factors like capacity, misrepresentation, duress, and unconscionability.

The legal ability to enter into a contract, often based on age or mental ability.

A false statement of fact that influences contract formation. Hiding important information is also misrepresentation.

Being forced or coerced into a contract.

A contract that is unfairly one-sided or oppressive.

The principle that individuals can enter into any agreements they wish.

Determining the meaning of a contract's terms, especially in written contracts.

The act of taking back an offer before it's accepted.

The act of taking back an acceptance before it's received.

The length of time an offer remains open for acceptance.

The extent to which an acceptance must mirror the exact terms of the original offer.

Contractual obligations that are not explicitly written but are assumed by law, based on fairness and good faith.

A legal requirement for parties in a contract to act honestly and fairly in their interactions, even if not explicitly stated.

When one party fails to fulfill their obligations as agreed upon in the contract.

When one party completes only a portion of their contractual obligations.

A legal doctrine that excuses non-performance of a contract due to events outside the party's control, like natural disasters.

A serious violation of the contract that significantly alters its purpose, allowing for termination and compensation.

Financial compensation awarded to the harmed party for losses caused by a breach of contract.

A method of calculating damages by assessing the difference between the expected benefit and the actual outcome due to the breach.

A method of calculating damages by restoring the injured party to their financial position before entering the contract.

A remedy that prevents the breaching party from unfairly benefiting from a contract they violated.

The legal principle requiring the harmed party to take reasonable steps to minimize their losses after a breach of contract.

A remedy where a court orders the breaching party to fulfill their contractual obligations, rather than just paying damages.

The legal process determining when ownership of goods passes from seller to buyer, impacting risk and financing.

A formal, but outside-of-court, process where parties agree on rules, procedures, and who decides their dispute. Think of it like a private mini-trial.

A less formal process where a neutral third party helps repair damage, focusing on solutions, not assigning blame.

A process where a neutral party helps parties communicate and reach a solution themselves. It's all about finding common ground.

Direct communication between parties, without a third party, aiming to resolve disputes through compromise and agreement.

The agreed-upon timeline for when payments are made in a contract, especially relevant in sales where financing might be involved.

The legal rights of individuals or organizations not directly involved in the initial contract, but may be affected by it (e.g., a bank lending for a purchase).

The fundamental terms needed for a legally binding sales contract, like price, goods description, quality, delivery details, and payment arrangement.

An international agreement that sets basic rules for international commercial contracts, including sales contracts.

Using computers and electronic networks to conduct business transactions, like online orders and digital payments.

A legal framework developed by the United Nations to help countries regulate electronic commerce, addressing challenges like contracts in digital form.

A set of rules created by the International Chamber of Commerce (ICC) to guide the use of digital signatures in e-commerce.

A formal but less public way to resolve disputes between businesses, usually used in international transactions.

Sections in a contract that tell how disagreements will be handled if they arise, especially important in international sales.

Several choices parties make in a contract regarding which law applies to their agreement, where disputes will be settled, and how the process works.