Term
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Definition
| Standardized online contract that requires the viewer to click on an icon indicating agreement |
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Term
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Definition
| Standized contract, where opening a sealed package constitutes agreement. |
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Term
| Basic Elements of a Contract |
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Definition
1. Offer
2. Acceptance of the Offer
3. Voluntary
4. Consideration
5. Both parties have "capacity" to contract
6. Objective and performance of contract must be legal |
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Term
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Definition
| Oral acceptance, in writing, by action or by inaction under special circumstances when it is clearly indicative of consent. |
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Term
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Definition
| A contract is executed when all of the parties have fully performed their contractual duties. Until such duties are performed it is executory. |
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Term
| What are the two bodies of law that govern contracts? |
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Definition
| Uniform Commercial Code and the common law of contracts |
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Term
| Uniform Commercial Code (UCC) |
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Definition
-Established to govern commercial transactions across state lines
-More flexibile than common law and focuses on people's legitimate expectations
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Term
| "Goods" as defined by UCC |
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Definition
Tangible, movable, personal property.
-NOT real estate or services or intangibles |
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Term
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Definition
UCC clause which requires "honesty in fact" of all parties to contract.
"Reasonable commercial standards of fair dealing" reuquired of all merchants. |
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Term
| "Unconscionable Contract" |
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Definition
| UCC protects against grossly unfair or one-sided contracts, the court has broad discretion to deal fairly |
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