Law I U5 Contract Vocab Quiz

A Contract is

• a legally enforceable agreement between two or more people to exchange somethign of value

• a specific proposal by one person to another to make a deal

• the act of agreeing to an offer for a deal, making the deal binding

• the violation of a law, duty, or other form of obligation

An offer is

• a legally enforceable agreement between two or more people to exchange somethign of value

• a specific proposal by one person to another to make a deal

• the act of agreeing to an offer for a deal, making the deal binding

• the violation of a law, duty, or other form of obligation

A breach is

• a legally enforceable agreement between two or more people to exchange somethign of value

• a specific proposal by one person to another to make a deal

• the act of agreeing to an offer for a deal, making the deal binding

• the violation of a law, duty, or other form of obligation

Acceptance is

• a legally enforceable agreement between two or more people to exchange somethign of value

• a specific proposal by one person to another to make a deal

• the act of agreeing to an offer for a deal, making the deal binding

• the violation of a law, duty, or other form of obligation

In contracts competency refers to

• a legally enforceable agreement between two or more people to exchange something of value

• a person having the capacity and function to make legal decisions on their own behalf

• when someone signs a document guarenteeing to pay off the debt or contract if an original signer defaults on their obligations

• Conditions so unfair, harsh, or oppressive that they make a contract invalid

In contracts minors

• generally cannot be forced to carry out promises they made in a contract

• are considered to have the capacity and function to make legal decisions on their own behalf

• are legally required to have an adult sign a document guarenteeing to pay off the debt/fulfill the duty if they default on their obligations

• are never allowed to exchange goods or services with others due to their status as underage consumers

Cosigning

• is legally required for any contracts made between minors and adults

• refers to a person having the capacity and function to make legal decisions on their own behalf

• is when someone signs a document guarenteeing to pay off the debt or contract if an original signer defaults on their obligations

• is when conditions are so unfair, harsh, or oppressive that they make a contract invalid

In Contract law, something is unconscionable

• if it is legally required to be completed by both parties to the contract

• when a person having the capacity and function to make legal decisions on their own behalf makes a controversial decision

• when someone signs a document guarenteeing to pay off the debt or contract if an original signer defaults on their obligations

• when conditions are so unfair, harsh, or oppressive that they make a contract invalid

In Contract law, Fraud is

• any deception, lie, or dishonest statement made to cheat/trick someone into agreeing to a contract

• when a person having the capacity and function to make legal decisions on their own behalf makes a controversial decision

• when someone signs a document guarenteeing to pay off the debt or contract if an original signer defaults on their obligations

• when conditions are so unfair, harsh, or oppressive that they make a contract invalid

Expectation damages

• refers to the money a breaching party in a contract dispute must pay to make the other party as well off as if the contract had not been breached

• refers to the act of canceling a contract and treating it as if it never existed

• refers to the act of restoring something to its owner to make good for loss or damage

• refers to a remedy where the breaching party must do exactly what he or she promised under the contract