Glossary of Mertz Business and Personal Law Exam 1

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A contract that is legally binding and fully enforceable is known as
A valid contract
A proposal made by one party that he or she is willing to enter a contract is known as
An offer
A contract that has no legal effect is known as
Any agreement that is enforceable by law is known as
a contract
A contract that comes about by the acts of the parties is known as
implied in fact
An unqualified agreement by the offeree to be bound by the offer is known as
An offer that has been changed by the offeree is known as
counter offer
A contract stated in oral or written words is known as
express contract
A contract in which both parties make promises is known as
bilateral contract
A contract in which one party makes a promise in exchange for an act is known as
unilateral contract
A person is no longer a minor when he/she reaches the age of
Minors may avoid or ___ their contracts if they choose to do so.
Minors are held for the fair value of
A person who looks after the affairs of an incompetent person is a(n)
Incompetent persons lack the ___ to contract
A person who has not reached the age of majority is a
In legal terms minority is the same as
A person who is living in this country but owes allegiance to another country is called an
Minors may be bound by their contracts if they approve or ___ those contracts
A person who has not yet reached his or her 18th birthday is still in the age of
A doctrine under which no consideration is needed is called
promissory estoppel
The act of refraining from one's legal rights is known as
An exchange of benefits and detriments by the parties to an agreement is known as
A ___ is something for which no consideration is received
Contracts which appear at first glance to bind the parties but which actually do not are said to be
___ Involves giving up something that one has the legal right to keep
A____ contract is one in which the consideration is ridiculously low
A(n)_____ is something that a party was not previously entitled to recieve
A free agreement is also called a(n) _____ agreement
Accord and ____ may solve the problem when people disagree on the amount owed in a contractual situation
The taking back of an offer by the offeror is called
A contract that amounts to nothing and has no legal effect is
A contract that contains a promise by both parties is
bilateral contract
To be effective, an offer must be communicated to the
The wrongful failure to perform a promise set forth in a contract is
breach of contract
If a valid offer is met with a valid acceptance, the result is
genuine agreement
Oral statements made before signing a written contract are not admissible as evidence under the
Parol Evidence Rule
Minors may__ contracts
discharge all contracts for nonessentials
A request to have additional time to do what you have agreed to do under a contract is
valid if accompanied by additional consideration
Threats of a business nature that cause a person to enter into a contract w/o real consent would qualify as
economic duress
A mutual mistake is known as
a bilateral mistake
A deliberate deception to secure unfair of unlawful gain is
A fact that is important to one of the parties to a contract is
a material fact
Illegal agreements are
A substitution of one contract for another is
accord and satisfaction
A party's violation of an agreement before performance is required is called
anticipatory breach
Damages agreed upon by the parties when they first enter into a contract are called
liquidated damages
Martha is arrested for murdering her husband. which court has jurisdiction?
the state supreme court b/c it's a felony even thought the prelims are at the district court
Larry wants to sue Rob, but doesn't want to hire a lawyer (only sueing for 500$) In which court can Larry file suit?
State district court, b/c that's where small claims are disputed and there are no lawyers- only for claims under $3,000
Frank has been convicted of murder and sentenced to death penalty. He appeals his case to which court?
State court of appeals
What court has jurisdiction over copyright infringement?
U.S Federal district court, b/c that is a federal offense
Kelly is cited for her disruptive behavior on a city bus. Which court has jurisdiction?
State district court b/c the case is a misdimeanor
Sarah and Tom need to declare bankruptcy, in which court will they file?
U.S Fed district court, filing for bankruptcy is a federal case
Kelly and Kory need a divorce. Which court has ....
State circuit court, family division.
In a civil case the parties involved are the
plaintiff vs. the defendant
The relief/punishment in criminal cases is
fine, imprisonment, death
In a criminal case the jury must decide
Guilty or not guilty
In a civil trial the verdict must be decided by a
majority vote
What are the 5 sources of law
consitution, common law, statutes, courts and administrative law
A petition is a form of what?
protected speech
T/F an injured party may recover money damages for a tort?
T/F Truth is generally an absolute defense to defamation?
Generally torts arise from a violation of a ____ duty
Torts can be classified as
intentional, negligence, and strict liability
To sucessfully defend a claim of false imprisonment, a merchant must show
that the merchant acted based on reasonable suspicion.
T/F It is more difficult for prominent people and/or public officials to prove defamation?
The defense to negligence that distributes damages according to fault is
comparative negligence
When a person engages in a recreational sport, they may sue only if..
the defendant was reckless and caused injury
The elements of negligence are...
duty, breach of duty, causation and injury
T/F Negligence can be proven w/o showing actual damage
T/F Employers are liable for the torts of their emplyess if the torts are committed within the scope of the employees' employment.
Strict liability ONLy applied to manufacturers of dangerous or defective products T/F?
A ultrahazarous activity is defined as
An activity in which even reasonable care could not remove the risk of harm
The class ordered pizza from Pizza Hut and all became ill from salmonella poisoning. They may....
Sue for strict liability
Punitive damages will be awarded if...
the plaintiff shows the defendant acted willfully and maliciously
T/F kissing someone who does not want to be kissed could be considered battery

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