Quiz show contract law key terms
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Transcript of Quiz show contract law key terms
Quiz Show
Contract Law Key TermsDonna M. Kesot, CPCU©
The act of giving up or the promise to give up a legal right
Forebearance
TRUE or FALSE?TRUE or FALSE?
Generally contracts by intoxicated persons are not voidable.
Match the device to what it measures:
Voidable Contract
Void Contract
Revocation
Estoppel
Usury contract
High interest loan
Withdrawal before acceptance
Party can reject based on a circumstance in execution
Agreement never reaches contract status
Lacks consideration
TRUE or FALSE?TRUE or FALSE?
For a novation to be effective, all parties must agree to the substitution, the remaining party must agree to accept the new party and to permit substitution of the withdrawing party. The withdrawing party must agree.
A.
B.
C.
D.
E.
First element of a contract
Enforceability
Binding Promise
Consideration
Capacity to contract
Agreement
A contract that includes two or more promises, each of which a court can enforce separately
Severable
Bilateral contract
One in which each party becomes both a promisor and a promisee. If a default occurs, either party may enforce the other’s promise. A contract is not formed until performance
occurs.
Voidable contract
A valid contract that can continue in force unless an innocent party, e.g. minor, chooses to avoid it, once of the contracting parties commits fraud, or the contract is found to be the result of duress of one of the parties.
A void contract is an agreement that is not really a contract because it is not legalally enforceable, i. e., an agreement to commit a crime.
What is required to contract?
Intent, Definite Terms, Communication to the OffereeThe first requirement is the intent to contract. The offeror must intend, or appear to intend, to create a legally enforceable contract if the offeree accepts the offer.
The second requirement of the offer is definite terms.
The third requirement to contract is communication to the offeree.
What is an executed contract?
A contract that has been completely performed by both parties
Misrepresentation
Contestable Period
Contract of Indemnity
Utmost Good Faith
Principal of Indemnity
Benefit no greater than loss suffered
pay an amount directly related to the covered loss
False statement
Life carrier right of challenge
An obligation
Connect the Element of the concept
A.
B.
C.
D.
E.
Element of a conditional contract
A contract for which consideration is given
A contract where the parties must perform only under certain circumstances
An insurance policy
A contract with unconditional and unequivocal acceptance
All of the above
A perception that does not agree with the facts
Mistake
A.
B.
C.
D.
E.
What is duress?
The improper use of power or trust to deprive a person of free will and substitiue another’s objective, resulting in lack of genuine assent to a contract
The use of restraint, violence, or threats of violence to compel a party to act contrary to his or her wishes or interest