business law chap 11

Question Answer
Contract law ensures compliance with? A promise
Comtract law provides stability and ? Predictability for commerce
Comtract law entitles a non breaching party to relief when? A contract is breached
Promise, the breach of which the law provides a remedy and thei performance of which the law recognizes as a obligation to be enforced? Definition of a contract
Offer, acceptance, agreement, consideration Elements of a contract
Contractual capacity, contractual age, mental competency, legality, purpose of contract must be legal at the time of execution? Also needed are
A clause in an employment contract prohibiting an employee from competing with his ex employer by using lnowledge of those customers gained during his prior employment . Restrictive covenant or covenant not to compete
Meets all the elements of a contract and is enforceable? Valid
Meets all the elements of contract but a party can chose not to enforce it? Voidable
No contract nothing enforceable in court? Void
An obligation of one party to another imposed by law independintly of an agreement between the parties? Quasi contract, contract implied in law
A plaintiff recovers under the theory of? Quantum Meruit, as much as he or she deserves
Objective theory of contracts Reasonable person
One way promises are? Not enforceable in court
Consideration turns a promise into? An enforceable contract
Is there a ? Comtract
what are the? Terms
Who decides? the objective reasonable person
Offer plus acceptance? Agreement
Metting of the minds? Agreement
Mutual assent Agreement
Serious, commmunicated offeror is master of the offer Requirements of the offer
Acceptance must be the? Mirror image of the offer
Any counter offer, change in terms is? Rejection
Conditions that add no new terms? Do not turn an acceptance into a rejection
Any missing information is filled in by? The reasonable person
An offer may be revoked? Any time before acceptance
Promise to hokd an offer open for a specified period of time in return of consideration? Letter of intent
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