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Define and explain Contract Law Terms-25 terms

1. What is the difference between law and morality.
2. What is the general function of the articles and amendments of the U.S. Constitution.
3. What is vicarious liability.
4. What are the six elements of a contract.
5. What is the purpose of the UCC in contract law.
6. What is the difference between a unilaterial and a bilaterial contract.
7. What are the three requirements of a valid offer.
8. What is the mirror image rule
9. What are the various means by which an offer can be revoked.
10. What is the difference between active fraud, passive fraud and misrepresentation.
11. What general presumption does the law make about a persons capacity to contract.
12. When does a person reach the age of majority
13. What is the legal effect of contracts made by persons who are mentally impaired
14. What is consideration
15 What is meant by the term unconscionable
17. What is the effect of illegality on a contract
18. What are the rules regarding licenses and illegality
19 What are the consequences of an illegal agreement
20. What is a blue law and how may it affect contracting
21. What could be considered an agreement contrary to public policy
22. What is in pari delicto
23. What agreements must be written under the statute of frauds
24. What information must be in a written contract
25. What is the parol evidence rule

Solution Preview

1. What is the difference between law and morality.
Morality is the set of values you live by. Law is the set of rules set up by a
society to protect the rights, the lives, the property of people.

2. What is the general function of the articles and amendments of the U.S. Constitution.
Each Amendment to the Constitution came about for a reason - to overrule a Supreme Court decision, to force a societal change, or to revise the details of the Constitution. This page will give an overview of how each Amendment came to be.

3. What is vicarious liability.
Sometimes called "imputed liability," attachment of responsibility to a person for harm or damages caused by another person in either a negligence lawsuit or criminal prosecution. Thus, an employer of an employee who injures someone through negligence while in the scope of employment (doing work for the employer) is vicariously liable for damages to the injured person. In most states a participant in a crime (like a hold-up) may be vicariously liable for murder if another member of the group shoots and kills a shopkeeper or policeman.

http://dictionary.law.com/Default.aspx?selected=2223

4. What are the six elements of a contract.
? Offer
? Acceptance
? Consideration
? Capacity of the Parties to Contract
? Intent of the Parties to Contract
? Object of the Contract

http://ezinearticles.com/?6-Key-Elements-of-a-Contract&id=3797811

5. What is the purpose of the UCC in contract law.
The main purpose of the Uniform Commercial Code is to bring a degree of uniformity to various types of secured transactions. This function essentially makes it possible for business to be conducted with a solid foundation of standards that both the buyer and the seller are anticipated to follow.

http://www.wisegeek.com/what-is-the-uniform-commercial-code.htm

6. What is the difference between a unilaterial and a bilaterial contract.
Traditionally, courts have distinguished between unilateral and bilateral contracts by determining whether one or both parties provided consideration and at what point they provided the consideration. Bilateral contracts were said to bind both parties the minute the parties exchange promises, as each promise is deemed sufficient consideration in itself. Unilateral contracts are said to bind only the promisor and do not bind the promisee unless the promisee accepts by performing the obligations specified in the promisor's offer. Until the promisee performs, he or she has provided no consideration under the ...

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