What is contact?
An enforceable agreement in court.
When can a Revocation occur?
At anytime before an acceptance.
What is accord and satisfaction?
When a creditor accepts a lesser amount owed and the debtor executes payment.
A contract that by its terms can be performed within one year need
not be in writing? (T/F)
TRUE
A contract's purpose must sometimes accomplish some goal that is
always legal and never against public policy? (T/F)
True, Always legal and never against public policy
A Condition Precedent(Before) in a contract is a condition that must
be met before a party�s promise becomes absolute.(T/F)
TRUE
Deed that has Warranties
Warranty deed
Deed that has Zero Warranties
quitclaim deed
Who is the Grantee?
The person that receives real property by deed.
Who is the Grantor
The person who gives the real property by deed.
What is a patent?
Is a government granted right to exclude others from making, using,
or selling and invention.
What is a trade secret?
The formula for Coca Colas is an example of it.
What is trademark or trade dress.
Packaging or dressing of product can be protected under it.
Trade Secrets are protected for an indefinite time. (T/F)
TRUE
Registration with the Federal Trademark is
not a requirement for obtaining rights in trademark.
TRUE
If you obtain rights for a trademark without registering it, what is
it called?
Common Law trademark
What is an Option Contract?
is a contract under which the offeror cannot revoke the offer for
stipulated period of time.
What is the mirror image rule?
is a common law rule that requires that the terms of the offeree�s
acceptance adhere exactly to the terms of the offeror�s offer for a
valid contract to be formed.
What is assignment?
The act of transferring to another all or part of one�s rights
arising under a contract
What is delegation?
The act of transferring to another all or part of one�s duties
arising under a contract
What is Promissory Estoppel?
is a doctrine that applies when a promisor makes a clear and definite
promise on which the promisee justifiably relies and where the promise
is binding if justice will be better served by the enforcement of the promise.
What is liquidated damage?
is a type of damages that the parties specify in advance, such as a
breach in contract.
What contracts need to be written?
Prenup
promise to pay
property
An agreement that can not take longer than a year
A person who has legal capacity to contract?
is one who has the mental ability to understand his or her rights and
obligations under a contract and, therefore, will presumably be able
to understand how to comply with the terms of the agreement.
What does pacta sunt servanda mean?
agreements must be kept.
What is quitclaim deed?
is a type of deed that contains no express or implied warranties.
What is fee simple interest ?
absolute ownership of real property.
The following is true regarding the legal requirements of a deed?
1. It must specifically describes the interest that is conveyed.
2. It must be delivered to the named grantee. 3. It must be
accepted by the named grantee.
What is adverse possession?
occurs when a person acquires ownership on a piece of property by
adversely possessing a parcel of land for the period of time specified
by a state statute. (squaters)
How many years is the utility patent?
20
How many years is the design patent?
14
What is the federal trademark act known as?
It is known as the Lanham Act.
What is the duration of a copyright?
Life of author plus 70 years.
What does the certification mark placed on a product indicate?
that the product has met the certifier�s standards of safety or quality.
What are the following basic elements for formation of a valid contract.
1.Offer / Acceptance 2. Consideration 3. For Legal Purpose
How can an offer be terminated?
By operation of law and also by action of the parties.
Who is a third party beneficiary?
is someone who is not a party to the original contract.
What are expectation damages?
damages that give the plaintiff the benefit of its bargain, putting
plaintiff in the case position it would have been if the contract had
been fulfilled.
Can a minor void a contract?
Yes
What are conditional premises?
Condition concurrent and condition subsequent
What is Doctrine of undue influence?
a court can invalidate the agreement if one party had sufficient
influence and power over the other as to make a genuine assent impossible.
When does conditions concurrent occur?
occur when mutual duties of performance occur simultaneously.
What is Statue of frauds?
applies to a promise to pay the debt of another
What is res ipsa loquitur?
Things speak for itself
Negligence doesnt include what?
Intent element
Where is a reasonable person standard used?
In negligence class ( Would a reasonable person be texting and
driving while intoxicated in a school zone?)
What is Respondeat Superior
is when an employer is held vicariously liable for the torts of the
�servant� or employee if the employee was acting within the scope of
his or her employment. (
The plaintiff may only recover the proportionate amount of damages
attributable to the defendants negligence when?
Under comparative negligence. ( if defendant was 70% negligence and
plantiff was 30%, the plantiff only gets 70%/
Punitive damages are known as what and what will they be?
Exemplary damages, they will be awarded.
What is joint and several liability?
is when the court determines that multiple defendants are at fault
and the plaintiff may collect the entire judgment from any one of
them, regardless of the degree of the particular defendant�s fault. (4
guys get sued, 3 are broke, 1 is rich, they sue the rich guy because
its joint and several liability.)