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Cards In This Set
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What does OACCL stand for? What are these the requirements for?
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Offer, Acceptance, Capacity, Consideration, and Lawful purpose. These are requirements for a contract.
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What are goods?
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Tangible, movable personal property for sale.
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What is the difference between a unilateral and a bilateral contract?
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A unilateral has one promise and a bilateral has two promises.
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What are the two types of actual contracts?
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Express (terms are discussed in written or oral form) and implied in fact (terms are not discussed).
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What is an example of unjust enrichment?
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Lee's painting service is set to paint Waynick's house for $7500. Lee's people go to Ezell's house instead and paints his whole house. Ezell must pay the "reasonable value" (cost of paint, labor, etc., but not the profit).
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What is the difference between an executed agreement and an executory agreement?
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In an executed agreement, the requested act has been performed. In an executory agreement, the requested act has not yet been performed.
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What is the statute of frauds?
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Certain contracts must be in writing in order to be enforceable. This only applies to executory agreements.
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What type of contract contains all the requirements of OACCL?
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A valid contract.
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What type of contract would have an invalid offer, acceptance, consideration, or lawful purpose?
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A void contract.
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What makes a contract voidable?
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If there is invalid capacity, duress, or mutual mistake.
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What is an unenforceable contract?
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One that is not in writing.
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What are the three requirements of an offer?
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It must be (1) bound by statement, it must be (2) definite or reasonably certain, and it must be (3) communicated.
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What is the objective theory?
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If a reasonable third party would or would not understand the seriousness of the offer or the acceptance.
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In what two ways can offers be terminated?
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By action of the parties or operation of law.
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What are the two ways the parties involved can terminate an offer?
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Revocation and rejection (counter-offer).
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