law i chapter 23: contracts chapter 24: warranties
TRANSCRIPT
Law I
Chapter 23: Contracts
Chapter 24: Warranties
Chapter 23
• Contracts
Key Terms
• Contract
• Breached
• Offer
• Acceptance
• Consideration
• Cosign
• Ratified
Two More Terms
• Unconscionable
• Fraud
Contract
• A legally enforceable agreement between two or more people.
Breached
• When a law, duty or other form of obligation has been violated, either by engaging in an action or failing to act.
Offer
• A definite proposal by one person to another to make a deal or contract.
Acceptance
• The act of agreeing to an offer and becoming bound to the terms of a contract.
Consideration
• Something of value either offered or received, constituting the main reason for making the contract.
Cosign
• To sign a legal document, guaranteeing to pay off the debt or contract if the original signer defaults.
Ratified
• An act performed by you or someone else has been confirmed.
• Ex: In order for the Constitution to become the law of the land, ten (10) of the original Thirteen (13) states had to have ratified it.
Unconscionable
• 1. Unfair, harsh, oppressive.
• 2. A sales practice or term in a contract that is so unfair that a judge will not permit it.
Fraud
• Any deception, lie, or dishonest statement made to cheat someone.
Chapter 24
• Warranties
Key Terms
• Warranty
• Breached
• Express Warranty
• Puffing
• Implied Warranty
• Warranty of Merchantability
• Warranty of Title
Two More Terms
• Warranty of Fitness for a Particular Cause
• Disclaimer
Warranty
• A guarantee or promise made by a seller or manufacturer concerning the quality or performance of goods offered for sale.
Breached
• When a law, duty or other form of obligation has been violated, either by engaging in an action or failing to act.
Express Warranty
• A statement of fact or a demonstration concerning the quality or performance of goods offered for sale.
Puffing
• An exaggerated statement as to the desirability of a product or service.
Implied Warranty
• The unwritten standard of quality the law requires of products offered for sale.
Warranty of Merchantability
• An implied promise that an item sold is of at least average quality for that type of item.
Warranty of Title
• The seller’s promise that he or she owns and may transmit title to the item being offered for sale.
Warranty of Fitness for a Particular Purpose
• A seller’s promise that the item sold will meet the buyer’s stated purpose . The promise is not spoken or written by the seller, but it is implied by law.
Disclaimer
• A clause or statement in a contract or an agreement that denies responsibility for anything not expressly promised.