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42 Cards in this Set
- Front
- Back
contract |
a legally enforceable agreement |
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elements of a contract |
-offer -acceptance -consideration -legality -capacity -consent -writing |
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noncompetition agreement |
a contract in which one party agrees not to compete with another |
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bilateral contract |
a promise made in exchange for another promise |
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executory contract |
an agreement in which one or more parties has not yet fulfilled its obligations |
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executed contract |
an agreement in which all parties have fulfilled their obligations |
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voidable contract |
an agreement that may be terminated by one of the parties |
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void agreement |
a contract that neither party can enforce, because the bargain is illegal or one of the parties had no legal authority to make it |
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express contract |
an agreement with all the important terms explicitly stated |
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promissory estoppel |
a possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show a promise, reasonable reliance, and injustice |
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quasi-contract |
a possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show benefit to the defendant, reasonable expectation of payment, and injust enrichment |
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quantum meruit |
'as much as he deserves' -the damages awarded in a quasi-contract case |
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offer |
an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms |
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offeror |
the person who makes an offer |
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offeree |
the person to whom an offer is made |
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letter of intent |
a letter that summarizes negotiating progress |
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gap-filler provisions |
UCC rules for supplying missing terms |
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output contract |
obligates the seller to sell all of his output to the buyer, who agrees to accept it |
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requirements contract |
obligates a buyer to obtain all of his needed goods from the seller |
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mirror image rule |
requires that acceptance be on precisely the same terms as the offer |
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mailbox rule |
acceptance is generally effective upon dispatch. terminations are effective when received |
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act |
any action that a party was not legally required to take in the first place |
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forbearance |
refraining from doing something that one has a legal right to do |
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liquidated debt |
a debt in which there is no dispute about the amount owed |
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unliquidated debt |
a debt that is disputed because the parties disagree over its existence or amount |
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accord and satisfaction |
a completed agreement to settle a debt for less than the sum claimed |
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injunction |
a court order that requires someone to do something or refrain from doing something |
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expectation damages |
the money required to put one party in the position she would have been in had the other side performed the contract |
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specific performance |
forces both parties to complete the deal |
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liquidated damages clause |
a provision in the contract that declares in advance what one party will receive if the other side breaches |
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interest |
a legal right in something |
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direct damages |
are those that flow directly from the contract |
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consequential damages |
are those resulting from the unique circumstances of the injured party |
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incidental damages |
relatively minor costs that the injured party suffers when responding to the breach |
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cover |
to make a good faith purchase of goods similar to those in the contract |
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reliance interest |
puts the injured party in the position he would have been in had the parties never entered into a contract |
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restitution interest |
is designed to return to the injured party a benefit he has conferred on the other party |
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rescission |
to 'undo' a contract and put the parties where they were before they made the agreement |
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reformation |
a process in which a court will partially rewrite a contract |
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mitigate |
to keep damages as low as reasonable |
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nominal damages |
a token sum, such as one dollar, given to a plaintiff who demonstrates a breach but no serious injury |
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liquidated damages |
a clause stating in advance how much a party must pay if it breaches |