Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
108 Cards in this Set
- Front
- Back
|
CONTRACT
|
A legally enforceable agreement that is created when two or more competent parties agree to perform, or to avoid performing, ceertain acts that they have a legal right to do and that meet certain legal requirements
|
|
|
OFFER
|
A proposal made by one party (the offeror) to another person (the offeree) that indicates a willingness to enter into a contract
|
|
|
OFFEROR
|
The peron making a proposal.
|
|
|
OFFEREE
|
The person to whom a proposal is made.
|
|
|
ACCEPTANCE
|
An indication made by the offeree that he or she agrees to be bound by the terms of the offer.
|
|
|
MUTUAL AGREEMENT
|
The state of mind that exists between an offeror and an offeree when a valid offer has been accepted, and the parties know what the terms are and have agreed to be bound by them. Mutual agreement is also known as "a meeting of the minds."
|
|
|
CONSIDERATION
|
The promise to give up something of value that a party to a contract has a legal right to keep, or to do something that the party is not otherwise legally required to do.
|
|
|
COMPETENT
|
Being mentally capable of understanding the terms of a contract
|
|
|
LEGALITY OF PURPOSE
|
The requirement that the intent of a contract be legal for the contract to be enforceable.
|
|
|
PROPER FORM
|
The requirement that the form of a contract be correct for the terms of the contract be enforceable.
|
|
|
ORAL CONTRACT
|
An agreement that is not in writing or signed by the parties
|
|
|
WRITTEN CONTRACT
|
An agreement that is reduced to writing on a permanent surface
|
|
|
EXPRESS CONTRACT
|
A contract that explicitly states the agreement of the parties, either orally or in writing.
|
|
|
IMPLIED CONTRACT
|
A contract that does not explicitly state the agreement of the parties but in which the terms of the agreement can be inferred from the conduct of the parties, the customs of the trade, or the conditions or circumstances.
|
|
|
FORMAL CONTRACT
|
A specialty contract that is written and under seal.
|
|
|
SIMPLE CONTRACT
|
An infomral contract made without seal -- even though the subject matter of the contract may be extremely complex and may involve huge amounts of money
|
|
|
ENTIRE CONTRACT
|
An agreeent that is made up of two or more parts, in which each part is dependent upon the others
|
|
|
DIVISIBLE CONTRACT
|
An agreement that is made up of two or more parts, each part being independent of the others.
|
|
|
EXECUTORY CONTRACT
|
An agreement in which some future act or obligation remains to be performed under it terms.
|
|
|
EXECUTED CONTRACT
|
A record of an agreement that has been completed in all respects by all the parties.
|
|
|
VALID CONTRACT
|
An agreement resulting in an obligation that is legally enforceable
|
|
|
VOID CONTRACT
|
A contract that is not enforceable from the beginning because it lacks one of the requirements of a valid contract.
|
|
|
VOIDABLE CONTRACT
|
An agreement that can be rejected by one of the parties for a legally acceptable reason
|
|
|
REQUEST FOR PROPOSAL
|
A request for an offer or an invitation to negotiate that can be accepted or rejected by the person calling for a bid
|
|
|
INVITATION TO TRADE
|
An annoucement published for the purpose of creating interest and attracting a response by many people. it is not considered a valid offer because it does not contain sufficient words of commitment to sell.
|
|
|
PUBLIC OFFER
|
A general offer to the public at large
|
|
|
MAILBOX RULE
|
A rule that states that an accpetance sent via the postal system or by courier is effective when sent
|
|
|
COUNTER OFFER
|
A response to an offer in shich the terms and conditions of the original offer are changed
|
|
|
TERMINATION BY LAPSE OF TIME
|
When an opportunity to form a contract ends because the offeree fails to accept an offer within the time specified.
|
|
|
REVOCATION
|
The calling back of an offer by the offeror beore the offer has been accepted or rejected.
|
|
|
REJECTION
|
The express or implied refusal by an offeree to accept an offer.
|
|
|
FRAUD
|
The intentional misstatement or nondisclosure off a material (essential) fact made by one party with the hope of influencing the other party.
|
|
|
PUFFING
|
A general expression of opinion, typically in a sales context, that is used to persuade a prospective purchaser to buy. It does not constitute a misrepresentation of material text.
|
|
|
MISREPRESENTATION
|
A misstatement of a material fact that results in inducing another to enter into an agreement to his or her injury
|
|
|
MISTAKE
|
A belief that is not in accord with the facts
|
|
|
UNDUE INFUENCE
|
The improper use of excessive pressure by the dominant member of a confidential relationship to convience the weaker party to enter a contract that greatly benefits the dominant party.
|
|
|
DURESS
|
The act of applying unlawul or improper pressure or influence to a person to gain his or her agreement to a contract.
|
|
|
CONTRACT OF ADHESION
|
A contract drawn by one party that must be accepted as is on a take-it-or-leave-it basis.
|
|
|
UNCONSCIONABLE CONTRACT
|
A contract that is so one-sided that it is oppressive and gives unfair advantage to one of the parties.
|
|
|
FORBERANCE
|
The promis to refrain from doing something that a party has a legal right to do.
|
|
|
PROMISOR
|
In the making of a contract, the party who makes a promise.
|
|
|
PROMISEE
|
In the making of a contract, the party to whom a party is made.
|
|
|
PLEDGE
|
A promise to donate money to a church, temple, mosque, hospital, college, cultural, institution, or other charitable organization.
|
|
|
GENERAL RELEASE
|
A written agreement in which an aggrieved party can discharge in whole or in part a claim resulting from an alleged breach of contract
|
|
|
BARREN PROMIS
|
A promis to pay an existing debt or to obey the law, or a similar promis or something already owed
|
|
|
PREEXISTING DUTY
|
An obligation that a party is already bound to by law or by some other agreement. The party may not use this as consideration in a new contract
|
|
|
GRATUITOUS PROMISE
|
A promise that does not require some benefit in return.
|
|
|
MORAL CONSIDERATION
|
Something that a person is not legally bound to do but that he or she may feel bound to do because of love, friendship, honor, sympathy, conscience, or other reason.
|
|
|
PAST CONSIDERATION
|
A promise to repay someone for a benefit after it has been received.
|
|
|
COMPETENT PARTY
|
A person of legal age and at least normal mentality who is considered by law to be capable of understanding the meaning of a contract and is permitted to enter into a valid contract.
|
|
|
CONTRACTUAL CAPACITY
|
The ability to make a valid contract
|
|
|
MINOR
|
A person who has not yet reached the age of majority
|
|
|
AGE OF MAJORITY
|
The age at which a person is legally recongnized as an adult and bound by the terms of his or her contract
|
|
|
COMING OF AGE RULE
|
In common law, the view that a person's legal birthday is 12:01 a.m. of the day beore his or her actual birthday.
|
|
|
BIRTHDAY RULE
|
The modern view that a person attains a given age on the anniversary date of his or her birth
|
|
|
DISAFFIRMANCE
|
In contract law, to indicate by a statement or act an intent not to live up to the terms of a contract.
|
|
|
NECESSARIES
|
Goods and services that are essential to a minor's health and welfare.
|
|
|
RATIFIED
|
An approval of a contract made by a minor after reaching majority.
|
|
|
EMANCIPATION
|
In contract law, the condition that exists when minors are no longer under the control o their parents and are responsible for their contracts.
|
|
|
ABANDONMENT
|
In contract law, the condition that exists when a minor has left home and given up all rights to parental support.
|
|
|
INCOMPETENT
|
Being unable to make binding contracts due to having an unsound mind and being unable to safeguard one's own interests and affairs.
|
|
|
BLUE LAWS
|
State statues and local ordinances that regulate the creation and performance of certain types of contracts on sundays and legal holidays
|
|
|
SUNDAY AGREEMENT
|
A contract made on a Sunday; in a small number of jurisdictions, such contracts are invalid unless they are ratified on a weekday.
|
|
|
GAMBLING AGREEMENT
|
An agreement in which performance by one party depends on the occurrence of an uncertain event.
|
|
|
INTEREST
|
The charge for using borrowed money, generally expressed as an annual percentage of the amount of the loan (principal).
|
|
|
USURY
|
Charging interset highter than the law permits
|
|
|
CHAMPERTY
|
An agreement to encourage a lawsuit in which one or more of the parties have no legitimate interest.
|
|
|
UNLICENSED TRANSACTION
|
An agreement with a person who does not have a required license.
|
|
|
RESTRAINT OF TRADE
|
A limitation on the full exercise of doing business with others
|
|
|
MONOPOLY POWER
|
A situation in which one or more people or firms control the market in a particular area or for a particular product.
|
|
|
SHERMAN ANTITRUST ACT
|
A federal statue that forbids certain agreements that tend to unreasonably inhibit competition, fix prices, allocate territories, or limit production
|
|
|
ROBINSON-PATMAN ACT
|
A federal statue that makes it unlawful to discriminate, directly or indirectly, in matters involving product pricing, advertising, and promotion.
|
|
|
GOVERNMENT-GRANTED FRANCHISE
|
A legal monopoly in which a state or federal government grants a person or firm a license to conduct a specific business, usually an essential service.
|
|
|
FRANCHISOR
|
The parent firm in a franchise agreement
|
|
|
FRANCHISEE
|
The independent company in a franchise agreement.
|
|
|
PAROL EVIDENCE RULE
|
The rule that any spoken or written words in conflict with what the written contract states cannot be introduced as evidence in a court of law.
|
|
|
STATUTE OF FRAUDS
|
A law requireing certain contracts to be in writing to be enforceable.
|
|
|
EXECUTOR
|
A personal representative names in a will to handle matters involving the estate of a deceased person.
|
|
|
ADMINISTRATOR
|
A personal representative named by the court to perform as the executor would in instances in which the deceased person has not left a will.
|
|
|
GUARANTY
|
A promise to pay the debts or settle the wrongdoings of another if he or she does not make settlement personally.
|
|
|
ANTENUPTIAL OR PRENUPTIAL AGREEMENT
|
An exchange of promises made by persons planning to marry.
|
|
|
AUCTION SALE
|
A sale in which goods are sold to the highest bidder.
|
|
|
MEMORANDUM
|
A written contract or agreement.
|
|
|
THRID-PARTY BENEFICIARY
|
A person who is not a party to a contract but is intended by the contracting parties to benefit as a consequence of a contract
|
|
|
INCIDENTAL BENEFICIARY
|
A person who will benefit as an indirect consequence of a contract, although that was not the intent o the contracting parties.
|
|
|
ASSIGNMENT
|
The transfer of a contract right to a third party who can receive the benefits of the contract
|
|
|
ASSIGNOR
|
The person who transfers his or her rights in an assignment.
|
|
|
ASSIGNEE
|
The third party to whom rights are transferred in an assignment.
|
|
|
GUARANTOR
|
The party who guarantees the promises assigned.
|
|
|
PERSONAL-SERVICE CONTRACT
|
A contract in which services that require a unique skill, talent, ability, and so forth are provided by a specific person.
|
|
|
DELEGATION
|
The appointment of a third party by a party to an existing contract to perform contractual duties that do not involve unique skills, talent, abilities, and so on.
|
|
|
BANKRUPTCY
|
A condition in which a person or buiness is legally recognized as unable to pay legitimate debts.
|
|
|
NOVATION
|
A situation in which all parties to contract agree to a significant change to a contract.
|
|
|
SUBSTANTIAL PERFORMANCE
|
When a party to a contract, in good faith, executes all the promised terms and conditions of the contract with the exception o minor details that do not affect the real intent o their agreement.
|
|
|
TENDER OF PERFORMANCE
|
An offer to perform that is considered evidence of a party's willingness to fulfill the terms of a contract
|
|
|
TENDER OF GOODS
|
An offer to provide the goods agreed upon that is considered evidence of a party's willingness to fulfill the terms of a contract.
|
|
|
TENDER OF PAYMENT
|
A money ofer of payment of an obligation.
|
|
|
IMPOSSIBILITY OF PERFORMANCE
|
When unforeseen circumstances make it impossible to fulfill the terms of a contract; in these cases, the contract is considered void.
|
|
|
FRUSTRATION OF PURPOSE
|
A doctrine that states that where both parties know the purpose of a contract and, through no fault of either party, the reason for the contract no longer exits, the contract is terminated.
|
|
|
MATERIAL ALTERATION
|
A deliberate change or alteration o an important element in a written contract that affects the rights or obligation of the parties.
|
|
|
BREACH OF CONTRACT
|
When a party to a contract reuses to perform as required by the contract or performs in an unsatisfactory manner
|
|
|
ANTICIPATORY BREACH
|
When a party to a contract announces his or her intention to break the contract in the future
|
|
|
MITIGATE
|
The obligation o the injured party to protect the other party from and unnecessary damages.
|
|
|
PROMISSORY NOTE
|
A written promis to pay a specified sum of money.
|
|
|
LIQUIDATED DAMAGES CLAUSE
|
A statement wherein damages are explicitily set in the event one of the parties breaches and agreement
|
|
|
SPECIFIC PERFORMANCE
|
A court order directing a person to perform -- or not perform -- as he or she agreed to do in a contract.
|
|
|
RESTRAINING ORDER
|
A court order prohibiting the performance of a certain act. In some states, a restraining order is temporary.
|
|
|
INJUNCTION
|
A permanent court order prohibiting the performance of a certain act.
|
