Chp. 27 Terms, Legal II
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Created by:
danteslight on December 22, 2010
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24 terms
Latin | English |
|---|---|
| contract |  -an agreement between two or more competent parties-to do or not to do a particular thing |
| 1. offer 2. acceptance 3. consideration 4. legal objection 5. are parties capable of entering into contract | 5 elements of valid contract |
| executed contract | -contract in which nothing remains to be done |
| executory contract | -contract in which something remains to be completed |
| implied contract | -contract inferred by the law from acts, conduct, and circumstances surrounding the transaction -not created or evidenced by an explicit agreement of the parties -aka assumpsit |
| express contract | -contract in which the terms are clearly stated in words -very detailed, done carefully |
| consideration | -the thing of value in exchange for which a promise is given in a contract -what parties are bargaining for |
| offer | -proposal by a person to contract w another |
| acceptance | -unqualified agreement to the proposal of another -cannot change terms and what you agreed to |
| infant | -cannot speak legally for himself or herself -under full legal age |
| minor | -under 18 (in CA) -cannot sue and be sued |
| breach | -failure to perform |
| assumpsit | -an oral or written promise that is not under seal, by which a party assumes or undertakes to do an act or pay another something -implied |
| fraud | -intentional deception |
| nudum pactum | -contract without proper consideration -nude contract -invalid |
| pro tanto | -one may recover on a contract that has not been completely fulfilled -as far as it goes |
| quid pro quo | -something for something -necessary element of contract |
| Parol Evidence Rule | -valid, written contract -cannot be argued against or for orally |
| bailment | -delivery of personal property in trust -transfer or possession |
| bailor | -the maker or a bailment |
| lis pendens | -pending lawsuit |
| bailee | -one who receives personal property of another for safekeeping |
| conversion | -convert to your views w certain rights -wrongful appropriation of the goods of another |
| subrogation | -the substitution of one person or thing for another -under the right of ___, a guarantor who pays a debt for which he or she is conditionally liable has the right to any collateral delivered by the creditor to the debtor -example: student loans |
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