BLaw final 1
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Created by:
danielhandelman on December 25, 2011
Description:
Chapters 13-20
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33 terms
Terms | Definitions |
|---|---|
 express contract | A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. |
| implied contract | a contract that comes about from the actions of the parties |
| void contract | unenforceable contract (illegal purpose, subject matter, etc.) |
| voidable contract | when a party to a contract is able to void or cancel a contract for some legal reason |
| mutual consideration | both parties must give consideration |
| lack of genuine assent | A defense to the agreement of a contract in which the offeree claims that the offeror secured the agreement through improper means, such as duress, fraud, undue influence, or misrepresentation. |
| bilateral contract | a promise made by one party in exchange for the promise of another party; a promise for a promise |
| unilateral contract | a contract that contains a promise by only one person to do something, if and when the other party performs some act. |
| consideration | something of value |
| subject matter | a thing under consideration in an agreement |
| revocation | the taking back of an offer by the offeror |
| option contract | A contract in which the buyer gives the seller consideration to keep the offer open for a stated period of time |
| mailbox rule | Once the offeree has sent the letter of acceptance, declaring they accept the offer, the acceptance is effective from when it is sent. if a rejection is sent, but the other party calls up and says he accepts, contract is valid. |
| promissory estoppel | the priciple that a promise made without consideration may nonetheless be enforced to prevent injustice; when one party has to rely on the agreement |
| illusory promise | A promise in form but not in actuality. An illusory promise does not limit a persons future realm of choices. (ex. just saying you'll take a look at what I'm selling) |
| requirement contract | Under which 1 party agree to purchase its entire requirement of specific goods or services exclusively from another party for a specific period of time. |
| output contract | a contract in which you promise to deliver your entire output to the other party who promises to accept it |
| capacity | having legal authority or mental ability; being of sound mind |
| restitution | the act of restoring something to its original state; putting someone back in the condition they were in before the contract was made |
| exculpatory clause | A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. (to make sure things are fair) |
| usury | the act of lending money at an exorbitant rate of interest |
| legal assent | a promise to buy or sell that courts will require that the parties obey |
| misrepresentation | an untruthful assertion by one of the parties about the material fact |
| concealment | the active hiding of the truth about a material fact |
| nondisclosure | a failure to provide pertinent information about the projected contract |
| undue influence | occurs when a person uses unfair and improper persuasive pressure to force another person to enter into an agreement (ex. contract with your relative) |
| Unconscionability | when the terms of the contract are so one sided as to be against public policy. when one party to a contract has superior bargaining position. using confusing legal language and fine print. |
| condition precedent | an act or promise that must take place or be fulfilled before the other party is obligated to perform his or her part of the agreement. |
| condition subsequent | Future event that terminates obligations of parties when it occurs |
| concurrent condition | Each party's duty conditioned on the other simultaneous performance |
| implied conditions | understood to be there, not written out, inherent in actual performance |
| anticipatory repudiation | An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time. other party can sue. |
| UCC | compilation of principles regarding sales and commercial transactions created by the American Law Institute at least part of which has been adopted as law by all 50 states |
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