Upgrade to remove ads
Only $2.99/month

19 - 20

Terms in this set (55)

Contract law
Law governing agreements made between individuals
ex contractu
Emerging or coming from a contract
Contract
An agreement whereby two or more persons promise to do or not to do certain things.
Lex loci contractus
The law of the place where a contract is made. For example, a contract made in Florida is subject only to the contract law for the state of Florida
Surety
A person who agrees to be responsible for the debt of another in the event the other person fails to pay the debt
Bailment
The delivery of personal property by the owner to another person for a specific purpose and period of time, after which time the property is to be returned to the owner. An example would be the delivery of an article for repair.
Caveat emptor
Let the buyer beware. A legal maxim meaning that a person is responsible for examining an article before purchasing it and is buying the article at his or her own risk.
Parol evidence rule
Once a contract is made in writing, it cannot be changed or altered by oral, or parol, evidence unless there was a mistake or fraud involved. If you make an oral agreement that is not included in the written agreement, then the oral agreement is not enforceable.
Offer
A proposal by one person to make an agreement or a contract with another person. One of the essential elements of a contract.
Acceptance
An agreement to an offer received from another. An essential element of a contract.
Counter offer
Changes made in an offer received from another. Must be accepted by the person who made the original offer
Option
An agreement whereby a person has the right to buy, sell, or lease certain property within a specified time. Thus, if a person has an ____ on land, he or she has the right to buy it within a certain time period
Binder
Money or security given with an offer to insure the intentions of the person making the offer. May also be called earnest money or deposit money. Also refers to a temporary insurance agreement that provides coverage for property until a formal policy is issued.
Consideration
The main reason for making a contract. An essential element of a contract. There must be benefit to both parties for a contract to be valid
quid pro quo
Something for something. The consideration in a contract
Mutual obligations
A promise for a promise. Both parties to a legally binding contract must agree to do or not to do something
Competent parties
Persons who are legally qualified to make a contract. An essential element of a contract.
assumpsit
A person promised. A written or oral promise made by one person to another
Condition
A provision in a contract pertaining to a future event that, if it occurs, would change the agreement
Performance
The fulfillment of the terms of a contract
Pro tanto
As far as it goes. One may recover on a contract that was not completely fulfilled for the value of his or her partial performance.
Nudum pactum
An agreement made without any consideration other than a promise.
Quantum meruit
As much as one deserves. One may recover the reasonable value of his or her performance on a contract.
Assignable
That which may be assigned or transferred. A contract that is assignable may be transferred to another person.
Assignment
A transfer of the title of property from one person to another
Subrogation
To stand in the place of the one who made the contract. A right of recovery granted to one for whose benefit a contract was made but who was not actually a party to the contract.
Accord and satisfaction
An agreement between two persons whereby one agrees to accept an amount less than the full amount of the debt. When the agreement is made and the debt has been paid
Bilateral contract
A contract that involves mutual obligations for both sides of the contract
Unilateral contract
A contract in which a promise or an obligation exists only on one side. A contract is not enforceable until the specified act has been performed
Express contract
An actual agreement, not implied, that may be oral or written.
Implied contract
An agreement arising from the actions or legal duties of the parties rather than from an actual contract. Contracts may be implied in fact or implied in law.
Implied in fact
An implied contract that is created by the actions of the parties
Implied in law
An implied contract that is based on obligations created by law
Escalator clause
A clause in a contract stating that if costs increase or decrease, the payments may increase or decrease proportionately
Default
To fail to fulfill a legal duty
Breach of contract
Failure to fulfill the terms of a contract
Privity of a contract
The relationship of the parties to a contract. It is an essential element to recovery on a contract since only parties directly involved or of contract have a right to sue
Rescind
To cancel or void a contract and to treat it as though no contract had ever been made. Also referred to as rescission or revocation of a contract
Vitiate
To destroy the legality of a contract
Inchoate
Incomplete. Relates to valid contracts or instruments that are required by law to be recorded but have not been and are, therefore, called incomplete instruments
Inure
To benefit or to have effect. In a contract, inure means that if benefits accrue, they will take effect for or come to the party
Execute
To carry out or put into effect. To put it into effect by doing all the things that are necessary to make it valid or complete
Covenant
An agreement between two or more persons that something will or will not be done
Lease
An agreement whereby a tenant or a person has possession of property belonging to a landlord for a specified period of time. A landlord-tenant relationship.
Tenant
One who leases property from a landlord. A lessee.
Landlord
The owner of leased property. Another name for a lessor.
Lessee
One who leases the property of another and has possession of said property.
Lessor
One who owns property that is leased.
Demise
A lease. When used in a lease, means that the lessee shall have full use and enjoyment of the leased premises
Demised premises
Land and buildings that are leased
Sublease
A lease whereby the lessee lets another person who is called a sub lessee occupy the leased promises either for a shorter period of time than for which the promises are leased or until the lease expires
Habitation
The occupying of leased promises as a residence
Notice to quit
A written notice to the tenant from the landlord stating that the tenant is to vacate the premises by a specified time if certain conditions are not met.
Eviction
The legal removal of a tenant from leased property
Writ of restitution
Issued by the court to return to the previous condition. A tenant who does not move after the court has so ordered would be served with that return it is property to the landlord. The sheriff can then physically remove the tenant and his or her possessions from the premises.
THIS SET IS OFTEN IN FOLDERS WITH...