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Chap 10 Review Terms

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express contract
contract that comes about if there is a written or oral expression of intent by the parties to enter into a legally binding agreement.
implied contract
If a contract arises from the actions rather than the expressions of the parties.
offer
promise to do something, or to refrain from doing some specific thing.
option contract
it is a binding promise to keep an offer open for a specified period of time.
acceptance
is an offeree's expression of agreement to the terms of an offer.
bilateral contract
When there is a exchange of promises.
unilateral contract
when the acceptance is based on performance, If you mow your neighbors lawn, after he said he'll pay you each time you do it.
consideration
is something of value, that is bargained for in exchange for a promise.
promissory estoppel
detrimental reliance, wherein the promisor is prevented from denying a promise.
exculpatory agreement
this releases one party from the consequences brought about by wrongful acts or negligence.
fraud
the act of inappropriately bringing a contractual agreement upon an unwilling person. This completely nulls the contract.
statute of frauds
prevents parties from claiming that a contract existed when it actually didn't. Enforceable only if they were written down.
parol evidence rule
restricts the use of oral statements in a court of law in regards to contract breach. If its not written down, that its not worth it.
assignment
A transfer of contract rights to another party.
delegation
a transfer of contractual duties to a third party.
breach of contract
When one pf the parties does not perform their end of the contract.
discharge
When two parties decide to adjust or modify a contract after it has been set.
rescission
when both parties agree that the contract should be terminated without performance.
novation
when all parties agree to discharge one party from the contract and create a new one.
accord
an agreement by the parties to offer and accept some performance different from that originally bargained for.
impossibility
This occurs when a party who was to provide services dies or is incarcerated.
economic loss rule
when breach of contract does not include a tort, such as personal injury.
liquidated damages
are an amount specified in the contract to be paid in the event of breach.
specific performance
is an order by the court requiring the party who created by a breach of contract, or if they do not resolve the problem properly.
injunction
an order by the court that requires a party to perform or to refrain from the performing certain acts.
quasi contraction
is not a contract. The courts created the concept to give relief to innocent parties, or to prevent injustice.
quantrum meruit
aka, quasi contract. is used by the courts to avoid injustice.