Acct 215 Iowa State University

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Certification Mark

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Says that the product has been tested up to government standards and is legally guaranteed to meet these standards.

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Collective Mark

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a trademark owned by an organization used by its members to identify itself.

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Copyright

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giving the creator of an original work exclusive rights to the product for a limited time.

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cyber mark

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used for opensource projects as a way of protecting the rights of all creators across the web.

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cybersquating

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buying domain names to sell at a later date

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dilution

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to water down or make things that already exist have less power or meaning

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distributed network

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when the computer programming and data are spread across multiple computers

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domain name

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ex. google.com

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intellectual property

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an individual has exclusive rights to all published thoughts and ideas.

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meta tag

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used by search engines to find general information about a website and what it contains.

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patent

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exclusive rights granted by the state or goverment to an individual for a product that they have created.

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peer-to-peer networking

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a network of computers or peers act as both suppliers and consumers for files and information

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service mark

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a trademark for a service rather then a product

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trade dress

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refers to the physical appearance of a product of even the design of a building.

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trade name

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a name a business uses to trade products or services

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trade secret

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a secret not generally know to indivduals outside of the orginization

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trademark

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identifies products or services of a particular source

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bilateral contract

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duties rights and consideration of both sides of the contract

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contract

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an agreement entered voluntarily by two or more parties

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executed contract

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a contract that had been met by all sides

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executory contract

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a contract where there are still major obligations from one or all parties of a contract

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express contract

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when all elements of the contract are specifically spelled out instead of generally implied

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formal contract

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a contract where all parties have signed under seal

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implied-in-fact contract

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agreed upon by non-verbal conduct

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informal contract

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oral or written contract that does not follow formalities of law

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objective theory of contracts

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contracts that seem to good to be true or are made in jest are not real contracts. such as il bet my car you cant make that shot.

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offeree

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accepts the terms of offeror

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offeror

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initiates the contract

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promise

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a commitment to do or not to do something

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promisee

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person being promised to

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promisor

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person making the promise

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quantum meruit

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"What one has earned" must be paid to someone for any work done

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quasi contract

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contract made by courts for equitable purposes

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unenforceable contract

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a valid contract that a court will not enforce

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unilateral contract

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contract made to anyone who completes what the offeror is asking. It is not an offer.

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valid contract

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complies with essentials of a contract and is enforceable by all parties

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void contract

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is not actually a contract

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voidable contract

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is a valid contract buy can be made void

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acceptance

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experience of a situation without the desire to change that situation

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agreement

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gentleman's agreement not enforceable in court

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counteroffer

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offeree's response to the terms of the offeror

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estop

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someone cant deny the facts of something they have already said to be true

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mailbox rule

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contract is effective when it is sent not when it is recieved

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mirror image rule

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contract must be accepted exactly without modifications

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mutual assent

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all parties must agree completely on contract and the other parties intents

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offer

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come on

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option contract

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meets contract requirements but takes away promisers power to revoke an offer.

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promissory estoppel

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must pay original quote not new one given after contract is signed,

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revocation

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to recall or annul a contract

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accord and satisfaction

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the original obligation is not met but the person in debt makes an agreeable end to the contract that both parties agree on

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consideration

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anything of value promised to another in a contract

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covenant not to sue

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a party with a right to do so agrees not to sue for whatever reason

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forbearance

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the delay of a foreclosure or collecting on a contract

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past consideration

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something that has already happened or is no longer relevant to making a contract

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release

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terminates any legal liability between the releasee and realesor

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rescission

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the unmaking of a contract between parties

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adhesion contract

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one party sets contract rules and the other party has no real say in what the stipulations are

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age of majority

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threshold of adulthood as it is under the law

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blue laws

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banning things on sundays for religious reasons

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contractual capacity

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ability to enter into a legal contract

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covenant not to compete

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an employee agrees not to enter into competition with his employer

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disaffirmance

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when someone enters a voidable contract and wishes to no longer abide by it.

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emancipation

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when someone is legally allowed to act on their own behalf

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exculpatory clause

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one party is free from liability from anything the other party may do

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in pari delicto

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when two parties are equally at fault

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necessaries

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things necessary for the living of human life

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ratification

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when a principal becomes legitimate under the eyes of the law

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unconscionable

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refers to extremely unjust terms in a contract to the party that has the most bargaining power in the contract

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usury

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unethical or immoral monetary loans

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innocent misrepresentation

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a false statement of fact that was not on purpose and caused no harm

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negligent misrepresentation

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a harmful misrepresentation of fact and knowingly done

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scienter

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intent or knowledge of wrong doing

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collateral promise

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when a third party agrees to take the debt of the original party

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parol evidence rule

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cant bring in evidence after the final writing of a contract to make changes to it. Should have brought it up before the final version was drafted

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prenuptial agreement

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an agreement entered into before marriage or any other legal agreement

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Statute of Fraud

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contracts must be written and signed to avoid fraud

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aleination

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legal transfer of title of ownership to another party

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assignee

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person receiving the rights to a property

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assignment

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the transfer of property from one party to another

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assignor

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person transferring the property to the assignee

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delegatee

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person assuming responsibility for an action in a contract

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delegation

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giving someone else the responsibility of something to be carried out in a contract

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delegator

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person giving responsibility of a part of a contract to the delegatee

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incidental beneficiary

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an indirect recipient of funds

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intended beneficiary

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person meant to recieve funds

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obligee

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to whom another is obliged

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obligor

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person being obliged to someone else

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privity of contract

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contracts cant enforce stipulations on anyone but those who agreed to the contract

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anticipatory repudiation

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describes someone who makes an obligation to a contract that they know full well they wont live up to

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breach of contract

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when a party violates the stipulations of a contract

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commercial impracticability

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must be fair in reasonable in shipping and notify customers of any lateness or a delayed shipment

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concurrent conditions

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stipulations in a contract that must be met by all parties

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condition

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a premise upon which the fulfillment of an agreement depends

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condition precedent

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something that has to happen before something else can happen

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condition subsequent

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an event that brings an end to something

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discharge

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to liberate or free, or terminate

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discharge in bankruptcy

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to stop debt collection when someone declares bankruptcy

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frustration of purpose

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when something happens that undermines a parties reason for going into a contract

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impossibility of performance

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change in circumstances that make a contract un completable

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mutual rescission

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when both parties agree to release each other from a contract

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novation

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replacing an obligation or party with another obligation or party

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performance

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fulfillment of an obligation

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tender

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someone offering an amount of money to someone else to end a contract

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consequential damage

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actionable damage but not following as an immediate result of an act

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incidental damages

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legal damages that are reasonably related to actual damages

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liquidated damages

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damages whose amount are agreed upon before hand for a certain breach of contract

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mitigation of damages

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when someone is hurt they should avoid being hurt further

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nominal damages

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minimal money paid to someone where no substantial injury has occured

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penalty

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a crime committed against someone

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reformation

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re writting a legal document to give it its original intent

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restitution

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when a person gives up winnings or money they made to the plaintiff. opposite of compensation

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specific performance

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a court order requiring an individual to complete a specific act

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waiver

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voluntarily giving up a right or privilege