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12 Cards in this Set
- Front
- Back
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Condition Precedent
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An event or circumstance that, until it occurs, suspends the parties' obligation to perform their contractual obligations.
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Condition Subsequent |
An event or circumstance that, when it occurs, brings an existing contract to an end.
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Contractual Quantum Meruit |
Awarding one party a reasonable sum for the goods or services provided under a contract.
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Entire Contract Clause |
A term in a contract in which the parties agree that heir contract is complete as written. |
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Exemption Clause |
A term of a contract that identifies events causing a loss for which there is no liability. |
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Express Term |
A provision of a contract that states a promise explicitly. |
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Implied Term |
A provision that is not expressly included in a contract but that is necessary to give effect to the parties intention. |
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Limitation of Liability Clause |
A term of a contract that limits liability for breach to something less than would otherwise be recoverable. |
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Liquidated Damages Clause |
A term of a contract the specifies how much one party must pay to the other in the event of breach. |
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Parol Evidence Rule |
A rule that limits the evidence of a party can introduce concerning the contents of the contract. |
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Penalty Clause |
A term which is not enforceable because it sets an exorbitant amount that one party must pay to the other in event of breach. |
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Rules of Construction |
Guiding principles for interpreting or "constructing" the terms of a contract. |
